Property Technology or PropTech, is the use of information technology to help individuals and companies research, optimize and manage real estate. Similar to the way FinTech focuses on the use of technology in finance, PropTech uses digital innovation to address the needs of the property industry.
This information is intended to improve the current operations of a building, such as reduce costs, energy savings, have data available to optimize, improving property efficiency and being able to do predictive maintenance based on the different actions inside a real estate property.
Given the current rate of technological development, this is both an exciting and frustrating time to be a real estate company. The technology now exists to start building the smart cities of the future. But when it comes to leveraging smart benefits in your real estate portfolio—including sustainability, well-being, productivity, and better business—reliance on third-party interfaces is a huge roadblock.
For every smart solution, a property owner develops today, around 70 percent of resources are used to track down the right data and only 30 percent is left over for actually making great something happen.