What is “PropTech”?
Marketing Associate | LeasePilot
Today, technology is the lifeblood of any business. Technology integration, automation, online ordering and more have become key business strategies, accelerating the shift toward digital transformation. Adopting technologies like these allows businesses to maintain revenue streams while continuing to provide value to customers.
PropTech is no different. Put simply, PropTech is the use of technology to drive efficiencies in real estate, ultimately leading to improved asset returns, reduced friction, and greater transparency. It is rooted in the idea of exploring the digital landscape and adopting new technologies and consumption patterns. Here’s everything you need to know about PropTech.
What is PropTech?
Property technology, or “PropTech,” is the term used to describe the broad application of technology to real estate markets. It refers to the myriad tech companies working to transform the real estate industry, based on a rapidly changing digital landscape and ever-shifting consumption trends and patterns.
PropTech aims to make owning, leasing, or working in a building easier and more efficient for everyone, whether it be through reducing paperwork for property management or streamlining transactions between tenants and landlords.
The PropTech Industry
The rise of PropTech companies around the world is causing a massive shift in the commercial real estate (CRE) industry towards more tech-enabled buildings and work offerings.
According to the KPMG Global PropTech Survey, the digitally-driven PropTech industry has made considerable progress over the past several years and will continue to do so. Experts have the same technology expectations towards PropTech as other industries like finance, banking, healthcare, and eCommerce.
Why Develop PropTech?
Technological innovation has revolutionized several other industries and now we can’t imagine living without Uber, Venmo, Doordash and so much more. The same benefits — streamlined efficiency, better customer experience, simpler processes — can and should be apparent in the real estate industry. With PropTech, companies are trying to address these pain points and introduce an innovative edge at every step and revitalize existing systems.
How LeasePilot is Changing CRE Tech
LeasePilot is the only company creating a scalable, digital future for commercial real estate leasing. LeasePilot is accelerating the timeframe to close a commercial lease by pairing innovative technology with tried-and-true legal industry standards. Imagine getting a deal done in 10 days that used to take 90. Printing automated abstracts rather than spending countless hours summarizing deal terms. Never re-keying the same information into multiple systems.
Generating transactional reports for lenders, investors, and buyers rather than have lawyers read and re-read the underlying leases ad nauseam.
Ultimately, the impact is radically more efficient markets that free up a massive amount of wasted human potential so it can be re-directed toward pursuing more meaningful objectives.
To learn more about LeasePilot and get the latest on commercial real estate trends