As a service provider of digital applications (web apps, mobile apps, etc.), we’ve had the privilege of closely following the digitalization of the Real Estate industry—commonly known as PropTech (Property Technology)—for many years.
It all started in the early 2000s with basic websites advertising real estate properties for sale, under construction, or for rent. Think of leading platforms (which later expanded to mobile apps) such as immoweb.be or idealista.com. Few industries, like real estate, still see these early movers standing strong as market leaders today, largely due to the network effect they achieved.
Yet, the PropTech market is undergoing continuous evolution. Since 2010, thousands of applications have emerged across the globe, each digitizing (a part of) the real estate value chain. These apps often specialize in specific areas of expertise, localizations, or marketplace functions. Fast forward to 2024—the era of AI. We wondered about its impact on PropTech and turned to Stijn Van Nieuwerburgh, Earle W. Kazis and Benjamin Schore Professor of Real Estate at Columbia University, for insights into the latest trends and the anticipated accelerated growth foreseen by industry experts.
“PropTech is revolutionizing the real estate industry by leveraging big data, artificial intelligence (AI), and automation to enhance decision-making. As real estate companies increasingly rely on vast datasets, PropTech solutions enable more precise site selection, valuation, and risk assessment. AI-powered tools analyze data streams from demographics, traffic patterns, and market trends to identify optimal investment opportunities. Innovations in geospatial analytics and predictive modeling allow developers to anticipate market shifts and customer preferences with greater accuracy.
In the financing sector, machine learning algorithms streamline the processing of large loan portfolios, enhancing due diligence and identifying potential risks or opportunities. Blockchain technology is also being adopted to create more transparent and efficient property transactions. Meanwhile, digital twins and virtual reality (VR) are transforming property management and marketing by creating immersive simulations of real estate assets.
Together, these advancements allow real estate firms to operate more efficiently, reduce uncertainty, and make data-driven decisions in an increasingly complex market landscape. As PropTech continues to evolve, it is poised to play a central role in shaping the future of the real estate industry.”
But what about the incumbents—the great apps founded between 2010 and 2020? How are they adapting to the needs of today? To find out, we spoke to several scale-ups in Belgium.
Let’s face it—real estate has never been known for being fun. Paperwork, endless back-and-forth, and cryptic updates can turn even the most enthusiastic homebuyer into a bundle of nerves. That’s where PropTech companies are stepping in to make a real difference by prioritizing customer centricity.
The idea is simple: instead of treating customers as just another line in a spreadsheet, PropTech companies are asking, “How can we make this process easier, clearer, and maybe even more enjoyable?” From tools offering virtual tours you can take in your pyjamas to platforms that keep everyone updated without flooding their inboxes, it’s all about helping customers feel valued, informed, and—most importantly—less stressed.
Take Ziggu, for example. Their customer portal provides homebuyers with a personalized online platform where they can access all their documents, communications, and updates in one place. Features like:
- A newsfeed with regular updates from the construction site,
- A centralized document library
- And a financial overview
These tools give customers transparency and peace of mind throughout the building process.
And here’s the kicker: everyone wins when you treat people like people (imagine that!). Customers feel more confident, projects run more smoothly, and companies build the kind of loyalty that lasts longer than a 30-year mortgage.
So, whether it’s through personalized updates or clever apps that cut through the chaos, PropTech is proving one thing: the future of real estate isn’t just high-tech—it’s human-centric. And honestly, isn’t that how it should be?
