Proptech (property technology acronym) refers to companies in the real estate sector that use technology to improve, refine, or create new services, such as the purchase and sale of assets or building processes, design, maintenance, financing, and property management.
The proptech sector has grown a lot in recent years to adapt to the new times, and in 2023 it is expected to continue to increase exponentially in Spain, which is already the second-largest country in the world to attract investment in proptech.
What benefits does technology bring?
Proptech has been a real revolution in real estate. Among the many benefits that digitalization of the real estate sector brings, the ability to shorten the sales times of a property stands out, thus reducing the risk of it losing value.
It also enables real-time market analysis and on-the-spot insight into end-customer needs, and up-to-date data on environment, infrastructure, real estate and more. Finally, it also improves the customer experience itself, asset valuation, and automation of associated bureaucratic processes.
Which technologies are most commonly used?
With the rise of digitization, the sector is experiencing an expansion stage in the use of the following technologies:
Big Data: It’s been one of the big breakthroughs in enabling real-time data.
Internet of Thing (IoT): New smart buildings have a layer of connectivity that connects devices to the building itself.
Blockchain: Offers the possibility of safer, more efficient and faster operations, reducing the intervention of intermediaries.
Virtual and augmented reality: enables customization when displaying real estate, making customer decision-making easier and saving buyers and sellers time.
Peer to peer: Opens the possibility for users to have a direct relationship and facilitates economic options in operations.