Proptech, or Property Technology, is in very basic terms the use of technology in the property market. It’s a relatively new term, however it’s something which has come about with the use of the Internet, and companies such as Rightmove were at the forefront of the development.
Rightmove is still a very popular property search engine, which has evolved and developed over time to keep up with customer demands. Although others have come along, such as Zoopla and AirBNB, Rightmove has kept up with the ever-changing technological developments, and will continue to have to.
More recently, the estate agent market has been subject to Proptech changes, through the creation of companies like Purple Bricks and Tepilo who don’t have premises on your local high street, but instead provide an online presence to sell your property. This allows them to reduce their fees and potentially beat their competitors prices.
The Proptech development has been gaining pace over the last couple of years as more and more start ups are finding gaps in the market, and places where the property market can be improved upon. For many people, physically visiting properties to view them and having an actual meeting with an Estate Agent at their local office is preferred. However, there are many developments taking place to allow people to virtually undertake a viewing, and communicate solely online in order to buy/sell/rent a property. In fact 2018 is predicted to be the year for artificial intelligence to grow further, and many organisations such as RICs and the Ordnance Survey are at the forefront of Proptech development.
We ourselves are in the market to streamline the letting of property through the use of technology. In an ever-changing and technologically-advancing world, there are opportunities around every corner, and if they make a positive difference to our customers, then surely we should embrace them.