This is short for property technology. This term defines startups offering technologically innovative products or new business models for the real estate industry.
PropTech in turn is divided into two:
1. Residential property tech
Here innovation is focused on delivering efficiency to homes and/or apartments that people own or rent. In most instances solutions are business-to-consumer (B2C).
Zillow, founded in 2006, is an example of a mature residential property technology business.
This stands for commercial property tech / commercial real estate (CRE) tech.
CRETech represents solutions to drive efficiencies in industrial, office and retail property process flows and data management. Generally, solutions fall into the B2B (business-to-business) category of technology.
Commercial property is significantly more complicated than residential property. Successfully meeting customer needs for CRE is reliant on deep domain knowledge.