Property technology ("proptech" for short) is emblematic of modern technological developments in the real estate sector. Proptech rethinks existing products and uses software and/or hardware, for example, to create new solutions. This includes introducing or optimizing products, processes, or entire business ideas by using the latest information and communication technologies. Most solutions developed by start-ups are designed for the needs of other businesses or end-users.
Nearly all companies from the real estate sector are affected by these disruptive approaches. Specifically, for example, they deal with electronic locking systems, smart home solutions, or marketing real estate with virtual reality applications.
When it comes to real estate management, proptech solutions provide increased efficiency, cost savings, and an opportunity to establish new business models. Thanks to proptech, building occupants benefit from higher service quality and additional services; and if they are satisfied, they will stay at a property for a longer time.