We all remember the days when internet was a mysterious tool that was only accessible in libraries or public buildings on slow dial up modem connections. Nowadays it is a critical part of modern life – both at home and at work.
The internet has certainly improved the way we conduct our business affairs. Everything is more efficient and people and resources are so much more accessible thanks to the immediate connectivity the internet offers.
Numerous industries such as the financial services sector have been changed beyond recognition thanks to the internet. For example, many “FinTech” (financial services technology) advancements have been made over the past few years with hundreds if not thousands of FinTech companies sprouting up to offer internet services to the financial services community. Indeed there has been a huge wave of digital disruption in the FinTech world recently that has reshaped the entire sector.
FinTech vs PropTech
On the other hand, the Real Estate sector is still in its early stages of adopting technology and the web. The term “PropTech” is starting to be used (we at RealSpace attended a very informative PropTech conference in London earlier this year) and a handful of companies have in recent years started providing internet technology services to the real estate sector. However the level of adoption of property technology by real estate professionals still remains relatively low compared to other sectors.