I was posed an interesting question this week; what do I know about PropTech, and is it a term that's currently used in our industry?
I stumbled; I have heard of the term, but with the property and construction industry being so broad, I'm still not quite sure if it's a term that the whole industry would adopt it?
- Does PropTech cover design and management packages we use to deliver buildings and infrastructure; intelligent models and integrating technology onsite. (the new Dudley College project, delivered using Integrated Project Insurance is a great example of this)
- Does PropTech relate to the host of Property Asset Management packages on the market, from full CAFM systems through to innovative products such as the Kykloud property management package?
- Or, does PropTech relate to technology linking buyers or renters to sellers, or investors to projects, as the video below suggests?
It's an interesting topic to explore further. There is so much innovation ideas within the digital space in our industry, it's sometimes overlooked how advanced areas of the industry are.
PropTech is a buzzword gaining currency in media, tech and property circles. It refers to the wave of companies using technology to refine, improve or reinvent the services we rely on in the property industry to buy, rent, sell, build, heat or manage residential and commercial property.