There are many PropTech programs currently changing the real estate development world, and with funding in this sector increasing rapidly – in 2019, for example, PropTech’s global funding has reached nearly $14 billion The trend shows no sign of slowing down anytime soon.
PropTech software varies widely in scope, size, and purpose (a function of defining the broad term) so we have compiled a list of 5 of the most disruptive, innovative, and transformative PropTech software on the market today. First, what is PropTech?
What is Proptech?
Space Plus A leading event organizer in the real estate industry said: “Proprietary technology (or PropTech) is any technology, software or device that can be used to simplify, improve or enhance the needs of a real estate or property. There is no specific definition of the term, but proptech can generally be categorized into one of four separate areas:
- smart buildings
- common economy
- information collectors
- efficient engines
PropTech smart building includes everything from IoT sensors to cloud computing, artificial intelligence, virtual reality (VR) and augmented reality (AR). Smart technologies enable predictive maintenance, improve occupant satisfaction, improve efficiency, and reduce downtime.
Arguably the most famous example of a company using PropTech to facilitate its shared economy strategy is AirBnB, which uses a decentralized peer-to-peer business model made possible with PropTech solutions.
Data collection and verification
in today’s world, Big data has a big impact In the way the real estate market is formed. The PropTech program that gathers information and data allows real estate developers to make better and more informed decisions about potential assets and investment opportunities.
a 2019 report from KPMG It found that across development, asset management, investing, and financing, the single largest expected driver of increased investment in PropTech solutions was improved efficiencies. This can be a program that enables space optimization, through programs that highlight and improve the building’s overall energy efficiency.
What are the main functions of the PropTech Real Estate Development Program?
Real estate developers need PropTech solutions that: help them find properties faster, better visualize and plan their developments, and software that enables them to communicate more easily with contractors. In other words, developers want Location search toolsAnd the Purchasing ToolsAnd the Collective modeling tools even construction management tools.
Location search tools
Prospecting for new investment opportunities has always been a tedious and time-consuming process for real estate developers. With PropTech platforms like Landstack, searching for data on planning applications, allotments, and land availability assessments is much easier.
Platforms like C-Link make it faster and more straightforward for small and medium-sized property developers to get the services of vetted contractors for their projects. How The buying process has become difficult for buyers lately Thanks to the supply chain problems caused by Brexit and the coronavirus pandemic, we welcome any PropTech solution that simplifies this aspect of development.
Collective modeling tools
Software like VU.CITY and other PropTech modeling tools allow developers to evaluate sites more quickly, speed up the planning process, and save time and costs. Moreover, these modeling tools make it easier for investors to see and understand the potential that development holds; That make selling or renting early in the development process more likely.
construction management tools
In terms of managing a development project, developers want to be able to work closely with fabricators, architects, and project managers. Software like Fonn enables project collaboration, provides business scope (or WBS) all in one place, and provides management tools including Gantt charts and spreadsheets.
Cloud-Based PropTech Solutions
Increasingly, PropTech companies are turning to cloud computing to offer their clients greater flexibility and cost-effectiveness. Popular SaaS (Software as a Service) properties include: documentationAnd the planradarAnd the Alphaflow And the Leasecake. The five PropTech programs that we’re particularly interested in, though, here at SPACE+, are listed below.
5 PropTech Proprietary Development Programs
C-Link is an intuitive and easy-to-use procurement platform that enables property developers and buyers to easily communicate with contractors to obtain the materials and personnel they need for their development. Along with this, C-Link also provides a CRM supply chain to keep everything in one easily accessible place, as well as the ability to automate both bidding and contracts.
Pricing: £199/m network package (paid annually)
Fandango, the self-described “future of real estate,” provides a platform for borrowers in the real estate market. Using a secure cloud platform, Findango offers an end-to-end software solution so that borrowers and lenders can connect, communicate and transact with each other more easily. Although the company currently focuses primarily on borrowers, the company states that options for brokers will be available “in the future.”
Pricing: 0.25% commission
Using data from a variety of providers, including Bing, the Environment Agency, Land Registry, Ordnance Survey, and Royal Mail, Landstack provides developers with consolidated planning data in one place. By combining features that list land boundaries, local planning, land ownership, restrictions, and more, Landstack makes it easier for developers to get more accurate and detailed reports on potential locations (and obstacles in them) at an earlier, more useful stage.
Fonn is a construction management tool software that offers solutions for almost everyone involved in the real estate sectors, including contractors, architects, and of course property developers. With a plethora of useful features, not the least of which is the ability to import and view .ifc files from your computer, tablet or phone, Fonn offers a one-stop project management solution, and even if you opt out, all the data that’s been available to you remains that way for 12 public (in read-only format) regardless of your subscription status.
Pricing: £249/m (for companies with a turnover of £1m)
Aprao is an easy-to-use program that provides developers with a tool to perform assessments more quickly and easily. To provide developers with the ability to manage financial data from anywhere, easily share information with a single live document, and generate data-rich reports, Aprao software has been used by RICS, Home Builders Association, United Trust Bank, Kitewood Estates and more. One client of Aprao’s property developers mentioned that it saved their company “80% of the time it takes to do appraisals.”
Pricing: free for Basic package), £299/meter for grow Package, £1,499/m Professionals Package
PropTech continues to progress at an astonishing rate, with estimates suggesting that PropTech Market Will Represent Over $85 Billion By 2032at a compound annual growth rate of approximately 17% compared to market size in 2022. It is thus clear that this is an industry that will continue to develop and provide new and innovative solutions to property developers in terms of finding new investment opportunities, managing investments, valuations, and more.
If you want to get more ideas, then Register for an event discussing PropTech and adjacent technologies It’s definitely a great idea. Space Plus, one of the leading event organizers in the real estate space, offers a range of programs such as the one coming in November where a full range of progressive and alternative real estate leaders will speak.