Proptech (Property Technology) is transforming the way properties are bought, sold, managed and experienced through advanced artificial intelligence and technology platforms. Also known as Real Estate Tech, Retech, Realtech and Commercial Real Estate (CRE) Tech, proptech first emerged in the industry in the 2000s, according to Ascendix.
Since then, the market has expanded rapidly, often outpacing the ability of property managers and developers to keep up. In fact, the global proptech market is expected to reach $86.5 billion by 2030, according to PropTech Buzz. This growth has led countless property managers to implement leading platforms like Prism by BuildingEngines or CommercialCafe by Yardi.
Yardi's CommercialCafe platform, for example, offers a self-service portal and mobile app, enabling tenants to submit maintenance requests, access property documents and receive announcements, all aimed at enhancing transparency and responsiveness.
As Marc Fischer, BOMA Fellow and CEO/President of InspiRE Commercial Real Estate Services, says, “Gone are the days of paper forms, siloed systems and gut-based decisions. Now, platforms are compiling data into one place—making it easier to manage everything from maintenance and leasing to energy use and tenant satisfaction.”
Fischer, along with Kate Deady-Havekost, MBA, property manager for Transwestern, and member of BOMA International’s Emerging Professionals Committee, discusses how proptech is influencing the real estate industry. Read on to learn more about proptech and how property managers are embracing modern building management practices.
1. Ease of One Software
According to BNO News, one of the key features of proptech is its ability to connect buyers, sellers, and renters online by simplifying communication through centralized platforms. Apps like HqO, Equiem, and VTS exemplify this shift, as Fischer points out. These platforms help maximize tenant engagement through unified interfaces—a common thread among PropTech tools—aimed at reducing the confusion that can come with managing multiple disconnected systems.
For instance, Equiem supports property managers in delivering the flexibility and tech-enabled spaces that today’s hybrid work models demand. The company notes that 54% of workers want a workplace app to help streamline their day, with many office workers seeking easier access to building features and amenities. “Proptech is not about just digitizing forms or automating maintenance requests—it's redefining the role of a property manager,” Fischer says. “We’ve moved from clipboard to dashboard—enhancing data-driven decision-making and automation.”
2. Tenant Experience Platforms (TxPs)
The 2024 Capterra Tenant Experience Survey found that “73% of tenants strongly or somewhat agree that a property that features advanced technology would significantly influence their decision to sign a rental agreement.” As a result, tenant experience platforms (TXPs) are growing in popularity, offering tenants easier access to information, streamlined service requests and more direct engagement with property management.
For example, TranswesternHub allows tenants to automate cleaning schedules, call elevators via mobile and use integrated access control through a mobile keycard. Deady-Havekost highlights how this kind of proptech is revolutionizing day-to-day building operations.
“With the ability to remotely access key building systems, we now have 24/7 surveillance of critical operations and the flexibility to make adjustments on demand,” she says. Real-time data, she emphasizes, is a critical tool that empowers her team “to make informed decisions, optimize building performance, and improve asset efficiency.”
3. Customization of Proptech Usage
One of the features that makes tenant experience platforms (TXPs) particularly valuable is their customizability. These platforms can be tailored to meet the specific needs of a property and are often compatible with other systems such as property management software, building automation and tenant accounting tools.
Fischer points to platforms like Juniper Square and Cherre as strong examples of proptech that aggregate operational, market and financial data to guide portfolio strategy.
“The AI isn't just saying, ‘Replace the roof,’” Fischer explains. “It’s telling you which buildings to invest in, sell, or reposition. This shifts the role of property managers from operators to strategic advisors.”
For those incorporating sustainability into their portfolio management strategy, platforms like Measurabl offer additional layers of insight. Founded in 2013, Measurabl now supports over 1,000 customers across 93 countries, representing more than 18 billion square feet of real estate. Through its Quantum platform, designed for owners, operators, and investors, the company helps users analyze utility data, track energy and water usage, and gain sustainability performance insights.
“They don’t just track energy use,” Fischer says. “They provide carbon forecasting, compliance readiness, and sustainability benchmarking. In the future, buildings won’t just need to perform—they’ll need to prove it in real time.”
Certification programs can also support these goals by offering structured frameworks for sustainable operations. BOMA BEST Sustainable, for instance, provides guidelines across areas like energy efficiency, water conservation, and waste management. Aligning with certification standards like BOMA BEST can help property teams manage their sustainability goals while demonstrating long-term value to stakeholders
These technologies will only continue to grow, especially as the NAA survey sponsored by AppFolio found that operational inefficiencies are the second greatest challenge to the property management industry. On that note, Deady-Havekost predicts that Building Energy Management Systems (BEMS) will be one of the most transformative impacts on commercial real estate over the next five years.
“As buildings upgrade to energy-efficient HVAC systems, integrating AI-driven energy management is key to optimizing performance,” she explains. “These intelligent systems can analyze usage patterns, learn operational trends, and make real-time adjustments to maximize efficiency. The result is significant energy savings for building owners, reduced operational costs and a more sustainable approach to building management.”
As the industry shifts toward smarter, data-informed operations, proptech is becoming less of a competitive edge—and more of a necessity.
