Abstract:

PropTech refers to property technology, which showcases the use of information technology to enhance and ease real estate processes (Contributor, 2024, p. 1). It embraces different tech and service platforms for governing, selling, and purchasing property. PropTech innovations involve the invention of virtual reality for virtual property tours, software for the reporting of repairs and rent splitting, crowdfunding for specific real estate projects and development and implementation of energy saving technologies and renovations. The area is traditionally structured around smart home technologies, sharing real estate platforms, and real estate FinTech, respectively, but they concentrate on various real estate market areas. PropTech's core goals include minimizing search costs, increasing efficiency, saving time, energy or money, and customizing property management with emerging blockchain technologies, which are set to be one of the top-used technologies in securing real estate transactions and contracts.