The Effects of PropTech on the Real Estate Industry 2020
Updated: Sep 8, 2020
If you’re involved in the real estate industry- in any capacity- then you’ll know that “PropTech” is the biggest buzzword of 2020.
PropTech- short for “property technology”- includes a variety of technologies from PropTech software (i.e. property portals) to PropTech Hardware (i.e. sensors).
In South Africa, companies like PropWorx, Private Property and Shack are leading the PropTech revolution.
However, to understand how PropTech specifically has been affecting the real estate industry this year, it’s important to note how technology as a whole has changed.
COVID-19 changed everything. The way we live, the way we gather, the way we communicate- you name it. Several technology trends have helped make the transition easier. They include:
Video chatting
Telehealth appointments
Online shopping and delivery services
Cloud software
5G
Right now, we are at a major turning point.
Did you know that it takes 66 days to form a new habit that becomes automatic? Well, today marks day 167 of South Africa’s lockdown.
That means that most of us have not only gotten used to the new ways of doing things- Zoom meetings, online learning, etc.- but our brains have already automated these behaviors.
We will not be able to return to normal. Instead, we are developing a new normal that includes various forms of technology, including PropTech.
The effects of PropTech on the real estate industry is too vast of a topic to be condensed into one blog post.
But thankfully it doesn’t have to be!
At the end of this month, I will be hosting a virtual summit on the digitalisation of real estate. The top 20 proptech companies in South Africa will be coming together to teach on how to digitalise your real estate investments in the midst of a pandemic.