If you’re in the commercial real estate space, chances are you’ve heard the term PropTech being thrown around. But what is it and what does it mean for property tax teams?
HealthTech, FinTech, and AgroTech are just a few of the acronyms you may have heard in other industries. These buzzwords tend to sprout up around a paradigm shift in their industry, where user-centric innovation helps companies and customers become more efficient, improve processes, and ultimately deliver more value to their end users.
PropTech – or property technology – refers to the technology, software, and tools being built and developed in the real estate space. Similar to other industries, the rapid growth of PropTech innovations has accompanied a shift in the industry’s openness to embracing innovation, uncovering efficiencies, and delivering value.
Experts agree that PropTech is poised to only become more ingrained in the industry. That’s because there are ever-more applications and opportunities for technology.
PropTech is broad. As such, innovations span diverse industries and applications. Technological applications may appear everywhere, from property management to construction. Some examples include:
Property tax management is a key opportunity for technology and innovation for many reasons, including:
PropTech innovations are helping companies realize significant benefits in managing their real estate taxes. For example, software like itamlink help teams to:
Thanks to the growth of PropTech, companies have a new and evolving set of tools at their disposal. We’re better equipped than ever to understand what your data means and make better business decisions that drive real impact for your bottom line.
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