PropTech (property technology) is the application of information technology (IT) to assist individuals and businesses with real estate research, acquisition, sale, and management.
It is in fact a type of technology that addresses the needs of the real estate market through digital innovation.
PropTech startups intend to simplify and integrate processes for buyers, sellers, landlords at all stages of the real estate industry. For instance, Virtual reality software allows website users to visually walk through properties, splitting rent payments, and crowdsourcing new real estate developments. IoT, Smart Lifts, Drones, and Virtual Reality are some of the technologies that have been used.
This real estate technology’s ultimate goal is to reduce paperwork while also making transactions faster, more efficient, and secure.