PropTech is the future of real estate

PropTech is the future of real estate
July 7, 2017 Julia Sjövall

But really though, what is it?

You’ve probably heard the term FinTech at some point. FinTech is the emerging sector of companies using technology to improve and refine the financial sector. Lately another term has started to pick up speed – PropTech! If you’re an agent that likes to keep up with the newest technology, this is a word you’ve probably heard at some conference or somewhere else. Proptech is short for Property Technology and just like FinTech, PropTech companies uses technology to improve the property industry.

Technology is the inevitable future in an ever evolving market

The property market, as every other market, has been evolving for years and the days when you searched for a new home in you local newspapers property section are long gone. And PropTech is the reason for that.

Just think of all the websites that have popped up over the last 10 years offering to sell homes or the up and coming usage of virtual reality as an alternative to a physical showing of a property.

New technology enables agents to improve the overall customer experience

Some PropTech products and services have in a way revolutionized the property industry, just take the bigger property portals for example. Some may argue that technology will never replace an actual showing and that might be true. But technology has already become a natural part of buying and selling homes. It will also give you as an agent new opportunities to improve the overall customer experience.

Using PropTech to reach the right kind of customer

At Adfenix we’re building and selling a product that helps you as an agent reach the most relevant target group. We can do this by collecting tons of data from all over the world and using that to statistically determine what kind of people are most likely to buy a certain type of property. When we know that part, we tap into social media and find similar people and share you property listing with these people. This means your listing will not only be viewed and visited by more people, but by the right kind of people that are most likely to be interested in this specific property. This can sound trivial, but it actually works really well. And the more exciting part is that this is just the beginning. Our clients not only get more showings, but also more sellers since more people with the right demographics see that one specific agent is selling a home in the area.

This is just one way to use smart technology. There are multitudes of paths that the PropTech industry could take in the future and we are aiming at being a part of that revolution.

So, next time you hear the word PropTech, remember that it’s already all around you. Partnering up with the right kind of firms will help you develop you business and be a successful agent now and in the future.

Comments (2)

  1. Blaine 3 months ago

    Property technology, ‘ PropTech ’ for short, is something of a catch-all term for a disruptive new breed of data-based startups and intelligence innovators now applying their skills with analytics and algorithms to the real estate sector.

  2. Hunter Parson 3 months ago

    Propteq Europe is the world’s most senior networking event for real estate innovators with 300 attendees from over 25 countries. “ Very interesting and exciting to share ideas with others to get a real viewpoint of Proptech around Europe.

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