PropTech refers to a popular trend of companies in real estate utilizing technology to disrupt the traditional real estate landscape – whether someone is researching, buying, selling, or managing a property. Similar to tech disruptors in other industries, PropTech is aimed at infusing streamlined efficiency and a faster, easier consumer experience.
Investment in PropTech has skyrocketed over recent years – from $186 million in 2011 to a record of $9.5 billion in 2021 while interest in PropTech has exploded, largely due to the COVID-19 pandemic. Notable trends that mortgage and real estate professionals should keep an eye on include growing demand for virtual home tours, eSigning becoming more mainstream, and the popularity of smart homes.
Rhino and Deposify said the platform will service more than $45 billion in cash deposits and security deposit insurance for 43 million rental homes nationwide.