PROPTECH – Meaning and how it should be addressed

PropTech (Property Technology) is a new word popping up constantly in the real estate world. To a layman, it’s nothing much, but to realtors/estate agents, it’s a big deal! To start with, what does PropTech mean? How should real estate professionals respond to the emergence of PropTech? What’s at stake for realtors as regards PropTech? All these and more will be discussed in this post as I intend to create a clearer picture of this subject matter.

What’s PropTech?

PropTech (Property Technology) means using information technology (IT) to help organizations and individuals do research, buy, sell, and manage the property. In other words, PropTech is a part of a whole digital transformation that is recently evolving in the real estate world. It concerns the phenomenal mind shift and, of course, changes in technology in the real estate industry and how it affects consumers behaviour and the entire property transaction.

How should real estate professionals respond to the emergence of PropTech?

It’s simple. Firstly, as a realtor, you need to understand that change is inevitable and moves with the new tide as you keep the business bond with your clients. If it seems complicated for you to flow with this trend, i have made a few helpful tips to guide you.

  • Remain updated: as a realtor, you need to keep up with the information in any way you can. Specialized blogs and websites would be of great help. 
  • Innovate: Spend most of the time in your thinking room to think about how to improvise and enhance your business relationship with your client. 
  • Invest: Invest in new marketing tools that will keep your head up in the market. 
  • Work on your value and keep in touch with your client: Know what gives you the competitive advantage; what keep drawing your clients to you, what your client expects from you, and more. When you can answer this question? Work on them deliberately to ensure you keep your client in touch.

What’s at stake for realtors as regards PropTech?

First of all, It’s essential for you to note that for an idea to have a name, it’s authentic and defined. It would be best if you also believed that it’s valuable to investors. However, if you are a newcomer in the real estate industry, you need to dig deeper to analyze this new change and flow along; else, you will not be able to offer better real estate solutions or have enhanced client satisfaction.

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