What is PropTech?
PropTech, or property technology, is the use of digital tools as a means of improving
speed and efficiency in virtually every aspect of real estate that can be named – buying,
selling, marketing, researching, and others.
The sector is growing rapidly. Currently, one of the most popular and impactful PropTech applications in the real estate market focuses on construction – digitization that highlights value in the eyes of the real estate consumer. The accelerated emergence of PropTech in North American real estate markets is
manifesting itself in a number of different ways. While some real estate firms are attempting to develop their own proprietary digitization technologies internally, others are seeking out startups in the PropTech sector that complement their business models and are either investing in them or acquiring them
outright in order to utilize their technologies.
Other leaders within the real estate industry are approaching their relationships with PropTech with a more oblique strategy – they’re investing in funds that finance PropTech from a venture capital standpoint. By using this approach, these companies are able to directly access new technologies earlier, with exclusivity. Some PropTech companies are establishing strategic partnerships with real estate organizations to assist them in providing differentiation leverage in the marketplace. This has proven to be a worthwhile approach for real estate developers and other related players who want to embrace PropTech digitization and gain an innovative advantage over their competition, without having to make a significant investment. Toronto-based digital rendering company Render Developments has taken this approach in establishing a number of partnerships with real estate firms internationally in recent years, and continues to be recognized as a superior PropTech provider of innovative digitization technology.
Representatives from Render were on hand for a symposium hosted in Toronto recently by The Urban Land Institute in association with the PropTech Collective. The event focused on connecting PropTech companies with real estate industry leaders who are seeking tech solutions to social and environmental concerns.
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