Browse Definitions :
Definition

PropTech (property tech)

Contributor(s): Matthew Haughn

PropTech (property technology) is the use of information technology (IT) to help individuals and companies research, buy, sell and manage real estate. Similar to the way FinTech focuses on the use of technology in finance, PropTech uses digital innovation to address the needs of the property industry.

PropTech is designed to streamline and connect processes for participants in all stages of the real estate market, including buyers, sellers, brokers, lenders and landlords. Popular PropTech technologies include virtual reality software that allows website visitors to virtually walk through properties, software for reporting repairs, splitting rent payments and crowdfunding new real estate projects.

As of this writing, PropTech consists of three major market segments:

Smart home  -- digital platforms that monitor, manage or operate specific property assets in smart homes. An example could be a security surveillance system that warns property owners of a threat, a smart thermostat that regulates the temperature of uninhabited units or smart light bulbs that can be turned on by a smartphone app or digital assistant, like Amazon Echo's Alexa.

Sharing real estate -- technology that facilitates the processes involved with sharing or renting real estate assets such as land, offices, storage and apartments. An example could be automatic online payments for retail spaces occupied in a building owned by a property management company.

Real estate FinTech  -- applications that involve selling and buying real estate assets. An example could be a platform that reduces the amount of paperwork involved in being approved for a purchase.

While still a relatively new field, the convergence of technologies, cloud and digital transformation are forces driving PropTech forward. The goals of PropTech include minimizing the cost and resources associated with real estate transactions, maximizing efficiency, saving time and personalizing property management. The distributed ledger Blockchain is expected to play a roll in creating a secure infrastructure for real estate payments, tenant credit checks and smart contracts.

This was last updated in December 2018

Continue Reading About PropTech (property tech)

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

SearchCompliance

  • risk management

    Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings.

  • compliance framework

    A compliance framework is a structured set of guidelines that details an organization's processes for maintaining accordance with...

  • regulatory compliance

    Regulatory compliance is an organization's adherence to laws, regulations, guidelines and specifications relevant to its business...

SearchSecurity

  • DNS over HTTPS (DoH)

    DNS over HTTPS (DoH) is a relatively new protocol that encrypts domain name system traffic by passing DNS queries through a ...

  • integrated risk management (IRM)

    Integrated risk management (IRM) is an approach to risk management that uses a set of practices and processes to improve an ...

  • MITRE ATT&CK framework

    The MITRE ATT&CK (pronounced 'miter attack') framework is a free, globally accessible service that provides comprehensive and ...

SearchHealthIT

  • telemedicine (telehealth)

    Telemedicine is the remote delivery of healthcare services, such as health assessments or consultations, over the ...

  • Project Nightingale

    Project Nightingale is a controversial partnership between Google and Ascension, the second largest health system in the United ...

  • medical practice management (MPM) software

    Medical practice management (MPM) software is a collection of computerized services used by healthcare professionals and ...

SearchDisasterRecovery

SearchStorage

  • M.2 SSD

    An M.2 SSD is a solid-state drive (SSD) that conforms to a computer industry specification and is used in internally mounted ...

  • kilobyte (KB or Kbyte)

    A kilobyte (KB or Kbyte) is a unit of measurement for computer memory or data storage used by mathematics and computer science ...

  • virtual memory

    Virtual memory is a memory management capability of an operating system (OS) that uses hardware and software to allow a computer ...

Close