What is a Proptech

Feb 25, 2021

What is a proptech?


Proptech and Dardingli

In recent years we have seen a huge technology development that has managed to be placed in many sectors. A clear example is the emergence in the early 2000s of what is known as “prop-tech”, a widespread concept in the Real Estate world.

What does PropTech mean?

The Proptech concept is an acronym made up of two words: property and technology; as with Fintech, which combines the words finance and technology, a word with which it shares its essence. Sometimes it is also called Retech, taking as its origin the concept Real Estate instead of property and is used to refer almost generically to the Real Estate sector. Nonetheless here we will solely use Proptech to refer to this exciting new sector.

In essence, this term refers to all those companies dedicated to the Real Estate sector that uses the most modern technology with the aim of improving or reinventing any of the services offered within the sector. A clear example is Dardingli, a Real Estate property portal where you can upload properties very easily, and prospective buyers and lessees can search for what they want and know the exact availability dates, in a large, centralised database, thus making the Real Estate experience as easy and hassle-free as possible both success-driven Real Estate agents and dedicated property owners and landlords.

 

Technology employment in the Real Estate sector


The use of technology had a great impact on the Real Estate sector since it helped to renovate it and give it a value that it lacked until now.
The Proptech began to be known thanks to the first wave of mobile app’s, and shortly afterwards bringing 3D scanning technology to Malta. Today these features are considered standard in the property industry and Dardingli is walking towards leading the way in this renovated industry. 

 

Present and future of PropTech in Malta

The Maltese property market has experienced one of the best years in the past decade. Nonetheless, the industry has changed substantially, both from a macro as well as a micro perspective. And the players who survive and thrive in this constantly changing environment are undoubtedly those who anticipate and respond to these changes.

In addition, during the pandemic last year, many companies in the sector found themselves in the situation of carrying out digitization or of promoting and encouraging it in those that were already immersed in said process. The use of technological resources proved to be great allies for the sector during that period.
The Real Estate industry may have been slow to start when it comes to adopting new technologies, PropTech companies are less than five years old, but this will change as we now know that technology is not just a trend, it is a way of life, which indicates the existence of a boom. Technology is fantastic. It enhances our lives, and, as the CEO of Dardingli Beatriz Rodriguez Sanz usually says, “you can’t stop the rain from falling”.

 

Classification of PropTech

There are several companies covered by the PropTech umbrella and their classification depends on the technology used and the services offered:

-  Big data or Data management allows you to give information about specific communities (nearby schools or supermarkets locations) and helps to personalize the property search based on the preferences of the buyer or tenant.
-  Crowdfunding or collective investment platforms. Tools that democratize access to Real Estate investment.
-  Finance. Mortgage brokers through which you can compare mortgages without leaving your home.
-  Marketplaces, also known as Real Estate portals. Websites that collect advertisements for free homes both for rent and sale and for tourist rental. In the case of Dardingli, we would be here.
-  Peer to Peer (P2P). Companies that put individuals in contact with other individuals without intermediaries for different purposes.
-  Visual StartUp. Companies with tools that allow creating virtual visits thanks to virtual reality tools and 360º photos.
-  Property management. Online Real Estate agencies will help us put a property up for sale over the internet.
-  Investment. Thanks to i-buyers, Real Estate companies help in the quick sale of housing.
- SmartHome. Incorporation of technological systems in the home that facilitates day-to-day life (also known as home automation): raising and lowering blinds, video surveillance systems, light or temperature control, smart appliances ...
- Software. Companies in charge of developing a portfolio, visitor or customer management programs. They are aimed at professionals in the Real Estate sector.
-  Use of 3D printers. Creating from new materials to new ways to build.
The services offered by Proptech are many and varied, although some are still in a very initial state.
 

Advantages of selling a home with a PropTech such as Dardingli

The proptech helps in everything that has to do with the Real Estate market, especially users in the search for housing.

Next, we list some of the advantages offered by putting a home up for sale or rent through a marketplace such as Dardingli portal:

-  They facilitate the process for both parties: seeker and seller/lessor. 
-  Enhance the search experience.
-  Displacements are reduced.
-  Lower cost of services.
-  Thanks to the use of cutting-edge technology, it is easier to “compare and contrast” options on the market. Especially, through the different tools found on our website and in our app.
-  Greater efficiency, simplicity and speed in the phases of the sale, especially in the most bureaucratic ones.
-  Agility in decision making.
 

Without a doubt, PropTech has come to stay and will shape the future of the Real Estate sector.

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