Proptech
PropTech hasn't come yet and is about to revolutionize the real estate industry. But what exactly is PropTech? Why was this news so recent? What does PropTech mean for real estate professionals? Who will be affected? What is the problem at stake? Between automation and Uberization, PropTech is a threat and promising. Here's what you need to know:
Two years ago, no one talked about PropTech. However, many new real estate companies are already preparing to revolutionize the industry. Some, like Zillow in the United States, have been doing this for a long time. Others are still trying and will continue to try. But today, the panorama has changed. PropTech is a topic of town.
The market is moving at a faster pace. First, let's define this trend. What is PROPTECH? I had the opportunity to discuss this topic in detail and found that there are many ways to define PropTech. This is one of the most shared views by James Dearsley. Proptech is just one part of a wide range of digital transformations in the real estate industry. It takes into account both our attitudes, movements and transactions, including both buildings and cities, and both the technological and spiritual changes of the real estate industry and its consumers.
This is a rather vague concept, but it clearly affects a wide range of the "real estate" sector. In fact, we will talk about the commercial and constructive aspects of the industry, as well as future buildings and cities. It's no wonder that entrepreneurs, investors and journalists are keen on claiming ownership of trends. Many have tried to give a simple language definition of what it covers. In my opinion, the best and simplest definition is:
"This is a generic term used to define new companies that offer technologically innovative products and new business models for the real estate market."
In short, it represents all the companies that are embarking on improving the real estate industry, driven by the ever-changing digital environment and new consumption patterns. This is still a new trend and its range will definitely evolve over time. Today, several industries within PropTech are emerging. The real estate market itself (PropTech), smart cities and buildings, the sharing economy, the housing construction industry (ConTech), and finance (FinTech). Both ConTech and FinTech are very closely related to the real estate industry. See the following figure for a clearer picture.
Of course, this is nothing new. However, real estate has become a sought after target, especially for investors, as many sectors are now “utilized”.
Which real estate profession does PROPERTECH support? Therefore, at this point, it is clear that all sectors of the real estate industry are under threat from the PropTech boom. The guarantor or SMS Assist is in charge of managing the rental property. TenX, OpenDoor or Purplebricks, Real Estate Sales; Commercial Real Estate VTS; Real Estate Development Habiteo These are just a few examples I chose to explain my point, I'm to dozens of beginners in each profession You can give it a name.
The sector is not saved. However, there are significant differences between new and existing construction. In fact, in the existing real estate industry, many new businesses are lining up to remove and replace professionals from the industry. On the other hand, in new construction, start-ups act primarily as mediators or providers of high-tech tools for developers. For now, that's it. In addition, new trends are emerging in all sectors of the real estate industry. Coworking is revolutionizing the office space sector, coworking offers new options for residential real estate, and crowdfunding is transforming new construction and investment, real estate and home exchanges. Seasonal rentals are becoming more popular. Many new professions such as drone pilots, virtual home scenario specialists, and data aggregators are also emerging alongside the traditional real estate industry. And every five minutes, there is no doubt that new ideas will be born to rediscover all or part of the real estate industry. These dynamics encourage entrepreneurs and innovators to look back at different aspects of the industry and create new companies that meet their very specific needs.
