By now, you’ll have heard a lot about PropTech. It’s one of the fastest-growing industries at the moment. In 2017, over 13 billion U.S dollars were invested into multiple PropTech companies across the globe.
What is PropTech, however? What’s it all about?
What is PropTech?
PropTech stands for Property Technology. This may not capture everything about it, however. Sometimes, PropTech is known as Real Estate Technology, which somewhat captures more about what PropTech is all about.
So, it’s not just about the management of property, but it’s also anything to do with real estate, facilities, or building management.
Apps, technological systems, and specific technology, such as VR or AR, can be property technology. If it helps with building management or real estate, and if it has an online capability, it’ll likely fall under a PropTech banner.
Now that we all have high tech phones in our pockets or high powered computers, property technology can shine in a way never seen before. Ten years ago, property technology wouldn’t have been able to take off as much as it is doing.
For example, it’s possible to find a flat and start a new tenancy using an app such as SpareRoom, all using your phone.
The Future of Building Management
PropTech is developing into something much bigger, and something that’ll affect our day to day lives much more.
BIM (Building Information Modelling) is already prominent by government policy. The modern office is also changing and developing thanks to these technologies.
The future of this kind of technology is reasonably clear-cut, therefore. As phones, laptops, and other systems such as VR and AR develop, so too will property technology.
Better technology means that it’ll be faster and easier to model buildings and get to know everything about them, entirely online. Instead of having to physically visit a building, you’ll be able to do everything you need remotely, from finding to viewing to renting.