PropTech or property technology will facilitate the revolution of the real estate sector and offer solutions to numerous issues facing the industry.
PropTech, describes any technology, usually of a digital nature, deployed for the real estate space. Real estate is one of the least technologically advanced industries in the world.
However, it has become an ideal place for investment and entrepreneurship development over the last couple of years.
Moreover, demands of investors and stakeholders in the real estate industry has become more sophisticated in recent times, making the need for innovation and technology the very key in the operationalization of the industry in modern society.
“PropTech technology affects buyers, sellers, real estate agents and property pricing in a big way. Hence, it is essential to adapt to emerging technological advancements in the world to register a sustainable industry growth,” Prof. Ong Seow Eng- National University of Singapore, told the Third International Conference on Real Estate Management and Valuation 2019, organized by the Estate Management and Valuation- Research and Professional Development Centre, University of Sri Jayewardenepura, Sri Lanka in Colombo this week.
He said further that PropTech enhances information flow, explicate price discovery and enable transactions.
In order to respond to PropTech, he said it is also essential to keep up with advances, invest, experiment, innovate, keep in touch with stakeholders and to engage younger generation.
“PropTech is more insidious than we think, and it also keeps us on our toes” he added.
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