ConTech and PropTech are rapidly growing fields that have brought huge, welcoming changes to the real estate and construction industry.

PropTech is associated with the real estate industry most of the time and it includes the construction industry as well. ConTech, however, aids the processes involved in the construction industry alone. 

Difference Between ConTech and PropTech

Both PropTech and ConTech are associated with the real estate or property industry. PropTech is more of an umbrella term for all the digital activities or processes involved in the property industry. This includes technological support supplied to the construction processes involved in the property business as well.

Construction technology or ConTech on the other hand offers exclusive technological assistance to the processes involved in the construction of the building.

Moreover, PropTech is usually associated with start-ups that offer digital services in place of traditional manual processes of the real estate industry. ConTech on the other hand is widely employed by architects, engineers, contractors, construction workers, and others specifically involved in construction activities.

For example, if you propose to buy a house, you can use any digital tool of PropTech like online house-sales websites for purchase. In the case of building a house, you can employ ConTech tools to aid the building of the property.

What is Proptech?

PropTech includes the use of technology in property-related business processes. The PropTech industry has revolutionized the way real-estate businesses run and is expected to grow more in the upcoming years.

PropTech uses digital tools to replace manual processes in the property industry. The use of digital tools has streamlined the way properties are managed and has enhanced other associated actions of the property business.

From the construction of a building to managing, leasing, renting, selling, and buying of properties PropTech offers dynamic support to the varied processes of the property industry.

Example of PropTech Tools

The technological supports used by the PropTech industry include:

• Big Data for storing and analyzing a wide set of property-related data.
• Artificial intelligence in rendering customer assistance.
• Virtual and augmented reality options for home and property tours.
• Internet of Things to facilitate communication.
• Smart contracts for documentation of property purchase and selling.
• Blockchain technology for storing and sharing documents associated with the properties.

What is ConTech?

ConTech stands for construction technology. The technology that supports the construction of a property or building from planning, designing, and building to manufacturing and installment of components involved in the construction process is referred to as construction technology.

ConTech tools simplify the building planning and construction processes. ConTech tools have replaced hard and unsafe manual labor with technological assistance.

ConTech tools are extensively employed by contractors, architects, engineers, and construction laborers as they are highly efficient, speed up the construction processes, and are a safer alternative to human resources at times.

Example of ConTech Tools

• Building Information Modeling (BIM) 
• Wearable technology like Hololens
• Prefabrication of building components 
• Drones
• 4D or 5D models of the building

Proptech and ConTech Interaction

PropTech and ConTech work hand in hand to enrich any real-estate property project. If PropTech aids in the management of the real estate properties and the finances involved, ConTech helps in particular with the construction of the property. Thus, the help of both PropTch and ConTech must be leveraged to assist in the successful completion of real estate property projects.

Conclusion

PropTech and ConTech are great gifts to the real estate and construction industry. 

The tools used by PropTech and ConTech use state-of-the-art and cutting-edge technologies aimed to simplify the processes involved in the property and construction industry.

Utilizing both PropTech and ConTech optimally will help widely in minimizing costs and improving the quality of property-relevant projects.

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