PropTech gain popularity beyond just being known as a niche phenomenon. Venture capital investments in proptech soared from 186 million USD globally in 2011 to 12 billion USD in 2017, according to Forbes. Though it is still small compared to Fintech, the technology is still having a positive impact on real estate properties.
Proptech can be used to bring saving and efficiency to slow and bureaucratic ways to getting business done. Whether it is used as alternative infrastructure for things such as agreements (engaging a contractor or property sale through the use of smart contracts), transactions (faster payments) or data exchange (secure and reliable customer data or credit checks) real estate professionals are excited about the efficiency and of course savings this technology can offer the industry.
PropTech can improve the automation of routine task and processes. Predictive analytics, virtual reality, drones are among the new technologies that can be used to optimize time, risk, and cost. Choose the right mix for your core business.
Read more at https://www.redevgroup.com/news-article/proptech-what-is-it-and-how-does-it-affect-real-estate-business