What is real estate technology?
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If you often pay attention to relevant developments in the real estate industry at home and abroad, you may have seen “Real Estate Technology” or “Property Technology” (PropTech) in the media, which looks a bit cool, right?
At the [PropTech Pitch Conference] (https://www.proptechpitch.com/) held in Germany every year, thirty real estate technology companies from all over the world are selected to showcase their innovative business models to consumers, real estate investors, real estate managers, angel investors and venture investors.
Real Estate Technology (PropTech) is a combination of real estate (property) and technology (technology). It specifically refers to the use of technology to help customers make more efficient and accurate decisions on real estate investment layout.
Looking back at the development of the global real estate industry, we can know that this is a very large scale of all human assets. Also because this industry is relatively traditional and not easy to accept changes, real estate is also regarded by the outside world as an industry that is relatively late to adopt technological changes and information innovations.
Real estate is a traditional industry and is generally regarded as an industry that is late to adopt technological changes.
Popularization of personal computers promotes real estate technology 1.0
In 1982, the independent Property Market Analysis Agency (PMA) was established in London to conduct professional research on property development and sales. The United States also used large computers for calculations and launched the Commercial Real Estate Index (NCREIF). Autodesk, Inc. also launched AutoCAD software in the same year, allowing many construction companies around the world to use computers to assist in the design of architectural works, greatly improving production efficiency. In 1987, Prudential Financial Group established the first property research team on both sides of the Atlantic in London, England, and New York, the United States. The secret weapon behind it was of course its powerful computer computing power.
With the popularization of personal computers and the subsequent Internet wave, the development of “PropTech 1.0” has been rapidly promoted, and the real estate industry has entered a rational and scientific era guided by data analysis. After entering the 21st century, with the advent of the mobile computing era, through e-commerce, social networks, open source software, cross-platform and other technologies, the real estate industry has also ushered in the spring of “PropTech 2.0” (PropTech 2.0).
The power of technology promotes real estate online marketing
Not only the global e-commerce giant Amazon has promoted the business revolution and helped many manufacturers do business on the Internet, the overlord of social media [Facebook](https: //www.contenthacker.today/2017/12/2018-fb-google-new-ad-policy.html), also used the power of interpersonal community to create a network system with a scale and global influence that exceeds the capabilities of any real estate agent.
Amazon has promoted the business revolution and helped many manufacturers do business online.
Today, the proliferation of open source software allows many manufacturers to use previously expensive technical solutions at a low budget or even for free. Impacted by these new technological civilizations, industry professionals have begun to think about how to market real estate through the Internet.
Blockchain evolution cross-border management
As the time series enters 2017, the real estate industry has also entered a new era of “Real Estate Technology 3.0” (PropTech 3.0). Nowadays, real estate is not only sold through the Internet. Blockchain technology, which is currently popular, can also be used in integration, investment and financing, and asset management.
The Swedish Bureau records real estate transactions through blockchain, allowing Swedish taxpayers to save money.
Take the Swedish Land Registry as an example. They have been recording real estate transactions through blockchain since June 2016, which is expected to save Swedish taxpayers more than 100 million euros every year. These are also the application areas of “Real Estate Technology 3.0”. With the help of artificial intelligence technology, people in the real estate industry can obtain more information about potential customers, and can understand consumers’ various preferences and purchasing behaviors through data interpretation.
From blockchain to artificial intelligence ml)——Utilizing the power of information technology not only brings a new look to this seemingly traditional industry, but also allows people to conduct real estate transactions more conveniently. This is also the greatest value that “Real Estate Technology” has brought to the world.
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💡 Photo Credit: iAlicante Mediterranean Homes
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