AI, BigData, Blockchain and other misleading “BuzzWords” being overused in startup world, especially with great regret for me personally also in PropTech sector. But let’s start from the beginnig, what exactly is this mysterious PropTech and why do we even talk about it?
According to nowadays beloved Chat GPT PropTech is defined the application of information technology and platform economics to the real estate industry. It encompasses a broad range of digital innovations aimed at transforming how property is bought, sold, managed, and utilized. But let’s talk about it in a simpler words as Einstein believed that if You can’t explain it simply than You don’t understand it well enough….
Give real estate to the people.
In my opinion genuine PropTech is supposed to make the market more transparent, open to supply and demand as well as easier to operate. Let me give You an example from my backyard – real esate brokerage services. 30 years ago when You wanted to take family for holidays Your options were limited up to travel agent that gave You a few options. There was no comparison to be made, the possibilities/options were limited to what the agent wanted to share or had in database. One had to choose between bed and breakfast in Greece or all inclusive in Egypt – nowadays You simply open booking.com and the world is wide open with millions of offers. In commercial real estate we’re still 30 years behind, there is still no one place where we can search for office in France, retail in Japan and warehouse in Brazil – this market still belong to human driven brokers and technology struggles to win this game, hopefully this will change thanks to my TenanTeam and Realko :).
PropTech is supposed to give the real estate market to the people, make it more “open source”, so that the players can made decisions based on data not biased advisory no matter if we’re talking about taking family for holidays or investing billions in CRE portfolios.
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