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The rise of PropTech companies

Posted by admin on April 4, 2022

The real estate sector has successfully adopted disruptive technologies, one of these companies is PropTech.

The key for different sectors in post-pandemic times is the integration of the physical, digital and virtual world, of course, the real estate world knows this.

I read an article about PropTech (Property Technology) companies a few days ago which became really important and are considered one of the most effective options for the resumption of the economy of this sector.

PropTech refers to any company that “uses technology to improve or reinvent services in the real estate sector.” Their services include buying, renting or selling properties.

Even though it seems like a very new thing, the market has existed since the year 2000; we have Idealista and Rightmove as an example, followed by 2008 peer to peer platforms Airbnb and Homeaway.

Due to the covid-19 pandemic and in an era when human contact must be limited, disruptive technologies like artificial intelligence, IoT, machine learning, automation to name a few, have reappeared, and companies in the sector have not only adopted them but included them in  construction, maintenance or administration of commercial or residential assets services. 

In this way, real estate agencies are achieving more efficient purchase, sale and rental operations at a local level, but also connecting local companies with digital platforms at an international level to work on real estate projects in any city in the world.

Virtual reality is one of the services that really caught my attention, with it, a potential buyer can take a “tour” of the property from anywhere, and it allows the real estate agent to showcase the best features of their property to a large number of prospects even though this service can’t replace a traditional visit. 

Geolocalization, blockchains (block chain of digital data records) are other developing technologies that are being used in the real estate sector. Their main advantage is the use of shared records through decentralized platforms, this makes it very hard to manipulate and use information fraudulently. With Big Data, data like house prices, online ad statistics, and market reports are available in real time. 

Is clear to me that, the real estate sector is more transparent, safe and democratic, both for companies and individuals today thanks to the integration of technology, because it allows decisions to be made for transactions based on updated and verified information. 

What do you think? Have you had the opportunity to work with a ProTech company? Would you consider adapting this technology to your daily operation?

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