What is PropTech?
PropTech captures the intersection of the property industry and technology and is the application of technology for new ways of conducting business in the property industry. PropTech can be realised in every aspect of the industry and in many different forms – from an open house through virtual reality to cloud property management software and automation of administrative duties.
What we believe is the most significant technologies within PropTech:
- Big data and API: The collection and analysis of great amounts of data can be converted into valuable insights contributing to better decision-making. For instance, our BoligAPI has the potential to evaluate if a property is a good investment based on insights on what kind of tenancies are most popular in different areas (size, number of rooms and level of rent)
- Machine learning: By looking at patterns of data and behavior, it is possible to create intelligent algorithms, making a wide range of processes able to be automated and more flexible. For instance, routine processes and quality checks can be close to eliminated, as previous data can be applied in such intelligent ways that processes should only be cross checked, when databases recognize that something inconsistent is happening.
- Blockchain: Connecting information from multiple platforms on one central platform. When information on one of the connected platforms changes, these changes will instantly appear on the central platform, keeping transparency between them intact.
- IoT – the Internet of things make property management smart. Devices, sensors and intelligent systems have made it possible to control temperatures, lightning with few or no human actions required.
By combining these technologies, valuable PropTech solutions can be created. Solutions that can help make property businesses become more efficient and resilient, minimize errors, improve service, optimize and simplify workflows and thereby open up more time to concentrate on what really matters.