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Prop tech write for usProp Tech refers to any company that uses technology to refine, improve or reinvent any service within the real estate sector.

The Prop Tech market has been around since 2000; examples of this are; Idealista and Rightmove, followed by the emergence of “Peer to Peer” platforms like Airbnb and Homeaway in 2008, but these companies are only a small part of the PropTech market. In general, PropTech refers to any company that uses technology to refine, improve, or reinvent any service within the real estate sector. The services they cover include the activities of buying, renting, or selling properties. It provides construction, maintenance, or management services for commercial or residential assets. The large number of services offered in this sector is so extensive that it allows for an optimal opportunity for its reinvention in digital format. We can say that this new emergence of PropTech is the result of recent advances in online analytics tools that have motivated companies and entrepreneurs to face and solve the most complex challenges in the real estate sector.

Uses

These recent technological advances have significantly improved our online financial and technical analysis capabilities, especially about Big Data, where new platforms are seeking to democratize real estate data for their clients. For example, a Big Data platform would provide detailed information on specific communities, such as the closest schools or supermarkets. These platforms fully personalize the property search and empower the client to make more comprehensive decisions.

Virtual Reality is also becoming a service in the real estate sector, where a buyer can take a virtual tour of the property from anywhere. Although this service could not replace a regular visit, it allows the seller (or agent) to showcase the best features of their property and attract greater interest. Other technologies in development that can affect the real estate sector include geolocation, Blockchains, and even smart devices: each to improve the online and digital experience for the customer.

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