What is #PropTech and how does it work?

What is Proptech 2021

It is not some geeky language that is shared by school leavers sat up in their bedrooms sharing special digits and codes and neither is it some high tech marketing skill that goes way above your head when presented to you (well the build of it may be complicated, but how it is presented certainly isn’t).

Proptech is the change we are seeing within our industry that are making our lives easier and much more rewarding when it comes to finding new valuations and selling / renting property in the UK. There is no challenge for Estate Agents to embrace Proptech and it is in fact more a challenge for the guys behind the Proptech brands to get in front of agencies to showcase what their products and services can do.

Proptech: Breaking the industry into smaller sectors and having the ability to drive more and more of a target audience to each of them meaning that results are better, so there is a very big tick in the ROI box.” Christopher Walkey.

The internet will never catch on was once a famous saying and since that time we have adopted it to such an extent that it is more important to some than communication channels such as radio, telephone and television. In recent years we have had the explosion of social media and being one of the first within our industry to embrace it, I know that it was never really seen as a potential marketing channel in the early days for the property industry… I believe that it is no where near where it can be just yet, so much more to come and nowadays many estate agencies spend a lot of time and their budgets on the likes of Twitter and Facebook etc.

Savills and Proptech Cities? http://www.savills.co.uk/tech-cities/index.html#intro

Innovation (Proptech) we have recently seen enter our industry now automates nearly every step of the UK property buying and selling process eliminating time wasting elements and delivering more precise results by being able to understand each and every client’s needs. How consumers are interacted with such as when, on which device and in which tone, in how much detail and what language can all be defined with advancements in PropTech. We can not (yet) eliminate the need for human driven actions within the industry, but PropTech is learning very quickly how it can deliver results in helping to work alongside people (both industry and consumer) to save valuable time, efforts and money.

You just want to acquire new valuations for your portfolio and sell / rent them out as quickly a possible right? This part of Estate Agency will never change, but Proptech is now filtering into the industry and breaking it all down into parts allowing estate agents to pick and chose the best ‘components’ to help them to drive better results and market share locally.

You may not think that Proptech is actually anything to take note of yet, but London is now seen as one of the central hubs for this new section of the industry and just like those who didn’t take note of the internet or social media, it will creep up behind you and your business will embrace it at some point so just like anything in business, as per the early bird with the worm, being first at something can prove the difference to success and failure or achieving market dominance.

Christopher Walkey

Founder of Estate Agent Networking. Internationally invited speaker on how to build online target audiences using Social Media. Writes about UK property prices, housing, politics and affordable homes.

You May Also Enjoy

Breaking News

Popping the Asking Price Bubble

Where in the Uk Can Buyers Snap Up Property Bargains and Where Properties Go for a Premium Above Asking Price   New research from fast selling property company, Upstix has uncovered the UK’s most surprising postcodes for snapping up a property at bargain prices this year, highlighting a widening gap between sellers’ expectations and the…
Read More
Rightmove logo
Breaking News

Highest demand to lease office space since pre-pandemic

The latest insights from the UK’s number one commercial property website Rightmove, reveals that the number of unique enquiries to lease office space is at its highest point since pre-pandemic, as businesses look for spaces that meet modern requirements. Demand to lease office space is 19% higher than the same period a year ago and…
Read More
Planning disputes on new build land
Estate Agent Talk

Planning consultations for major infrastructure to be streamlined

Robert Bruce, a planning and infrastructure partner at law firm Freeths LLP, said he: “Welcomed the change as a significant step to speeding up the DCO process and the focus on the quality and effectiveness of the consultation, rather than box ticking and a risk averse approach to pre-application consultation due to the current legal…
Read More
Breaking News

‘The property ladder pulls further away’ warns Open Property Group

For many first-time buyers across England, the dream of homeownership continues to slip further out of reach. Despite rising wages, soaring house prices are making it harder than ever to get on the property ladder. A leading UK professional house buying company ‘Open Property Group’ based in Buckinghamshire UK, has raised concerns over the ongoing…
Read More
Estate Agent Talk

How Long It Takes to Buy a House in the UK: 5 Common Delays That Can Slow Down Your Home Purchase

Wondering how long it takes to buy a house in the UK? The average timeline ranges from 8 to 22 weeks, but even that can stretch significantly due to unexpected delays, especially if you’re a first-time buyer or caught in a chain. That’s why working with experienced professionals like Belvoir — one of the UK’s…
Read More
Love or Hate Rightmove
Breaking News

Rightmove to host Renters’ Rights Bill webinar with Guild of Lettings

Rightmove is hosting a live and interactive webinar session with the Guild of Lettings to help agents get Renters’ Rights Ready. The webinar will take place from 10:00am – 11:00am on Wednesday 23rd April. Susie Crolla, Managing Director for the Guild of Lettings, will be joining Rightmove to help agents with questions they may have about…
Read More