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.
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“Our purchase volume is strong, but our refinance volume has evaporated,” said UpEquity CEO Tim Herman. “We’re not growing at the pace with which we hired for or projected.”