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Much like 'the cloud', proptech's definition is pretty straightforward – it's technology specifically designed to improve processes in the property industry.
That said, is proptech just another buzzword being used to make new businesses sound interesting to estate and letting agents?
In some cases, yes. In many cases, no.
Some so-called proptech products have revolutionised the way the property industry works.
Many people would argue that the best example of successful proptech are the two biggest portals, Rightmove and Zoopla.
Most of us would agree that the majority of property buyers now begin their search online, via these websites.
Their existence and subsequent success has therefore changed the way people buy homes in the UK and the websites have now developed into very powerful consumer tools.
From a behind the scenes point of view, many people consider repairs management service Fixflo to be a leading example of successful proptech.
The system allows tenants to report repairs 24/7 in over 40 languages.
Since launching in 2013, Fixflo is now used by over 1, 000 agents and has been used by tenants to report over 100, 000 repairs issues.
Five years ago, this technology didn't even exist. Now, it has become the norm after successfully identifying a genuine problem and offering a genuine solution.
The use of technology in our industry is everywhere we look – some of the biggest estate agents are now adapting their offerings to provide a streamlined hybrid service.
Estate and letting agent software is also a great example of proptech. Done properly, property software can help estate and letting agents to get things done faster and more accurately.
Here at Gnomen, for example, our cloud-based system allows agents to seamlessly run every aspect of their business from one place.
So, next time you hear the word proptech, you may still be sceptical but you must remember that proptech is all around us and partnering with the right firms will help you to develop and streamline your business processes.
Gnomen provides cloud-based property software for estate and letting agents. To find out we can help you to manage your team and workload effortlessly online, get in touch on: 0208 123 9019.
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