PropTech – What Exactly Is It?

Technology is a driving force across most business sectors. You cannot conduct business without some sort of technology working either behind the scene or in the midst of it all. Real estate is no exception.

Property Technology or Proptech is where technology innovates, influences and enhances the various facets of the real estate and property industry.

The real estate sector is known to lag behind other industries in adopting new technologies or keeping up with the times, but this new wave is something that cannot be and should not be avoided, or taken for granted.

Proptech can be as simple and basic as using your mobile device to take pictures of a property to post online. Or it can mean a start-up business that creates a digital platform for end-users to list and market homes.

Internet access has helped the growth of Proptech

Our recent post about blockchain and HouseAfrica are examples of the Proptech scene. These are revolutionary movements that will impact the way businesses approach real estate and the way consumers interact.

Other common Proptech companies that Nigerians may be familiar with include real estate listing sites such as NigerianPropertyCentre.com, Property24.com, Privateproperty.com to name a few.

Other common businesses such as Airbnb, Co-working spaces, and peer to peer housing are used daily by millions of Nigerians, and have transformed the way we think about and utilize technology for personal use, and the advancement of the industry as a whole.

Proptech is relatively new to the Nigerian scene and its upside is huge. The surge in startups in the country is promising and Proptech will surely be a prominent ingredient in this new soup.

Posted by

Journalist based in the United States and Nigeria, focusing on Real Estate Development and the stories emerging in and around the built environment.

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