Adding to the ever-growing list of portmanteaus (words that get smashed together to make a new word) in the tech sphere is PropTech, AKA property tech. 

Somewhere out there, there’s an intern whose eyes glazed over at the first mention of Automated Valuation Models (AVM), and that’s who we’re looking out for.

Just like our original guide on Tech Marketer Terms, we’ll be updating this list as new terms roll in.

Grab a swag journal out of the supply closet – we all have them – and jot these down. We can’t guarantee your eyes won’t keep glazing over, but if someone asks you about iBuying, you’ll stand a chance.

Automated Valuation Model (AVM): Analyzing and evaluating information about a property in one swoop, this little piece of tech can provide quick appraisals in a pinch. They do require the most up-to-date and accurate data to do so correctly, but don’t we all.

Building Information Modeling (BIM): These floor plans are crazy advanced. BIMs go way beyond geometrical aspects. We’re talking light analysis, building components, spatial relationships – the list goes on. BIMs are used most heavily in these four stages of the project life cycle: planning, design, building and operating.

ConTech: Con = construction, tech = technology. Together, we have a term for the tech used to advance construction.

Commercial Real Estate (CRE) Tech: When CRE Tech comes up, they’re referring to the interconnected hardware and software across commercial buildings. They’re usually some kind of digital tool that companies can use to help run their facilities and the spaces within those buildings.

iBuying: In this process, you’ll see tech-enabled companies – think Zillow or Redfin – buy up homes, do a little reno’ work, and turn around to sell them for a profit. Companies can make an instantaneous purchase with offers based on a value algorithm – no broker required. When it comes time to sell, they get to skip out on the process of marketing and closing on the property in exchange for paying the iBuyer a fee (similar to brokerage commission). In short, it’s like online shopping, but for homes.

Floor Plan App: Get this — it’s an app that lets you design floor plans from your phone. Bet you didn’t see that one coming. 

Real estate data: The location of a property, its characteristics and ownership-history are all examples of real estate data.

Space-as-a-Service (SPaaS): Think office spaces on-demand, like WeWork. SPaaS is a great option for individuals who aren’t quite ready to rent or own an office space. Or, on the flip side, property owners that have space to spare and want to monetize it.

TechProp: This one threw us for a loop too. PropTech…TechProp…where does one end and the other begin? Turns out TechProp was a term coined by Orange Tee & Tie, a Singapore-based real estate company, and they say the term refers to “traditional real estate companies that are able to transform their business by accelerating innovation, building new skills, participating in the ecosystem and disrupting themselves to come out stronger in this digital age.”

Expert Level Unlocked

What you choose to do with this newfound knowledge is totally up to you, but we do hope your ears perk up the next time AVMs and iBuying are up for discussion. Heck, give your parents a call and testdrive a few terms — the world is your oyser.

If you’ve got any new terms to submit, we’d love to see them. You can shoot us a note, and keep an eye out for future terms to know.