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What is PropTech in real estate?
Often propelled by startups, Property Technology, or PropTech for short, is a term that envelopes both technology and business models that aids in the digitalization of the real estate markets. With IoT, PropTech offers versatile solutions for operations and maintenance, like monitoring indoor conditions and automation of related systems in response to live data.
Why is PropTech important?
The Real Estate industry is one of the oldest industries, and it is now rapidly modernized with new business models and many new players. With new competition and resources becoming scarce while tenants demand modern living and working conditions, PropTech becomes essential. It can help businesses optimize their operations to save on financial and material resources while making their buildings attractive in a competitive climate, increasing the property value.
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