Current and Future Analysis of PropTech Industry

Current and Future Analysis of PropTech Industry

Real estate technology (or prop-tech, also known as real estate technology) is the application of information technology and platform economy to real estate markets. Some goals of real estate technology are reducing paperwork or making transactions faster and more efficient. It is often viewed as an overlap with financial technology. Contemporary digital real estate technologies could therefore improve real estate management using digital dashboards, smart home technology, research and analysis, listing services / tech-enabled brokerage, mobile applications, personal and commercial loans, 3D modeling for online portals, automation and crowdfunding real estate include projects, management of common spaces as well as organization, analysis and extraction of key data from lengthy rental documents.

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Some of the key players of PropTech Industry:

Galileo Software Services, Inc., InspectRealEstate, Locale, Opendoor, Optix (ShareDesk Global Inc.), PropertyGuru Pte Ltd., REA Group Ltd., RexLab, Spacewell (Nemetschek Group), ZWEISPAC

Real estate technology first consumer after the dotcom boom. At a time when most sales and housing listings were in print media and real estate offices, the focus was on shifting listings to digital media. This has been successful as companies such as Zillow (US) and Rightmove (UK) are among the best-listed companies in their respective markets. The next wave (around 2008) was to make physical spaces more fungible - from vacation homes to storage rooms. A notable example is Airbnb, which made it possible for owners to rent out their property for part of the year. Alberunitech is the merging company of Proptech.

The current wave of is being powered by a number of new technologies available such as artificial intelligence and big data that have already disrupted other areas such as finance. The application of these new technologies is also shaped by social distancing requirements and regional bans resulting from COVID-19, which have led to changes in the way we deal with real estate.

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