A few weeks ago, I was having coffee with a few colleagues at Reading debating what the real estate equivalent of fintech would be (realtech, proptech etc.) or whether there even could be such a thing. There’s probably lots of ways that companies using new technology and innovation with available resources can compete with traditional real estate service providers. It’s just that there’s so many real estate services to disrupt. Core functions such as leasing, selling, managing, appraising, developing etc. have so many different streams to them that disrupters of traditional business models would be involved in a very diverse range of services.
Quoting our old colleague Andy Baum, there was an article in the Guardian yesterday stating that there is such a thing. The article used the term proptech to describe disrupters (such as Purplebricks and YOPA) of the traditional estate agency business model. It’s been emerging for a while now (see here) and feels weirdly like yesterday’s future but it’s nice to have a name for it.