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Proptech stands for property technology and is essentially the application of technological innovation to help improve the real estate market. The digital real estate ecosystem that Parcl continues to mention is closely connected to that of the proptech industry.
When we think of our understanding of digital real estate and the Web2 proptech sector, the key difference is that digital real estate focuses mainly on Blockchain technology, whereas if you want to be considered a proptech company, it doesn’t require the use of blockchain tech, any innovation tech will do.
Let’s chat more about what it takes to be a proptech company.
Real Estate Technology: What Makes A Proptech Company?
So, there are some clear objectives that a company must fulfill before being defined as a proptech company.
The most obvious is that it has to operate within the real estate industry. The main priority of a proptech company is to solve an issue or significantly reduce stress on a current outdated system by reducing admin tasks for brokers or tenants, streamlining transactions, and reducing the chances of fraudulent applications.
