First there was fintech. Shortly afterward came insurtech and wealthtech. Now we’re seeing increased interest from start-ups and investors alike in real estate technology, or, as it’s become known, “proptech.”
Proptech allows for innovations such as homeowners being able to turn on their lights, or even their favorite song, from a mobile device before they get home. Voice-enabled functions already exist and will only grow in number in the years to come. And even the commercial real estate industry is primed to be transformed by proptech, with developments such as using drones for property inspections.
So perhaps it’s no surprise that investors have poured money into proptech, seeking to back the early winners in the next hot tech sector. Venture capitalists invested $9.6 billion in proptech start-ups globally in 2018, according to the CRETech End of Year Report. We’d venture to say that proptech will be a phrase you will hear a lot of (and may get tired of) over the next few years.