What comes in mind when you hear the word PropTech? Well for many, this may seem like a fairly new concept but surprisingly it’s been in existence for a long time. As a matter of fact, it is highly likely that you have interacted with PropTech in the course of your profession. To start with, Airbnb, Jumia house and Buy rent Kenya are perfect examples of our everyday interaction with PropTech. So what then does PropTech entail?
Wikipedia refers it to Real Estate technology and is the application of Information Technology and platform economics to real estate markets; where some of the goals are to reduce paperwork/ making transactions quicker and more efficient, property management using digital dashboards, smart home technology, research and analytics, Listing services/tech-enabled projects, shared spaces management, as well as organizing, analyzing and extracting key data from lengthy rental documents.
A researcher from the University of Oxford, Andrew Baum, describes PropTech as about information, transactions, and management.
James Dearsley; a PropTech pundit, an ambassador of PropTech movement; Co-founder of ‘Unissu’- a data aggregator and insight generator for the PropTech industry. He defines PropTech as a small part of the wider digital transformation of the property industry. Describes a movement driving a mentality change within the real estate industry and its consumers regarding technology-driven innovation in data assembly, transaction, and design of buildings and cities.
SA PROPTECH defines it as the use of technology to develop new ways of doing things in the property industry, often increasing efficiency, access, diversity, and impact.
In conclusion, PropTech can be simply described as the use of technology to streamline the property industry. There is no one definition for PropTech. This is because the built environment is wide and PropTech affects all the different stages involved. The main aim of PropTech is to provide efficiency and effectiveness in the operations of the built environment mainly by using simpler and faster-working methods.