How Proptech is Changing Real Estate

Property technology, or proptech, is changing our real estate industry. Real estate is the largest asset class, according to Wikipedia, and billions of dollars are being spent toward innovations that are changing how we buy, sell, design, contract, and manage real estate. For example, in the first six months of 2019, investment in proptech totaled $12.9 billion, Wikipedia says. That investment is equal to the amount spent in all of 2018.

Proptech is the talk of the town — or at least the talk of the real estate business. It’s changing and moving quickly. And all real estate agencies will want to understand and use it to make their real estate agencies more utopian.

What is Proptech Real Estate?

Proptech is a term to refer to all the startups providing technology for the real estate market and to the technology itself. It is “the application of information technology and platform economics to real estate markets,” according to Wikipedia. Proptech is a broad term that covers many aspects of digital technology. Proptech real estate refers to using this technology to improve processes, decision-making, sales, or other aspects of a real estate business.

The History of Real Estate Technology

technology representing bulb on the book

Real estate technology has developed through three stages. The first stage occurred when real estate agencies moved property listings online during the dot com(.com) boom. While this was controversial at the time, e-commerce in real estate is now part of daily life. The second stage saw the emergence of smart buildings and smart homes. Virtual reality tours began during this stage, and real estate companies used data analytics in decision-making. More fungible real estate options began to emerge, with individuals exchanging and renting vacation homes, storage sheds, or rooms in their homes for parts of the year. Airbnb is a good example.

The third stage, which we are currently a part of, now uses all manner of proptech, including artificial intelligence, big data, and solar power. Let’s take a closer look at some of these technologies.

Proptech Real Estate Technologies

Proptech is available across the various real estate business functions, including architecture, construction, sales, finance, transaction coordination, and strategy. Mortgage lenders and escrow agents also use proptech to streamline processes and free up time for other activities.


Real estate listings have been online for some time. In fact, a firm that fails to list its properties online has a distinct disadvantage. Many proptech tools exist to display the properties and help you develop a good relationship with potential clients who search those listings.

Artificial Intelligence

Let’s face it. A lot of real estate tasks are repetitive and dull. Smart real estate agencies are using artificial intelligence (AI) to handle these routine tasks so that their team can focus on other tasks. For example, AI can automatically classify listings according to styles and features. It can also help with market analysis. It can auto-generate personalized emails, and it may be able to automatically tag relevant photos.

Virtual Reality

Many real estate agents already use virtual reality to give virtual tours and the number is increasing. Goldman Sachs believes 1.4 million real estate agents will use the technology by 2025. The consulting firm says VR is becoming a much more valuable sales tool than a simple online ad.

Contract Automation

signing contract online

Drawing up contracts is a repetitive, time-consuming job that few agents enjoy. Automated documents and digital signatures can speed up the process and give agents back their time to spend on making deals.

Lead Generation

Many agents cringe at the very mention of “lead generation.” It’s a time-consuming task. Proptech, however, provides automated lead generation and other sales and marketing tools.

Big Data

Big data refers to data sets that are too large or too complex for traditional data software. Big data typically provides information about consumer behavior or market trends that can help with pricing, seeing market trends, and determining the risks or benefits of a particular investment.

The Internet of Things

The Internet of Things (IoT) refers to a smart network of devices or systems that constantly send signals back and forth to each other, although not necessarily just over the Internet. IoT can dramatically change how property managers keep track of maintenance needs or security at their buildings or allow a homeowner or agent to turn on lights or unlock doors from a distance.

Construction Technologies

Proptech also includes management tools, especially to help buildings meet energy-efficient or green standards.


Man using Chatbot

Chatbots are a simple proptech invention that can dramatically improve customer satisfaction numbers while also taking repetitive tasks off a team member’s plate.

To Sum Up

Proptech is a term that refers to all the companies and technologies seeking to make the real estate industry more customer-friendly and efficient. Proptech can do many repetitive, noninteresting tasks that currently fill team members’ days, freeing them up to do high-value tasks that they enjoy. Proptech tools are essential to creating a real estate utopia, which exists when every team member can perform the tasks they enjoy most.

Proptech is a growing trend and a global phenomenon. Startups are entering the proptech real estate space all the time. In existing real estate, proptech can do many functions that your team used to do; in new construction, progress has been slower. The proptech industry will continue to evolve, forever changing how we operate in the real estate business.

real estate virtual assistant will be up on all the emerging proptech tools. They can help your agency to gain time savings and sales benefits from proptech.




Submit a Comment

Your email address will not be published. Required fields are marked *

one × 3 =

    Fight Fomo! Subscribe Now!

    We are addicted to all things Real Estate! In our newsletter you will receive FREE tips on how to generate more leads, cut costs and automate your business.

    Guest Experts

    CIPS, TRC, Founder and Managing Director of property management business solutions company ireviloution is an international real estate identity who has coached, mentored and trained over a thousand of property management teams and business to success and thousands of individual property management business owners and property managers worldwide.

    Jo-Anne Oliveri

    A co-founder of LockedOn – a powerful, easy-to-use real estate CRM platform that makes listing and selling simple. With over 15 years in software development experience in the real estate industry, Iain has helped create software solutions that have enabled thousands of agents create lasting relationships with their customers.

    Iain French

    He is the Founder of the hugely successful Offer Management Platform, Market Buy, and a career real estate agent spanning 22 years. He has worked in all facets of real estate and has won many awards over the years for Innovation, Sales volume, and office performance. Dave is dedicated to improving the real estate industry and providing agents with the tools they need to survive and thrive in an ever-evolving business environment.

    Dave Stewart

    She is the founder of Rent Roll Starter and specialises in helping independent real estate agents to start and build their own Rent Rolls, using affordable (and sometimes free) marketing and growth strategies.

    Ellen Bathgate

    He is the Co-Founder and CEO of the Melbourne-based proptech start-up Rental Heroes. He is passionate about applying innovative digital solutions to help people connect better. Like many Australians, Ben and his co-founder Dom, have been both tenants and landlords. They founded Rental Heroes because they saw an opportunity to speed up issue resolution and automatically handle common tenant requests 24/7 (everything from a broken dishwasher a to pet requests!). Rental Heroes have launched their AI-chatbot “Alex” - who helps property managers by liaising directly with tenants to handle everyday requests and issues.

    Ben Burton

    With more than 15 years experience as a professional real estate photographer, Brad has a deep understanding of what it takes to showcase a home in its best light. After photographing homes all day and editing them all night, Brad decided to create, which has become the ultimate photo editing portal for everyone from professional photographers, real estate agents, to property managers.

    Brad Filliponi

    With extensive digital experience spanning over 30 years, He is a full-service mobile marketing business specialist and chatbot ninja. Mike helps empower small business owners and real estate agents to achieve marketing success on Facebook by generating leads through conversation.

    Mike has built the marketing platform and designed the Facebook strategy using old school systems so that Real Estate Agency owners can build the most effective marketing lists as well as own the data from advertising and marketing. Following Mike’s vendor paid 12-point strategy over 12 weeks will build a list of over 1,000 prospects segmented into Buyers and Sellers that teaches Facebook who should see your ads in the future.

    Mike Hillsdon

    Sarah has emerged as a highly sought after speaker and panelist on the intersection of artificial intelligence and human systems in real estate. Sarah is passionate about helping agents and organisations to understand this new technology, simply, so they can make confident and informed decisions about how to adapt to a future of work where human and digital resources collaborate.

    Sarah Bell

    Joel is the founder of Property TV and has worked with some of the most innovative companies in Australia, USA and Europe. He is the former CEO of Californian PropTech entity Transmit Data and former CIO for a Silicon Valley technology incubator, Joel has been at the forefront of property marketing and technology for the past 15 years. Joel is also the former CIO of the Australian Property Institute and former Head of Technology for real estate franchise group, Raine & Horne.

    Joel Leslie

    He is a mental skills & mindset coach, and founder of  Jet Xavier Consulting Agency. Jet Xavier has conducted over 4000 elite human performance coaching and training sessions with various real estate agents and major agencies across Australia and overseasHe is a pioneer in the Real Estate industry as his training and coaching techniques bring the latest neuroscience, positive psychology, and elite human performance models to agents and principals helping them to create success at every level.


    Jet Xavier

    He is the founder & CEO of Craig has spent the last 25 years at the forefront of technology, marketing, and business building in Australia and around the world. He has built and sold 2 technology companies to NYSE listed US companies.
    Having worked with Google, Amazon, Telstra as a technology provider to some of the largest Industry brands including REA, Corelogic, LJ Hooker, REIQ, and many others in the Real Estate industry.
    What separates him from most is a rare mix of technology innovation that can be applied to business growth and marketing strategies.


    Craig Deveson

    He is a dynamic and seasoned leader and expert in the world of both technology and property. For over 20 years, Josh has been using his expertise in strategy, product, technology, and marketing to make significant notable transformations in Fintech, PropTech, and the interplay of technology and humans. Josh now leads PropTech start-up company Little Hinges, a world leader in digitising space.


    Josh Callaghan

    He enjoys using construction principles to help businesses grow. He studied Civil Engineering and worked in construction for over a decade. Jarren founded Harvey PM Services to help business owners discover their foundations and turn their blueprints into reality. He is currently working with partners in Australia to shake up the property management world.


    Jarren Harvey

    He is the Chief Digital Strategist at Market Buy – Online Offer Management, he’s a Facebook Certified Professional and has spent the last 30 years working in tech, the last 10 specifically in prop tech. While John spends most of his time building out Market Buy’s digital strategy, he’s also responsible for Check My House Price and has generated over $1.6billion worth of commission leads for agents throughout Australia and New Zealand.


    John Hellaby

    Still want to know more about our services?