Proptech, also known as property technology encompasses many sub-sectors. Including, but not limited to, Residential Real Estate (RRE) and Commercial Real Estate (CRE). Proptech is a term used to describe technology built for Real Estate.
2021 saw record heights for Proptech investments and there are a couple of factors to consider. Real Estate is one of the few legacy industries that have yet to truly experience technological advancement. Additionally, Real Estate is aging. More and more individuals are retiring and with a lack of a workforce going in, the need for technology to automate operations is important. For the younger generation that does head into the industry.
The new generation. Society wants technology. It’s why companies like Zillow had such success with the everyday consumer. Real Estate is still primarily held together by an old-school mentality.
So, where is Proptech heading? Looking at the fundraising numbers with billions of dollars raised in 2021 to build Proptech. 60% of that funding is most likely going towards product development. We believe we’re going to see a large number of new products go to market as well as further funding raised for new startups in 2022.
With commercial and residential data being the focus group around products being built, we believe that new products for 2022 are going to focus on:
1. Rental platforms.
2. Investor analysis.
3. Insurance & brokerage products.
4. API marketplace/consolidation platforms.
We also believe that Proptech is going to create new industries in the near future. With technology automating and making the lives of everyday people and businesses easier – it will pave the way for new initiatives and new technologies that will change Real Estate forever.
We believe that it is our responsibility as technology experts to help support the infrastructure of real estate technology by bringing world-class technology to real estate.
If you’re building proptech features, platforms, or apps and would like to learn how Particle Space helps. Book a demo with us. If you’re excited about what we are building, take a look at our careers.
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