PropTech: Property Technology, The New Frontier In Real Property, Part 3: Challenges

In Part 1 and Part 2 of McMillan's PropTech series, we addressed what PropTech is and several of the benefits this technology provides to both developers and consumers. However, industry participants need to be cognizant of the risks and challenges that go along with the introduction and use of PropTech. In this Part 3, we examine some of those challenges.

What are the Concerns When Using or Developing PropTech?

While PropTech can make interacting with a physical space more seamless, cost- and energy-efficient, users and developers of PropTech should be aware of the various risks commonly accompanying reliance on technology.

Privacy. With the introduction of any technology comes privacy and data storage risks, as well as obligations. PropTech technology uses and relies on information for optimal performance. As a result, it generally collects and uses data, including personal information, from users of the PropTech. While consumers generally understand their