Curious about #Proptech? Here’s some basic facts to know:
Innovation is key in nearly every industry and this includes the property sector which gives us the common phrase used today to put it all under, Proptech or as you would see online. #Proptech. Relatively a slow burner over the last 10 years or so, though more recently it’s a fast moving fashionable trend seeing amazing solutions being added to the industry and countless millions invested.
What is Property Techonology #Proptech?
Proptech is known to be the disruptive emerging power within the property sector and especially within the day to day practises of UK estate agents. Loved by many and loathed by many more, proptech is seen as the solution to reduce the likes of effort / time / paperwork increasing efficiency / results / connectivity. There is no defined criteria to being classified as a proptech, it is more what you are interpreted as being by the industry or the company itself placing its identity under it as such.
How popular is Proptech?
Today it is very popular and there are approximately 800 proptech companies trading in the UK with more than half of these located in London. Most of these companies will focus on solutions within the property management sector with buying / selling process being not too far behind. Prominently a B2B market and over half focused on the residential market with just over a third on the commercial side.
There are varied events on proptech across the country and beyond with MIPM (France) being the big one that pulls in proptech companies globally. From exhibitions to talks, investor shows (such as PropDen / TeqDen) to networking evenings – Proptech is certainly not a silent trend, it’s alive and kicking and there is plenty of opportunity to embrace the many fast growing companies in this field.
A search online for ‘proptech’ will deliver 12,800,000 results with countless websites dedicated to the topic from Venture Capital firms to varied Associations. Social media is also a great place to study proptech with the hashtag (#proptech) showing plenty of posts daily.
The UK property industry welcomed Nurtur Group from Fine & Country / The Guild that devotes itself to accelerating (proptech) innovations through investment, developing them for property businesses and deploying across a successful national network of agents.
Recent reports showed that a record £1.6bn in 2021 was invested in to the UK proptech scene which was a 4 x what was seen in 2020 (stats via Pi Labs) and an amazing 15 x more (£105.68 million) than what was invested back in 2016.
Interest in proptech is growing, it is fast moving and certainly here to stay!