Proptech: The Future of Real Estate
The rise of the internet and mobile technology has fundamentally changed the way we live.
All sectors of the economy have been greatly impacted by this internet boom.
Real estate sector has been one of the laggards when it comes to this technological adoption.
However, of late, proptech has become a buzzword in the startup community. As a result, there are hundreds of startups which are now backed by millions of dollars which are trying to bring technological advancement to the real estate sector.
It is true that most of these startups will not survive the next few years. But the few that do survive will end up having a deep impact on this slow-moving industry. These new startups which are trying to imbibe internet and mobile telephony in the real estate sector are now being known as proptech.
In this article, we will have a closer look at the definition and scope of proptech. Also, we will try to understand the different verticals of proptech.
The Definition of Proptech
There is no clear definition of proptech as of now. This is because proptech is often said to be a small part of the digital transformation of the entire real estate industry. The changes taking place could be technical, or they could be related to the buying processes that have traditionally been part of the real estate industry. Proptech is also a wide concept which encompasses both the financial as well as the construction side of the real estate industry.
Simply put any real estate startup that is trying to offer innovative products or solutions which extensively use technology can be categorized as proptech. Since the trend is relatively new, it is likely that the scope will change over time and new verticals may get added under the umbrella of proptech.
The Different Verticals under Proptech
At the present moment, proptech has three main verticals. The description of each of these verticals is explained here:
To sum it up, the real estate sector is going through a massive transformation. It is likely that it may become more efficient in the future and proptech has a big role to play in this increased efficiency.

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