PropTech, (short for property technology), is use of technology in the property industry. But when did PropTech start? It includes everything from online real estate marketplaces to property management software. It includes virtual reality home tours and smart home technology.
When did PropTech start?
The term “PropTech” has only recently started. But the use of technology in the real estate industry has a long history.
One of the first examples of PropTech can be traced back to the 1960s. Computerized databases began to be used to track real estate listings and sales.
In the 1990s, the internet was widely adopted. This led to the emergence of online real estate marketplaces. These allowed consumers to search for properties and connect with agents.
The 2000s saw the development of property management software. This streamlined the process of managing rental properties. It made it easier for landlords track tenants, lease agreements, and maintenance issues.
In the 2010s, PropTech continued to evolve with the rise of new technologies. This included virtual reality (VR) and the Internet of Things (IoT). VR home tours allow buyers to “walk” through a property from the comfort of their own home. Smart home technology was also developed. This included smart thermostats and security systems. These can be controlled remotely using a smartphone app.
PropTech has come a long way over the past few decades. But it is still a relatively new and rapidly evolving field. Technology will continue to develop. PropTech will continue to transform the way the property industry operates.
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