Everyone in the CRE biz has doubtlessly heard the term proptech getting thrown around.
Whether it’s been in article headlines, on the web, or during business conversations; ‘proptech’ has officially integrated into the commercial real estate vocabulary.
Unfortunately, there isn’t always an on-hand dictionary available to help novices decode the latest and greatest CRE lingo. While proptech popularity has surely skyrocketed during 2019, some of us still may be confused as to what exactly proptech is.
We’re happy to clear up the confusion; covering what proptech actually is and why CRE professionals should care.
The moment you’ve been waiting for is here… when you finally get a concise definition of the term PropTech.
According to real estate technology experts at Forbes, proptech is ‘the acronym used to describe any technology for the real estate space.’
If that’s not clear enough, here’s another universally-accepted explanation developed by major players in the fields of CRE technology:
“Property technology, in short called Proptech, sometimes also called Real estate technology, is a term that encompasses the application of information technology and platform economics to real estate markets.”
This basically means that the term ‘proptech’ is a fancy way of saying ‘property technology’, which really refers to tech employed by the real estate industry to help make navigating the business easier, quicker, and more efficient.
That said, proptech can be understood as the way that cutting-edge technologies are influencing the world of commercial real estate. As more and more tech-savvy advancements seep into our day-to-day workflows, the industry is using the umbrella term ‘proptech’ to explain what’s happening.
How PropTech is Transforming CRE
Truth be told, every commercial real estate professional should be aware of the proptech revolution. While proptech does refer to real estate as a whole, it yields a particularly strong influence over the commercial side of things.
Not only do property technologies help CRE professionals achieve greater organization, but they also help to streamline workflows.
As with any tech tool, proptech software expands the capacity of its user on a quantum scale. The volume of available tech services enables today’s CRE workforce to achieve never before imagined possibilities.
Thanks to proptech, CRE is extending its reach and streamlining workflows.
Why PropTech Matters: 6 Key Advantages
Now that you know what the term proptech is referring to, you may still find yourself wondering: “why does it matter?’
In reality, proptech offers CRE players massive competitive advantages in the field. Here are 6 key applications where utilizing proptech can make all the difference:
- Helping your company/practice stay up to speed with the contemporary business module.
- Appeal to clients from younger generations.
- Keeping in contact with your client pool.
- Record massive stores of information and perform data analysis that helps to perfect the lead-to-deal funneling system.
- Attract winning team members.
- Boost your services’ selling point with tech-fueled strategies.
Congratulations! You’re now versed in all things proptech.