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)

SearchCompliance

SearchSecurity

  • cyber attack

    A cyber attack is any attempt to gain unauthorized access to a computer, computing system or computer network with the intent to ...

  • backdoor (computing)

    A backdoor is a means to access a computer system or encrypted data that bypasses the system's customary security mechanisms.

  • post-quantum cryptography

    Post-quantum cryptography, also called quantum encryption, is the development of cryptographic systems for classical computers ...

SearchHealthIT

SearchDisasterRecovery

  • risk mitigation

    Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a business.

  • call tree

    A call tree is a layered hierarchical communication model that is used to notify specific individuals of an event and coordinate ...

  • Disaster Recovery as a Service (DRaaS)

    Disaster recovery as a service (DRaaS) is the replication and hosting of physical or virtual servers by a third party to provide ...

SearchStorage

Close