What Is Prop Tech?
In recent years you may have begun to hear the buzzword ‘Fin Tech’ (financial technology) cropping up online, but now ‘Prop Tech’ is set to be the next big revolution.
It begs the question...
What is ‘Prop Tech’?
Prop Tech simply stands for property technology and it’s an industry that is using digital technology to reinvent, streamline, and improve the property sector.
There is no denying that we live in a purely digital age; we order taxis, fast food and shopping with just a couple of clicks. Industries are having to embrace the digital age to keep up with modern day living, and the property sector is no different.
In just 10 short years, Prop Tech has been transforming how companies in the property sector operate and offer their services. Old age practices are quickly becoming replaced.
It can be said that Prop Tech was born just as though the internet was picking up speed in the late 90’s and early 00’s.
The technology was aimed at changing the way we buy, sell, manage and invest in property and it doesn’t show any signs of slowing down, in fact it’s quite the opposite.
Prop Tech is making it easier for the buyer/seller to achieve their end goal in a quicker, easier, and cheaper way by using technology.
Prop Tech is connecting the different parts of the property market in a way they haven’t before, which means that buyers/sellers/lenders can all make better business decisions.
How is Prop Tech used?
One of the main ways Prop Tech is used within the property market is to gather data more efficiently. Now, instead of spending hours searching for data on the internet; behaviours, trends, demands and demographics of buyers/sellers can all be analysed within seconds.
Estate agents can now offer their services online and via apps making it possible for homebuyers to buy properties without ever having to step foot into them. Augmented reality and virtual reality are already replacing house viewings and printed brochures.
And Prop Tech isn’t just for those wishing to buy or rent a house, with more products and services in all areas of property coming available every week, including; home automation tools, tenant finding services, online mortgage brokers, and property management portals.
Your Property Partner
JaeVee is your property partner which operates via an online platform that allows you to submit property development proposals and provides 100% funding for every profitable property investment you find in the UK, including all the support you need all at the click of a button.
As technology quickly becomes outdated and reinvented so to, will Prop Tech have to change to keep up with the growing demands of the digital age.
If you would like further property development advice then check out the JaeVee Blog.