PropTech – Just a buzzword?

PropTech – Is the property industry finally getting its head around the digital innovation buzzword?

After a year of development, Vibrant is launching Homex: A new PropTech app that enables landlords, lettings agents, property service managers, and Inventory Assessors to create paper-free property inventories quickly and in high definition.

 

But what does the term PropTech actually mean?

Between 5–7th September, Australia is hosting the ‘PropTech Summit 2018’, “Where technology and investment converge to transform the future of property”.

It’s probably fair to say that most property businesses believe they understand PropTech, or ‘property technology’, and have adopted it with gusto. But is this really the case?

Being PropTech savvy isn’t just about having a slick mobile-friendly website, delivering ‘value-led content’ across social channels, utilising Search Engine Marketing, or even placing your business completely online.

The PropTech Summit explains that “a new generation of property-tech (PropTech) entrepreneurs have emerged offering innovative new ways to buy, sell, lease, finance and manage property”, and describes PropTech as “technology that is aimed at the real estate industry and attempts to change the way we buy, sell, finance and manage property.”

Investment in PropTech companies is set to reach $20 billion by 2020, a claim apparently made by KPMG and Taronga Group’s investment arm, Real Tech Ventures.

RICS defines PropTech as referring to “all aspects of innovation and how it impacts the built environment. This may include software, hardware, materials or manufacturing. PropTech is a general all-encompassing term, but is often used to specifically refer to the small start-ups that are using technology to address market problems. ”

Familiar terms include ‘Cloud Computing’, which is attributed to data being hosted and stored across the internet on remote servers for the purpose of processing, sharing, and managing data. Many of us may use Microsoft or Apple cloud services to back-up our computer data.

’Platform as a Service’ (PaaS) digital solutions utilise cloud computing to allow users to access, manage and develop services via the internet. While, ‘Software as a Service’ (SaaS) is a cloud-based service hosted remotely that enables users and consumers to utilise benefit-led software solutions over the internet.

The PropTech movement is about developing or adopting bespoke and innovative technological solutions that augment and automate business across the property sector. It’s about embracing all that the digital environment has to offer, thinking laterally, and being at the cutting edge of technological advancements. An innovative property company, for example, would be capitalising on VR (Virtual Reality) PropTech to augment their sales and lettings business.

This movement is something that we understand and are embracing with a deep sense of enthusiasm, excitement, and commitment.

 

What is the Homex PropTech?

Developed by the UK’s leading property services company, Vibrant, Homex is a true evidence-based SaaS digital solution that allows you to capture the highest quality photographs and panoramic images for outstanding visibility.

A zoom option allows you to review a property’s condition in detail, and an exclusive ‘Hotspot’ feature enables the user to catalogue and highlight damage and issues to help minimise landlord/tenant disputes.

No more cumbersome 80-page plus paper-based inventories. No more stationery and printing costs. No more administration headaches and file storage. Just simple cloud computing, information sharing and data management.

Homex is a PropTech that’s bringing inventories into the 21st century.

 

For more information and to request a demo, email us at: hello@homex.tech

Or click to visit our You Tube channel.