With new Proptech joining the marketplace every day, we’re seeing new buzzwords and acronyms popping up. No one likes to admit they don’t know what something means so usually take a swing at it themselves with hilarious results!
We’ve made this quick guide to some of the commonly used jargon to help.
Proptech – the word in itself is still new to some areas of the industry! It is the use of technology to help individuals and companies research, buy, sell, build and manage real estate.
AI – Artificial Intelligence – These are self-teaching programs, not the rise of the machines, but the ones who can detect patterns and react accordingly.
API – Application Protocol Interface – well, that doesn’t help! API is essentially the way two computer programs talk to each other.
CRM – Customer Relationship Manager – this is the technology used to manage interactions with customers. Often, in the ‘olden days’, called a database.
Workflow - the series of activities that are necessary to complete a task. These don’t have to be computerised, but remains in the context of jargon.
SaaS – Software as a Service – a way of delivering and licencing software on a subscription basis, usually the provider will give you access to their software and everything else is up to you!
Solution – no, not what you learnt in GCSE science where you mix a solid with a liquid, but a tech solution is the implementation of processes and technology to solve a problem or make the process more efficient.
Verticals – this is a type of market which deals in a specific industry, trade or group of customers.
Smart real estate – the use of cutting-edge technology in real estate to meet the changing needs, wants and expectations of its customers.
Have you ever heard a buzzword or acronym and completely misunderstood its meaning?! We’d love to hear your translations!
The list goes on and is expanding seemingly daily, if you ever hear something and don’t know, Google always has the answer.
Thanks for reading, stay tuned.