PropTech is going to be as big as FinTech.
FinTech (Financial Technology) describes the evolving intersection of financial services and technology.
PropTech (Property Technology) describes the evolving intersection of the property industry and technology.
Property technology is simply the next evolution of the property sector as a whole. Technology is being developed for the real estate and construction market.
The aim is to make the day to day workings of property management, ownership, and legals more efficient.
Estate agents will use smart contracts to simplify leasing contracts between their rental client and the owner of the property.
Property lawyers will use smart contracts and blockchain technology to reduce the cost and improve the efficiency of the necessary paperwork between a buyer and a seller.
The most common use of PropTech is through the use of property apps on mobile phones.
Renters can make rent payments using an app.
Maintenance companies can send landlords updates or documents to sign using an app.
A small company in Yorkshire, England called ‘Construction Automation’ has built a house entirely using a robot. To read this interesting article click here
Recently, there has been much more development in a remote property viewing, due to the 2020 worldwide pandemic.
Estate agents and realtors can now use remote systems to walk through an entire house, and the potential buyer can sit at home 2000 miles away viewing the property in its entirety as if they were there.
What is the future of PropTech?
At the moment remote viewing technology consists of special cameras and using professional viewing platforms like https://www.smartviewing.com however, this is just the beginning.
In the near future, VR (the technology already works) remote property viewing for renters and buyers will actually virtually transport you into a house and allow you to feel as if you are actually there.
This trend will only increase, especially as the younger generation are very tech-savvy.
We are only at the beginning of how far technology will be used within the property industry.
Technology companies are already working on how to integrate A.I blockchain technology, and cloud-based solutions into every aspect of the commercial and residential property sector, including large developments.
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