Proptech Hungary Conference

We have also participated as exhibitors and lecturers at the Proptech Hungary conference in May at the Budapest Music Center. At our stand we showcased our property and facility management solutions and the operation of our automated kiosks interactively. In our presentation, we talked about the misconceptions surrounding the concept of proptech, which we often face today, all in a humorous tone and with comic book illustrations.

Expectations and misconceptions in the world of proptech

We are primarily looking for smart devices and apps that know exactly what we want and implement it with the push of a button, but other than the Terminate button on Skynet, this may not be possible.

Myth 1: proptech should be dealt with by startups, because companies that have been operating for years are not capable of innovative developments.

Reality: on the contrary, many years of experience along with continuous testing and the reliability of the services prove that it is possible to create workable and new solutions at the same time.

Myth 2: if we invest in a proptech development, we can expect it to reduce our existing costs right from the start, since it immediately increases efficiency, and so we can expect it to be profitable from the first minute.

Reality: there is usually an implementation and transition period, so these solutions should not be considered as short-term, but rather as long-term investments.

Myth 3: consequently, if it is already profitable, we do not want to pump extra money into it, since software that works well in all aspects will be bought up by the big companies anyway – this is how it will bring in more money.

Reality: conversely, if we do not support our developments financially, we should not expect them to be near perfect and for the clients to fight for them.

What does proptech really mean?

Proptech actually means technologies and methods that can help real estate be managed and used in a better, more efficient and innovative way. Anything is proptech that is a real estate related technology, activity or process, such as:
  • smart devices
  • applications
  • data analysis and use
  • web-based or installed software
  • even Excel sheets, if they help with the job.

Lately, Proptech means new, untested and therefore risky solutions rather than those that have already proven to be useful. For this reason, many people think that the work they do daily (billing, settling accounts, sending offers to tenants, signing contracts, reading meters, etc.) is not proptech. This is fundamentally wrong, and that is why it is important to us that, contrary to popular belief, we provide our customers with proptech solutions that contribute to their operations effectively and with real results – and that they do not have to test them.