Few people have the opportunity to discuss proptech outside the construction and real estate spaces, and even within these industries, there can be some confusion on the subject. To dispell some of that confusion, here are 5 key proptech questions and answers.
What is proptech?
Proptech is an acronym that describes technology intended for real estate. This can be anything from software like property portals Zoopla and Rightmove, hardware such as sensors, materials such as bricks designed to power solar panels, and manufacturing, such as 3D printing. In daily conversation, the term is also used when talking about real estate tech startups.
Why is proptech so hot this year?
Proptech is no longer a niche technology. It is being noticed- a lot. Although not as big as Fintech (yet) proptech investment is on the rise. In 2011 the amount was $186m US globally. Last year Venture Capital investments surpassed $12b US! Now that traditional firms are investing in proptech, it looks like the phenomenon is here to stay.