What is PropTech?

PropTech is a term used to describe technology solutions geared towards supporting the real estate sector. Other terms used to describe this type of technology solutions include CRE Tech, RealTech and ConTech.

PropTech is very broad as it includes many aspects of real estate including leasing, appraisals, residential property management, commercial property management, the sharing economy, smart cities/buildings, construction, and regulatory requirements.

Within PropTech, companies are using innovative technology to enhance the existing ways of doing things and address problems or gaps within the industry. These solutions sometimes leverage technology such as:

• Digitization
• Big data & analytics
• Artificial Intelligence (AI)
• Robotic automation
• Internet of Things (IoT)
• Virtual Reality (VR)
• Payment/transaction/lending technology
• Blockchain technology

🎯 Some of the areas targeted by PropTech include:

• Building operations, security & sanitation
• Building asset tracking, performance and optimization
• Tenant information
• Listing and search for leasing opportunities
• Record management
• Compliance & regulatory obligations
• Monitoring risk
• Payment/Transactions
• Tenant engagement and experience
• Occupancy tracking

Helpful tips for considering PropTech solutions:

• Know what you are trying to achieve. Identify and be clear on your needs and timelines
• Engage all necessary internal stakeholders and obtain buy-in
• Assess your digital strategy
• Determine how to implement PropTech solutions – i.e., building in-house, collaborating with partners, etc.
• Select a solution that is agile and adaptable
• Communicate the solution and implementation plan with staff
• Train staff thoroughly
• Seek feedback and adjust as needed

Resources

• Bridging the Gap. KPMG Global PropTech Survey
• PropTech: What is it and how to address the new wave of real estate startups? – Vincent Lecamus, Medium
• The Beginner's Guide To Commercial Real Estate Tech: What Exactly Is PropTech? – Champaign Williams, Forbes

About Tap Report

Tap Report is a Canadian software company that provides a digital solution for managing workplace inspections, safety compliance, and operational reporting. It replaces manual processes, such as paper checklists and spreadsheets, with a mobile and web-based system that allows teams to complete inspections, capture data, and generate compliant reports.

Through an easy-to-use interface and automated workflows, Tap Report helps ensure that inspections are completed, deficiencies are categorized and tracked, and issues are escalated efficiently to the right people. It also offers analytics, customizable reporting, and integrations that helps organizations improve safety, compliance, and operational performance.

For more information, visit www.tapreport.io or contact us at customerservice@tapreport.io.