Technology has and is continuously transforming the way most industries are run, and the property sector is among those experiencing quite a disruption.
Indeed, as real estate has been long seen as a brick and mortar kind of business where a traditional way of doing things has been widely accepted, now, a new generation of PropTech entrepreneurs have emerged to create new ways to go about the real estate business.
What is PropTech?
In simple terms, PropTech (Property Technology) refers to technology aimed at the property industry in an attempt to change the way we buy, sell, lease, finance and manage properties.
It drives the idea that everything about real estate can be simplified and streamlined, allowing consumers to take more control when engaging in property investment.
James Lynch, our cohost here at Dollars with Sense explained that for decades, the property industry has pretty much been the slow, rigid industry it is perceived to be.
In terms of liquidity, he likened the Australian Securities Exchange (ASX) to water, while property was more like molasses. And for him, this “slow process can lead to inefficiencies in the market.”
PropTech (Property Technology) seems to be the answer, as it is the application of relevant technology to improve the processes within property investments.
How the Property Industry is Changing in Australia
Fortunately, there are organizations that can guide people on how to approach cryptocurrency. Coinstart is among the leading companies in Australia that look at ICOs (initial coin offerings) and how to invest in cryptocurrency.
In an interview with James Stewart of Coinstart, he explains that Coinstart helps clients find the best companies to invest in. Such services are quite important, given that cryptocurrency provides a wide space as an industry. As he mentions, there is an “unprecedented way of raising capital”.
But Coinstart’s services do not constitute having everything accomplished for their clients. For Stewart, it’s essential that crypto users learn the trade for themselves. “One of the key things we say to the community all the time is DYOR – teach people to Do Your Own Research”, he says.
With a much bigger market participation, liquidity drives up with it. This means that property is no longer limited to those who have hundreds of thousands up to millions to invest – those with more modest means can participate in the market meaningfully.
“The bigger market that we have, the greater liquidities because there’s more potential buyers and sellers out there”, Lynch explains.
Prop Tech Options in Australia
Open to local and international audiences, this and other initiatives will enable a real estate ecosystem with greater liquidity, trust and efficiency.
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