As many investors invest in the proptech industry, it is seeing a sharp rise. Statista reports that the proptech industry's annual funding grew to USD 18 billion in 2018, more than three times the total proptech funding for 2015.

This data suggests that proptech software is a lucrative investment opportunity. First, let's learn more about it and the nuances.

What is Proptech?

Proptech is an abbreviation for "property technologies." It refers to all technology and tools designed to make the real estate industry more efficient. It could include sales, property management, and operation.

Proptech can be used to increase efficiency and effectiveness as well as decrease operating costs. It can also help manage contracts efficiently, reduce carbon emissions and tackle other real estate-related issues. Here are some popular proptech companies along with the services they provide:

1. Hover - Create a 3D model to help you make home improvements faster and easier.
2. Reonomy - Find your commercial property of choice with the power and AI of Reonomy
3. Guesty - Automate your rental company.
4. VergeSense - Get AI-powered workplace utilization insight.

Proptech software offers many benefits

1. Your business can increase client loyalty

Transparency is key. Transparency is important. Clients will be more likely to trust you if you are transparent. Clients and you can easily track the transactions of your property using Blockchain-enabled Proptech solutions. This allows for transparency, which increases brand value.

2. It helps you close more deals

How you present the property to your prospect can have a huge impact on the likelihood of them buying it. Proptech makes it possible to get beyond the tedious old way of simply listing down features and taking pictures.

Hover is a Proptech solution that helps you create a 3D model to represent your property. Your promotion stands out and leaves a lasting impression on your prospects.

3. Automate repetitive tasks to reduce time

Many landlords struggle to manage their rental property. Many landlords find it difficult to manage their rental businesses. TurboTenant is a tech service that helps landlords connect with their tenants and manage their properties.

4. It's easy to find the right property

It's a different world now than it was ten years ago. You can find your dream property in minutes. Virtual tours let you see it firsthand without having to visit the place.

Learn more about the Proptech Industry

Although the proptech industry is moving at an impressive pace across the globe, approximately 60% of all startups or businesses are located in the USA. In the USA alone, there are over 2000 businesses that revolve around proptech as of 2020.

Europe, which hosts over 27% of all the proptech startups, is the second most important hub.

You will find that the majority of proptech businesses (over 50%) are focused on B2B, with only 40% serving the B2C sector. Only 3% are focused on both B2B/B2C.

These stats are vital as they help you to decide which demographic and area you should focus on if this is something you want to do. Do you want to compete in established markets like the US or Europe? Or tap into an untapped market like Asia.

Who will you serve: businesses, customers, or both? Once these questions will be answered and we can then get into the step-by-step process of creating proptech software.

How to make your own Proptech Solution?

This is where we'll do the real work to help you start your own proptech company. We will work with you to gain more clarity on your business idea. Then, we will provide various options to help you make it a reality. These are the steps that you can take to build your own proptech technology solution.

Step 1: Find your target audience

You can't serve everyone. However, you can certainly serve some targeted people with a proptech solution tailored to their needs and solve their problems. Target audience research is crucial.

You are now well on your path to this next step if you have answered the questions that I asked at the end. You can target specific audiences, such as Asians or Americans. You could choose to assist other businesses, or directly serve consumers.

It is possible to differentiate yourself by offering premium or low-cost services. Apple offers high-quality phones for the elite. Mi makes phones that can be afforded by everyone, however.

Step 2: Choose the problem you are trying to solve

A problem or a gap in the market that has been persistently nagging at a large number of people for a long period is what drives every great business idea.

Consider the problem you are going to solve for your audience. Are you going to help them lower their operational costs, manage more properties, find the perfect property, reduce carbon emissions, track their progress, and make sure they are getting it right?

Step 3: Develop the solution

There are many choices available for how to build your proptech solution. This will depend on your level of expertise and financial resources. These are the steps to developing your proptech solution.

#1- Create it yourself

If you have the ability to create software of world-class quality, you might consider doing it yourself. Even if this is your only option, I advise you to carefully consider it. It can be a time-consuming endeavor that could cost you valuable time and energy that you might better spend on other aspects of your business.

#2 - Hire freelancers

Freelancing platforms such As Upwork or Fiverr allow you to hire freelancers if your code skills are not good enough. These freelancers are affordable, which is a good thing. The problem is that you might need multiple freelancers for such a complex project.

Because of differences in time and geography, it might be difficult to manage them together.

#3 – Work with a proptech company

A proptech company can provide remote developers to hire. They will have a team as large as you need, with members who are experts in different areas of the project.

This company will also take care of your team and your projects, which allows you to concentrate on your business. This is the best choice of all three because it will ensure a high-quality project development and save you time.

Conclusion

The proptech industry booms and there are many opportunities to succeed if you make the right decisions. Don't wait! I can assist you in proptech development by connecting you to remote developers of high quality. You are the only person who can stop you.