The term "PropTech" just emerged over the past several years. It is defined by information technology site WhatIs.com as "the use of information technology (IT) to help individuals and companies research, buy, sell and manage real estate." It refers to four primary tech tools:
Today's broker must be familiar with all aspects of technology in order to stay one step ahead of competitors. That doesn't mean you need to know how to code or to communicate exclusively via text. After all, successful brokers never forget the human aspect of interaction. But the right technologies, if used properly, can help you stay on top of trends and close more deals, more quickly.
Forbes recently dove one level deeper, predicting which PropTech trends will have the greatest impact on the real estate business. Its analysis included 5G, which will ultimately become a consumer expectation when researching neighborhoods, commercial spaces and multi-unit residential options. But among the broker-facing automation tools is big data — utilizing real-time information and cloud-based systems to find hidden gems for real estate investments.
Eventually, PropTech will not even need to be a term, as all real estate transactions will have some element of technology at their core. As a broker in today's market, here's how you can prepare for that inevitable reality:
Not only can PropTech give you up-to-the-minute insights, but it can also be a huge time- and money-saver and can facilitate your interactions with clients. As brokerage consulting services firm REAL Trends asserts, "today’s high-performing real estate professionals must be high tech and high touch." The data and marketing techniques you're using must ultimately build trust, interaction and deals with flesh-and-blood humans, so be sure you're balancing next-generation tech tools with a hefty dose of empathy, commitment and engagement.