A to Z Prop Tech
AI – Defined as artificial intelligence (AI), the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings. The term is frequently applied to the project of developing systems endowed with the intellectual processes characteristic of humans, such as the ability to reason, discover meaning, generalise, or learn from past experience. AI as implemented in property technology has many applications particularly in property insurance wherein algorithms are used to measure risk, improve underwriting and insurance products, create an efficient and streamlined claims process, improve accuracy rates of insurance claim and detect fraud in insurance claims. AI is also applied in home management software for IoT – Internet of things to create a smart and automated home.
Acasa – is a mobile application that assist households to track their bills (i.e. electricity, heating, internet, etc.) and rent. This PropTech application can be used to set up and simplify a joint payment for co-tenants cutting down time in computing bills when splitting costs.
AgentRelay – is a PropTech solution that allows estate agents and brokers to co-attend virtual viewings with their clients using Matterport 3D technology. It makes it simple for Matterport tour visitors to communicate with the property sales team, resulting in more leads for their sales funnel and a higher return for using the Matterport platform. The platform allows the sales team to analyse how Matterport tours are performing and which tours specific visitors have visited.
aleX – The Adaptive Learning Experience, or aleX in its shortened form, is a modern platform that transforms how students’ progress in their education journey by equipping them with the digital tools that enable them to take control of their learnings.
Appear Here – this PropTech platform is the AirBnB for setting up shops and events in distinctive venues across the UK and New York. Landlords can list their property in the website, and tenants may book the property for less than a month to more than a year.
BIM (Building Information Management) – is a method that uses technology and contracts to create and manage digital models (physical and functional) of real property or places. As a property technology, it is used to create and manage information about construction projects. Through the said process, a digital version of the produced asset is created, which may contain 3D models, product, execution, and hand over information. The ISO 19650 and 12006 standards best define the BIM workflow and data structures.
Blockchain – is a shared, unalterable decentralised ledger across a peer-to-peer network that helps businesses record transactions and keep track of their assets (i.e. money, land, or even a house, a car, or intellectual property). It allows the buying or selling of assets, track orders, payments, accounts, production, and more – while keeping track of all the transactions involved minus the usual costs involved in non-blockchain (traditional) transactions. Blockchain technology is already paving the way for property technology which includes, but not limited to, use in property listing services, smart contracts and property investing through cryptocurrency and NFTs.
Bricklane – is PropTech market platform that enables anyone to invest as little as £100 in property portfolios. Investors can invest in the platform to profit from rental revenue and changes in the value of the property. Investments can be made through Individual Savings Accounts, Self-Invested Personal Pensions, and Standard Accounts.
C3Sixty – is a technology founded in 2016, It scans, captures, and shoots images of any property, building, or area in 360 degrees, enabling users to market, promote, record, document, and present their content in a fully interactive 3D perspective Virtual Tour. To produce fully immersive material, the company collaborates with estate agents, developers, restaurants, hotels, schools, museums and insurance companies. Users may immerse themselves in VR and the newest 360-degree capture technology to explore and interact with a 360 render of a property or building.
Coyote – is a technology platform created by Oli Farago for M7 Estate Agent’s proprietary in-house technologies. It was launched in 2017 to a broader market for investors and property managers. Investment managers can use Coyote to monitor property and market activity, assisting them in analysing investment prospects while keeping on top of their transaction flows and portfolio performance in real time. Coyote’s dashboard is designed to centralise multiple systems for optimal efficiency as it allows property managers to have access to all their data in one location and generate personalised, formatted reports in seconds.
Crowd Funding – is a way of raising money to finance projects and businesses. It enables property fundraisers and investment projects to collect money from investors via online platforms. As a result, it makes property investing more accessible. Crowdfunding is a form of property technology that can be used in property investing, which enables diversification of portfolios, lower investment minimums, geographic diversification of investors, variable investment options, transparency, and hassle-free property investment management, compared to traditional investing.
Data Science – is the process of extracting and collating data for the purpose of analysis, cleansing, aggregating, and manipulating it in order to perform advanced data analysis. When combined with predictive analytics and machine learning , it enables the identification and management of risks, the prediction of consumer behaviour which can provide insight to increase customer engagement, the automation of procedures for efficiency, and the customisation of solutions for clients. In the property sector, data science is used to identify and leverage hyperlocal patterns in order to more accurately inform, access, and connect consumers to properties that fit their lifestyles, to make informed property-related decisions using geographic information systems, to forecast market trends and investment risks, and to streamline the property assessment process to enhance overall customer experience.
Datscha – is the company that provides customers with access to data on every commercial property registered in the United Kingdom and Wales. Brokers, consultants, landowners, developers, and investors can access and use Datscha’s data warehouses to evaluate deals and survey land, in order to deliver a holistic and data-driven service strategy to their customers.
District Technologies – District is a community engagement platform that enables landlords and businesses to provide a modern, seamless solution for renters and employees. The tenant experience app integrates people, services, and spaces, enabling the creation of a smart apartments/buildings. Users can customise their experience by renting meeting spaces, events, services, and digital key access. District has formed strategic alliances with real estate investors such as Blackstone, property managers such as Cushman & Wakefield, and enterprise firms like as WPP.
DocuSign – DocuSign is the pioneer of e-signature technology, which enables users to sign electronic documents, thereby eliminating the need for paper-based agreement executions that are inefficient, expensive, and prone to error. Their product is already integrated into a variety of business systems and apps. E-signature technology has been used in the property sector to execute lease agreements and other related agreements. According to the company, its application is used by over 50,000 property professionals.
Eastman – The originator of BIM is Charles M. Eastman. The American professor began working in computer-aided design for the architecture, engineering, construction, and operation (AECO) business in the mid-1970s, producing research 3D and early solid and parametric modelling systems for the building industry, which later led to the process – Building information Modelling.
Efficiency Drivers – companies that use technology to improve the efficiency and reduce the cost of different operations such as renting, selling, etc…
Emoov – is a PropTech company that specialises in assisting homeowners in selling their homes online through a process that combines superior pricing, services, and support packaged with everything from images to floor plans and listings. Emoov customers get to access the platform 24/7 and all of their viewers are verified to ensure they are getting the most value from their registration/listing.
Flatfair – is a unique rental solution that provides landlords with the protection/guarantee of a tenant deposit while also drastically lowering tenant move-in costs. This innovation allows renting without a security deposit. Flatfair is the UK’s fastest growing alternative to traditional deposits. Rather than placing a deposit, tenants can just join Flatfair for a membership fee. This approach relieves the tenant of the obligation to pay double deposits between tenancies. The platform also offers an impartial dispute resolution procedure for the landlord and tenant.
Goodlord – is a cloud application launched in 2014 which is now used by hundreds of agencies around the UK as a letting platform. It can be integrated with any existing CRM to handle the full tenancy process, from offer letter to rent collection. From contracts and references to payments, this PropTech company simplifies the rental process by eliminating cumbersome paperwork and various dependencies. Providing tenants with a simple process and a stress-free experience.
Habito — is a property sourcing technology that simplifies and integrates property surveying, legal work, and mortgage underwriting into a single platform for a monthly fee-based service. The ProptTech’s cutting-edge technology enables homebuyers to connect with industry-leading mortgage professionals, ensuring that prospective buyers get the best deal possible when purchasing property.
Hammock – is an application created by Manoj Varsani (a former CTO and landlord). The PropTech company aims to integrate landlords accounts via open banking enabling them to automatically monitor rent collection, payments and expenses, and provide real-time analytical reporting on their property finances. Hammock eliminates property and financial management inefficiencies by offering quick tracking of balance sheets for each property through their easy-to-use platform.
Heliatetek – is a PropTech company that offers flexible solar panels which requires no mounting but can be adhered to almost any surface using a back panel adhesive. The product is an innovative solar film that can turn any structure or building into a green generator as their website claims.
The Happy Tenant Company – this PropTech company is founded by Adam Joseph in response to a perceived market need for a property management solution that caters to both part-time and professional landlords. Recognising that the skills of a property agent (who search for tenants) is distinct from a property manager (usually the landlord), the company provides a service to enable landlords to delegate the property agent and the property management function to them in exchange for a fixed annual fee.
Ideal Flatmate – This PropTech company allows users to search for their ideal flatmate on their platform. As with dating apps, the platform pairs the users with other registered users based on their gender, age, and rent budget, making it similar to a dating service but for matching tenants.
Information aggregators – Content aggregators may refer to individuals or organisations who collect data from a variety of online sources and organise it in a single repository or website. In the case of the property sector, this may refer to individuals or businesses that collect and compile data on property and make it available online for use and reference. There are various tools and websites which offer data scraping services to extract estate agent listings and detailed property data from thousands of home listings for sale and rent from different estate agents and PropTech websites quickly and easily without having to write any code.
Developers may find Java repositories for PropTech projects and resources on sites like Github, making it easier to build estate agents websites and property technology solutions.
Knowledge Management Technology – is a term that refers to technologies that assist the generation and management of knowledge at various individual and social levels, such as intelligent, information, or interaction technologies. Technology that supports Knowledge Management (KM) includes artificial intelligence (AI) systems, electronic discussion groups, computer-based simulations, databases, decision support systems, enterprise resource planning (ERP) systems and experts, management information system (MIS), videoconferencing, and Web 2.0 (blogs and wikis).
Based on the foregoing definition and examples of KM, it can be presumed that most of the existing and emerging property technology are products of or utilises KM.
Landbay – PropTech and financial services company Landbay, formed in 2014, as a mortgage lending platform to allow institutions to fund residential mortgages through a ‘Mortgage-as-a-Service’ business model. Investment in the UK buy-to-let mortgage market can now be achieved in a transparent and reasonable approach through the peer-to-peer lending platform
Landtech – from the same founders of LandInsight and LandEnhance, Landtech is a PropTech company that aims to simplify the property development process by enabling estate agents and developers to accelerate planning administration and secure the right funding for property development.
Lavanda – a PropTech SaaS platform that enables flexible (allows landowners to switch anytime between short and medium-term) rentals for families or student accommodation. They also provide automation for property management operations to achieve efficiency and reduce costs.
Machine Learning – Oxford Dictionary defins Machine Learning as “the use and development of computer systems that are able to learn and adapt without following explicit instructions, by using algorithms and statistical models to analyse and draw inferences from patterns in data.” As per the PwC publication “Emerging Trends in Real Estate 2021”, Artificial Intelligence (which characterises machine learning) is among the main industry disruptors.
Metaverse – is “a virtual-reality space in which users can interact with a computer-generated environment and other users” as defined by Oxford Dictionary. Virtual and augmented reality headsets/devices are used to access the Metaverse for purposes of exploring virtual environments or enhancing social connections. Metaverse Property is the first virtual estate agency company.
MoveBubble – MoveBubble is a PropTech solution that simplifies the rental process by centralising everything a tenant needs in a single platform, allowing you to communicate directly with brokers, receive real-time updates on listings, and see tenants previous reviews of properties.
Movewise – Founded in 2018, this PropTech company acts as an independent multi-agent property seller for vendors, managing the full sales process and employing analytics to discover the most qualified local estate agents for a property. According to their website, their multi-agent sales strategy results in increased offers, faster sales, and higher prices.
The National Museum of Computing – is a museum in the United Kingdom dedicated to collecting and restoring historic computer systems. The museum is based in rented premises at Bletchley Park in Milton Keynes, Buckinghamshire and opened in 2007.
Nested – is a property technology mobile application built for Android and iOS devices that enables users to monitor and track the sale of their property. Among the features include an up-to-date calendar, feedback from potential buyers, and the opportunity to instantaneously view offers. Their services include sending a Nested agent to your property to take photographs and create a floor plan, prior to writing a convincing description of your space before listing it on platforms such as Zoopla and Rightmove.
Office App – Not related to Microsoft. This application is designed for office managers to help them with the tedious tasks in the office. The PropTech solution offers services such as room booking and workstation reservations, office events planning, connection to local vendors for office needs and supplies, and systematic problem and office issue reporting among other features.
Offr – launched in 2019 to enable individuals to easily purchase, sell, lease, or rent a property. The PropTech solution enables buyers to use any device to submit private offers, bid in auctions, schedule viewings, provide proof of finances, download legal documents, and even digitally sign contracts. Additionally, Offr enables property buyers to do overseas estate agents transactions online, without the assistance of traditional estate agents.
Pavegan – is a unique PropTech firm that specialises in providing cutting-edge commercial smart-flooring solutions. These innovative floor tiles incorporate cutting-edge technology that enables buildings to detect footfall and accurately track “foot-traffic” and identify hotspots within a property. The tiles are also capable to generating energy through visitor footfall, that can be used for lighting and power solutions.
Plentific – is a search engine that enables you to find the professionals and skilled workers for your home renovation or improvement. This PropTech solution allows the users to instantly book and schedule a service using a safe and secured payment system results to savings in time and a service for value.
Property Innovation Labs (Pi Labs) – Europe’s first property tech VC platform. Pi Labs was formed in 2014 to become Europe’s property innovation hub. With a passion for building scalable businesses that disrupt the property market, the organisation seeks to identify, mentor, invest in, and accelerate high-calibre start-ups. Its property expertise helps entrepreneurs scale tomorrow’s tech-enabled property firms quickly. From pre-seed through Series A, the VC firm invests in PropTech start-ups across Europe and provides follow-on capital financing.
Prop Tech – also known as property technology or estate agency technology. Some examples of estate agency technology include reducing paperwork, facilitation of more efficient and secure digital transactions, online property management, utilisation of VR and AR for virtual showrooms, automation, 3D rendering, crowd funding, other process improvement innovations that lead to efficiency and reduced costs, as well as construction technologies that fosters sustainability, green building, and energy efficiency.
Q-Bot – is a PropTech firm that uses robotics and AI to build, maintain, and upgrade buildings. One of its services involves the use of robots to spray insulation under the floor in a cost effective manner with no construction inconvenience. The insulation lowers heat loss through the floor and draughts, allowing you to live more sustainably without the construction mess.
Realyse – is a UK-based PropTech company that provides data on residential properties. It enables market analysis by visualising data across multiple areas using heat maps and time series patterns. Additionally, it functions as a search engine for property listings, sales or rental data, and property transaction records. It is up-to-date satellite-mapped photos enable users to study and review a plot of land they may be interested in purchasing. Additional property related data is available on planning and policy, socioeconomics, and points of interest.
Rentify – is a hybrid platform for landlords that eliminates High Street bother and enables you to rent out your home instantly, with Rentify managing all of the tedious paperwork and property values. Landlords can use Rentify’s platform to conduct credit checks, issue leasing agreements, and manage renters. Rentify’s 24 hour rent processing system ensures a smooth tenant relationship. Rentify guarantees periodic property payments that are historically hazardous, such as when a property sits vacant, a tenant stops paying rent, or when property maintenance is required.
Settled – Founded by Gemma Young, this PropTech firm aims to revolutionise the way homes are sold. Settled works similarly to Airbnb, except that it focuses exclusively on home sales. It works by eliminating the broker in the property sale process and assisting homeowners by handling all of the heavy lifting, from valuation to marketing and viewing to conclusion. With their Tap-to-Buy function, users may purchase homes with a single tap.
Shared Economy – The sharing economy is an economic model defined as the practice of acquiring, providing, or sharing access to products and services over a peer-to-peer (P2P) network, which is frequently supported by a community-based online platform. AirBnB is one of the best examples of a successful shared economy business model in the property sector and PropTech.
SilverSharers – launched in September 2019, this PropTech service assists London homeowners aged 50+ in finding acceptable lodgers of any age. To make it as easy as possible to meet someone you like and want to live with, SilverSharers founder Suzanne Noble believes that home-sharing may serve as a model for how many of us will live in our later years, whether for financial reasons or companionship.
Smart buildings – Internet of Things-enabled structures that enable automated processes to control building activities such as heating, ventilation, air conditioning, lighting, and security. According to Deloitte, the property sector ” is undergoing a fundamental business model transformation, facilitated by digitalisation and the expanding market for smart buildings.” Additionally, the pandemic has resulted in a shift in building preference. More tenants and buyers are now considering smart buildings that incorporate features that boost occupant health and safety. (For example, sensors that monitor ventilation, touchless technology, and so on.)
3D capturing technology – Another avenue of innovation delivered by Proptech start-ups has been 3D capturing technology. Also contributing to facilitation of remote operations, this has allowed prospective buyers and renters to look at properties without needing to physically attend viewings, while helping estate agencies to save money. 3D capturing technology will be the backbone in creating identical replicas of things and assets from real life environment into the Metaverse.
Trussle – is a PropTech firm based in the United Kingdom that provides online mortgage broker services. By processing their mortgages online, this innovative organisation helps first-time buyers and existing homeowners save time and money. The mortgage application process has been moved entirely online, allowing borrowers to track their mortgage and be notified when better rates become available.
Underwriting Technology – Underwriting and insurance personnel are on the path to become more valuable than ever as insurance companies are already automating some of their basic jobs and complementing their teams with innovative technology and alternative data sources. Underwriters later on will become technology trailblazers, data pioneers, deal-makers, portfolio optimisers, and risk detectives through the effective implementation of this insurance and PropTech technology.
VTS – is another PropTech company that aims to revolutionise commercial estate agencies by centralising crucial data and procedures, thereby promoting efficiency by providing all the information a user requires on a single platform. This allows landlords and agency brokers to stay organised, strengthen tenant connections, generate more revenue, and work efficiently.
Wayhome — This PropTech solution offers a private shared ownership system comparable to the Shared Ownership scheme offered by the UK government. The distinction is that it is not limited to brand new residences. It also does not require the execution of a mortgage by would-be buyers with acceptable credit in order to purchase a share of the property. Wayhome’s financial partners will buy the balance of the property and rent it to the buyer for a minimum payment of 5% of the purchase price.
XR – Extended Reality (XR) is a blanket word that encompasses Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR), and everything in between. Like AR and VR, XR is also powered by the same underlying technologies. According to Qualcomm, the smartphone, mobile VR headset, and augmented reality glasses will be combined into a single XR wearable in the near future. XR has the potential to completely replace all other types of screens currently in use (i.e. television, computer and laptop monitors, smart phones).
Your Move – is a PropTech platform that connects property owners, buyers, and tenants. Property search, listing, renting, and letting services are available, as well as property assessment and house price trend analysis in the local market/area.
Zoopla – is a PropTech website and app for property and home searchers and listings. The service provides property agents a place to advertise their properties which in turn enables potential purchasers to choose from the listings through the app’s filtered searches. Other popular online property listings in the UK includes Rightmove, OnTheMarket, and Prime Location to name a few.
McArthur, J.J. A Building Information Management (BIM) Framework and Supporting Case Study for Existing Building Operations, Maintenance and Sustainability. Procedia Engineering
Volume 118, 2015, Pages 1104-1111. doi.org/10.1016/j.proeng.2015.08.450
The Happy Tenant Company
Knowledge Management Technology
The National Museum of Computing
Property Innovation Labs (Pi Labs)
3D capturing technology