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As a young professional in the information technology field, you may consider a job in PropTech as the way forward for your career. PropTech, also known as property technology, is an application of information technology that augments how people participate in the real estate sector. It’s drawing young talent from across the globe due to multiple factors.
The Timing Is Right
The real estate industry took ages to embrace technology despite being ripe for a PropTech revolution. Then came the pandemic, forcing the industry to modernize rapidly.
“For so long, the real estate industry has been in the dark ages,” explained Regan McGee, CEO of disruptive real estate marketplace Nobul.
In his interview with Digital Connect Mag, he shared that “Finally we’re stepping into the light and seeing that business can be conducted much faster and better using these digital tools and techniques that are commonplace in other industries.”
The timing is certainly right for young talented professionals to make their mark in PropTech.
The Numbers Tell a Story
A field attracting significant investment is more likely to offer excellent long-term job security than a dwindling sector.
Annual global PropTech funding has been in the billions for the last few years, generating a whopping $13.9B in 2019. Admittedly, this was followed by a drop, with the industry raising only $5.8B in 2020.
However, last year was a banner year for property technology, according to Crunchbase data. The property tech space hit nearly $21 billion in 2021.
Experts speculate that the industry will continue to reach impressive heights over the next decade.
Lateral Career Movement Opportunities
Financial technology, commonly abbreviated as FinTech, has made its mark by effectively disrupting the financial sector. It continues to proliferate as new FinTech startups generate revenue and hire professionals.
There’s plenty of crossover between the two fields — some types of PropTech are also relevant in the FinTech sector, giving industry professionals the potential to make a lateral movement between sectors to explore more opportunities, if necessary.
PropTech Hones Your Skills
You can apply and hone various IT skills in the field of PropTech.
- Artificial Intelligence: PropTech uses AI for property management, customer service, virtual assistance, and information gathering.
- Machine Learning: Sophisticated machine learning algorithms help the real estate sector learn from Big Data.
- Blockchain Development: As a decentralized public digital ledger, blockchain ensures the transparency and security of essential real estate contracts.
- Virtual Reality (VR): Real estate investors use VR to tour properties virtually.
- Augmented Reality (AR): Like VR, AR is helping homebuyers visualize physically unseen properties.
- 3D Printing: Property developers use 3D printing to show investors examples of upcoming projects.
- Internet of Things (IoT): Property managers utilize data from IoT devices to maintain properties.
- Mobile Apps: PropTech apps serve homeowners, homebuyers, sellers, and property managers in various ways.
- Customer Relationship Management (CRM): Cutting-edge PropTech CRM systems help real estate companies manage key investor relationships.
Another reason to get enthusiastic about a career in PropTech is that it’s the way of the future. Innovative programmers and designers are developing exciting technological advances to help real estate face climate change challenges.
As PropTech optimizes the real estate industry for years to come, it will undoubtedly offer exciting career opportunities to talented professionals.