Frequently Asked Questions

Property technology companies, also known as PropTech companies, apply platform economics and information technology to make essential transactions paperless, more efficient, and secure. PropTech overlaps with FinTech. PropTech emerged in the early 2000s and has become a major player in the real estate market. The Center for Real Estate Technology & Innovation reports that over $32 billion was invested in proptech companies in 2021.

The property technology that PropTech companies make available to the real estate industry include the capacity to maintain databases and the algorithms needed to analyze them, image recognition and photo scraping, dynamic valuation models, customer relationship management systems, and everything else that AI can improve. PropTech has become the underlying technology that real estate agents, developers, underwriters, title companies, commercial lenders, property management companies, and many others use to move and improve real estate transactions from start to finish.

Real estate technology and property technology are essentially the same service. The robust relationship between real estate and technology is most often termed PropTech, but you will also come across references to Real Estate Tech, RealTech, and Retech. They are the same thing.

The real estate industry uses property technology at several levels. Many of the tools of PropTech everyone in the industry uses nearly every day can be described as PropTech 1.0. These are the websites and smartphone apps that have been around since about 2007. Then, there is a set of PropTech tools that can be described as PropTech 2.0. These include virtual experiences for potential buyers, and far more extensive databases for realtors, investors, appraisers, and property managers. The current level, that we will call PropTech 3.0, has incorporated smart lifts, drones, the IoT, and virtual reality into more and more of the real estate sales experience. Blockchain has emerged as a new way for buyers and sellers to connect with each other. Crowdfunding real estate projects has become a reality with this generation of PropTech. Emerging PropTech that will be important in PropTech 4.0 includes AI to make managing properties more efficient and easier. Sensor-based technologies monitor and control energy usage, and AI plays an increasingly important role in making real estate deals.

The best property technology solution is the one that best meets your technology needs. Not everyone needs a smart lift in their home. Not every management company needs AI to manage energy consumption. But the larger your management responsibilities, the more PropTech can do to make your work easier and more profitable. Allbridge can be your trusted technology partner for choosing the right PropTech solution.

Property Tech is changing the way real estate is bought and sold, and changing the way real estate is managed. Even if you are just using PropTech 1.0, it pays to partner with a knowledgeable technology provider like Allbridge to be ready to take advantage of the latest technologies that can work for you.

Property Technology software is a real estate-specific alternative to the software packages and SaaS platforms not designed for the real estate industry. It provides the features the real estate industry needs.

A PropTech platform is the one-stop shop for real estate data management needs. It is the collection of services or the software suite of a company like Allbridge for the real estate industry.

The PropTech industry is the collection of PropTech providers, of which Allbridge is a leader.

Managed services support is a way of outsourcing IT needs so your company’s key personnel can focus on what they do best. Contact Allbridge for more information about the advantages of managed services support for your company.