Utilizing PropTech to Enhance Operational Efficiency and Customer Experience in Real Estate PDF Free Download
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Petteri Kalliomäki
Utilizing PropTech to Enhance
Operational Efficiency and
Customer Experience in Real
Estate
Metropolia University of Applied Sciences
Bachelor of Business Administration
European Business Administration
Bachelor’s Thesis
11.04.2025
Abstract
Author(s): Petteri Kalliomäki
Title: Utilizing PropTech to Enhance Operational Efficiency and
Customer Experience in Real Estate
Number of Pages: 61 pages
Date: 11 April 2025
Degree: Bachelor of Business Administration
Degree Programme: European Business Administration
Specialization option: International Management
Supervisor: Daryl Chapman, Senior Lecturer
___________________________________________________________
The real estate industry has traditionally been slower in adopting newer technologies
when compared to other major industries. Property Technology (PropTech) has
gained interest in recent years among companies due to its ability to improve both
operational efficiency and customer experience. This thesis adopts a mixed-methods
approach to investigate which PropTech tools are the most effective for real estate
companies to use. The research includes a literature review on the evolution of
PropTech and its current applications, quantitative analysis of industry data, and
qualitative interviews with real estate professionals from Finland and Spain. Business
process models were also developed to visualize and analyze the real estate
transaction process in Spain to help identify inefficiencies and opportunities for
technology integration. The results indicate that tools such as workflow automation
software, AI-powered marketing tools, and AI agents improve internal efficiency and
customer satisfaction. However, legal limitations and lack of awareness continue to
restrict adaptation. The study concludes that when balancing the use of technology
and personalized services effectively, PropTech improves operational performance
while preserving the customer-focused nature of the real estate industry.
Keywords: PropTech, Automation, Artificial intelligence, Operational efficiency,
Customer experience
___________________________________________________________
The originality of this thesis has been checked using Turnitin Originality Check
service.
Contents
Glossary
1 Introduction 1
1.1 Definition of PropTech 2
2 Literature review 4
2.1 Phases and Evolution of PropTech 4
2.2 Real estate market condition 6
2.3 Companies of PropTech 9
2.3.1 Online listing platforms 11
2.3.2 Real estate agent tools 13
2.3.3 Property management tools 15
2.4 Slow to adopt 17
3 Implementation of PropTech to business operations 20
3.1 Balancing technology and human-centric approach 21
3.2 Growing demand for PropTech and AI solutions 22
4 Industry professional insights 28
4.1 Interviewee from Finland 28
4.2 Interviewee from Spain 30
4.3 Analysis 32
5 Real estate transaction process in Spain 36
5.1 Initial process 36
5.2 Marketing the property 38
5.3 Completing the sale 42
6 Discussion 48
6.1 Practical PropTech tools to use in business operations 48
6.2 Impact on customer experience 52
7 Conclusion 54
References 56
Table of figures and tables
Figure 1. Total capital invested in PropTech from 2004 to 2023 with 2023 projections
(ESCP Business School, 2023: 14).
Figure 2. 4 categories of PropTech companies (ESCP Business School, 2023: 11).
Figure 3. Monthly visits of popular real estate websites from April 2022 to January 2024
(Statista, 2024).
Figure 4. Top lead-generating tech tools (National Association of REALTORS®
Research Group, 2021: 30).
Figure 5. Software’s encouraged by real estate firms (National Association of
REALTORS® Research Group, 2021: 19).
Figure 6. Average monthly spending on technology tools (National Association of
REALTORS® Research Group, 2024: 10).
Figure 7. Processes that real estate professionals have seen change and the areas
they want to see further improvement on (PwC, 2024: 23).
Figure 8. Barriers to adoption (PwC, 2024: 25).
Figure 9. Which of the following potential benefits of using AI in your business excite
you the most? (AppFolio, 2024: 18).
Figure 10. Initial BPM process (Petteri Kalliomäki, 2025).
Figure 11. Marketing BPM process (Petteri Kalliomäki, 2025).
Figure 12. Negotiation BPM process (Petteri Kalliomäki, 2025).
Figure 13. Closing the sale BPM process (Petteri Kalliomäki, 2025).
Figure 14. Future perspectives on technology (PwC, 2024: 26).
Glossary
AI Artificial Intelligence
BPM Business Process Model
CRM Customer Relationship Management
ESG Environmental, Social, and Governance
GPU Graphics Processing Unit
IoT Internet of Things
LLM Large Language Model
PMS Property Management Software
PropTech Property Technology
SaaS Software as a Service
SME Small and Medium-sized Enterprises
1
1 Introduction
Since the 2000s technological advancements, we have seen how technology
has improved different industries for the better. Fields such as retail, healthcare,
and finance have experienced rapid digital transformation, but real estate has
been slower in adopting these new technologies.
One of the key things about the real estate industry is that it is a people-centric
business. In addition, how business is conducted depends a lot on the location
and purchasing power of the clients. This has a significant role in comparison to
other industries when it comes to implementing the newest technology. Despite
being a people-centric business, real estate is being influenced by digital tools
and platforms that can streamline processes and provide more time for
companies to focus on their clients.
The observation of real estate firms’ operations has shown inefficiencies that
can be solved with potential technological solutions. Many industries, including
real estate, have developed sub-industries focused on solving challenges within
the main industry through the use of technology. In real estate, the sub-industry
is called property technology, or better known as PropTech.
This thesis focuses on the role of PropTech and how its practical implications
can transform the business processes in the real estate industry to be more
streamlined. It starts by providing a definition of PropTech, followed by the
historical evolution of the technology. Next, the thesis explores how PropTech is
influenced by various sectors and economic changes. In addition, independent
research is conducted to gain a deeper understanding of the practical
implications of PropTech tools. This paper utilizes both qualitative and
quantitative research methods. The central research question guiding this thesis
is “What PropTech tools are most effective in enhancing operational efficiency
and customer experience in real estate?”
2
1.1 Definition of PropTech
Property technology refers to the use of technology to improve how real estate
is bought, sold, and managed. A PropTech tool can be something that is not
specifically designed for real estate but is still useful in making business
processes more efficient (ESCP Business School, 2023: 6). A great example of
this is video calls, where you can showcase a property for your client who is not
able to come physically to the property viewing. It is classified as a PropTech
tool since it improves how real estate is bought and sold.
What makes the real estate industry different from other ones is that it has been
one of the last to adopt technological change (Braesemann and Baum, 2020:
1). One reason for this is due to the people-centric business culture, where
face-to-face interactions and relationships play a significant role. How business
is conducted also varies a lot by each country having their own procedures for
transferring property ownership. PropTech, of course, is not able to change the
laws on how ownership is transferred, but it can help to modernize and
streamline these processes. A great example of this is digital contract signing,
which enables anyone to sign any contract from their phone. This solution is
arguably the most popular PropTech solution and is used by 83% of all firms
(National Association of REALTORS® Research Group, 2021: 19).
In conclusion, PropTech covers a broad range of technological tools that help
make real estate processes more efficient. A lot of the tools are not originally
designed to enhance operational efficiency in real estate, but people have found
ways to benefit from them. Most technological tools are a datafication of real
estate processes (Braesemann and Baum, 2020: 20). It means that they aim to
transform time-consuming tasks to be more efficient. Since the nature of the
real estate business is to form meaningful connections and build trust, it is
unlikely that technology will replace the human aspect of the business. The
most successful PropTech companies are the ones that can build trust, fix real
issues, and save time for all parties involved in the real estate process.
PropTech is all around us because it operates in ways we do not pay attention
to. The best example of this is Airbnb, which made it possible for people to feel
3
comfortable renting out their homes to strangers. Looking ahead with new
technological advancements such as AI, the PropTech industry is expected to
evolve even further in the next five years than it has changed in the past 50
years (Tagliaro et al., 2024: 10).
4
2 Literature review
PropTech is a poorly understood topic both in academia and practice, which
makes it a challenging area of research (Tagliaro et al., 2024: 2). This limited
information available requires an author to adopt a more critical and selective
approach to the available literature. To build a strong foundation for this study, it
is essential to know the historical development of PropTech and the market
condition of both the real estate industry and PropTech companies.
Understanding these aspects provides a great framework for the analytical part
of the research question.
2.1 Phases and Evolution of PropTech
The evolution of PropTech is described in phases from 1.0 to 3.0. There is no
unanimous agreement on when 1.0 started, but it is widely accepted in
academia to be the mid-1980s. However, 1.0 is recognized as the initial phase
when the real estate industry started to experiment with digital tools. The
newest tool during the mid-1980s was Excel, which became the industry
standard for organizations to analyze data (Baum, 2017: 10). With email
becoming more popular during the mid-1990s, property listings started to
become digitalized. One of the first platforms to enable this was Realtor.com,
which was founded in 1996. This laid the foundation for other property portals in
the future, such as Rightmove and Zillow. Majority of the property portals were
founded in the early 2000s, which is also seen as the start of PropTech (Siniak
et al., 2020: 2). This is why there is no unanimous agreement on what year
PropTech 1.0 started. The phase is more seen as a time period from 1980 to
2000 (Baum, A. 2017: 12). Regardless, during 1.0 the key development was
digital property listings. This shift was an important moment for the industry
because it made selling and buying easier. During this time, companies also
started to embrace technological advancements.
2.0 marked a big leap forward with the help of new technologies such as cloud
computing and mobile internet. This phase saw significant improvements in
5
user experience and marked a shift from basic online listings to more data-
driven. The shift from 1.0 to 2.0 is widely accepted to be around 2008, when
smartphones became more accessible. This laid the foundation for the modern
real estate industry as we know it today (Baum et al., 2020: 10). The biggest
change that happened during 2.0 was the increased use of data analytics to
improve decision-making and business operations. This technology became
more accessible during this phase and was cheaper for companies to use.
After smartphones became popular around 2008, we saw a rise in mobile
applications and in social networks such as Facebook. This changed the
landscape of the industry, and suddenly buyers could browse properties from
the palm of their hands. This shift improved the convenience of property
searching for clients and enhanced the speed and accessibility of transactions.
With social networks becoming more popular, it unlocked a new world of digital
marketing for real estate companies. From the early 2010s till the start of
COVID-19, the importance of online portals grew as they became the hub for
property searches. During the mid-2010s, new solutions such as digital styling
and virtual tours were introduced. Digital styling allows companies to virtually
stage or renovate homes, which showcases the potential the property has.
Virtual tours are 360-degree photos taken inside the property from different
locations in the house, which gives the user the ability to tour the property
wherever they are. Both of these have become a norm in the industry and have
been beneficial for companies and clients during the COVID-19 pandemic.
As of now, we are in the 3.0 phase. In this phase, the focus is to use
technologies such as artificial intelligence, machine learning, Internet of Things,
and blockchain. The major difference in this phase compared to 2.0 is the focus
on using these technologies to make more sustainable and smarter solutions
(Baum et al., 2020: 10). For example, AI and IoT can be used to improve
energy efficiency, while blockchain is making it possible to sell a fractional
ownership of a property. The start of 3.0 is widely accepted to be post-COVID
and since this phase is ongoing, we do not know what this phase will bring in
the future. Since the beginning of 3.0, there have been many startups that aim
to use the technologies mentioned before to find ways on how to implement
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them. Now the trend with companies seems to be to build more sustainable
solutions and automated business processes. In addition, using blockchain to
increase transparency while providing the opportunity to purchase fractional
ownership in transactions is expected to be the key innovation driving 3.0
forward (Baum, A., 2017: 65-66). There are already companies such as Lofty
that make it possible to buy fractional ownership in properties while receiving
rental income (Lofty, n.d.). As companies continue to innovate and integrate
these advanced technologies, the groundwork is being laid for the next phase:
4.0. This upcoming stage is still unknown since we do not know what will
happen. However, as new technologies continue to disrupt traditional industries
such as real estate, the 4.0 phase will likely focus on building the environment
to be more efficient and safer for occupants (Starr, Saginor & Worzala, 2021:
164).
2.2 Real estate market condition
Since 2020, the real estate market has met challenges such as the aftermath of
the COVID-19 pandemic, the Russia-Ukraine invasion, and rising interest rates.
These events contributed to increased uncertainty in both investment sectors
and industries (Skouralis & Lux, 2024: 2). Because of these uncertainties and
higher mortgage loan costs increasing, the demand for real estate declined. The
Russia-Ukraine invasion caused energy prices to spike and therefore increased
the operational costs for real estate. It also impacted the cost of construction
materials to increase. In addition, the energy crisis ultimately sped up the EU’s
transition towards renewable energy sources (European Commission, 2022).
7
Figure 1. Total capital invested in PropTech from 2004 to 2023 with 2023
projections (ESCP Business School, 2023: 14).
As seen in Figure 1, these uncertainties also impacted the investments in the
PropTech industry. Since the real estate industry faced the mentioned
challenges, the market outlook has started to improve with signs of recovery.
According to CBRE Group’s latest European real estate market outlook report,
2024 was a period of adjustment with inflation falling to target levels and central
banks starting to cut policy interest rates (CBRE Group, 2025: 2). With
consumers having greater spending power and lower interest rates, it will
increase growth across the EU. This will also benefit businesses and the real
estate industry overall (CBRE Group, 2025: 5-7). Since real estate and
PropTech are interconnected and both follow economic changes, it is expected
to see more capital being invested into PropTech companies. With a growing
demand for AI solutions as well, it will likely accelerate the development and
adoption of innovative technological solutions within the real estate sector.
How is this relevant to the research question? When it comes to the PropTech
companies offering solutions, the most successful ones find the perfect product-
market fit that helps to solve real issues in the real estate industry. To find the
perfect product-market fit, the best way to do it is to see what the industry and
8
economy need now and in the future. After the uncertainties with the COVID-19
pandemic, Russia-Ukraine invasion, and interest rates rising, many industry
reports and academic papers state that more sustainable solutions are
becoming more important (Starr, Saginor, and Worzala, 2021: 161). According
to the Energy Performance of Buildings Directive (EBDP), the EU aims to
achieve a fully decarbonized building stock by 2050 to meet the EU’s energy
and climate goals (European Commission, n.d.). In addition, there is pressure to
integrate Environment, Social, and Governance (ESG) criteria into the real
estate sector (CBRE Group, 2024: 23).
This opens a lot of demand for sustainable PropTech solutions. Companies of
all sizes in real estate in the EU are pressured to make their business
operations more sustainable. This is particularly apparent in the construction
industry, where the European Commission's 2024/1275 directive places a
strong emphasis on energy-efficient and zero-emission building practices. From
2028, all new buildings must be zero-emission by 2030 (European Union,
2024).
The demand for PropTech solutions can be driven by three different key factors:
the economy, industry needs, and regulations. As consumers gain more
spending power with lower interest rates and businesses are pressured to be
more sustainable by regulations, the real estate industry finds new technological
advancements to be the logical solution. The industry sees the potential AI has
in changing how professionals work and therefore are experimenting with ways
it can be implemented in business operations (CBRE Group, 2024: 4). One type
of AI companies is experimenting with is generative AI. IBM defines generative
AI as a deep-learning model that can generate high-quality text, images, and
other content based on the data it was trained on (IBM, 2023). McKinsey Global
Institute for example believes that generative AI could generate $110 billion to
$180 billion or more in value for the real estate industry (McKinsey & Company,
2024). This demand and forecast have become interesting for larger
corporations, but also for small and medium-sized enterprises (SMEs). The
smaller firms also see the potential AI has in real estate and are seeking to
leverage these tools to stay competitive. However, the lack of information
9
available and the steep learning curve associated with adopting these
technologies can be a problem for SMEs with limited resources.
As more pressure is being put on SMEs and larger corporations to be more
sustainable in the EU and increasing demand for AI solutions, PropTech
startups and companies are needed to provide solutions to meet this growing
demand. This sets the stage for the next chapter, where we will explore what
solutions PropTech companies are already offering to meet the industry’s
demand for efficiency, sustainability, and innovation.
2.3 Companies of PropTech
In addition to PropTech being a poorly understood topic, the real estate industry
has been historically slow to embrace any technological change (Siniak et al.,
2020: 3). Companies of PropTech are in a crucial role to bridge this gap and
bring more awareness to technological advancements. As mentioned in the last
chapter, the demand for more sustainable and innovative solutions is increasing
in the EU due to new directives and industry needs. With positive forecasts on
the future of the market and PropTech by consultation and real estate
investment firms such as McKinsey and CBRE Group, the industry is now at a
turning point. However, it is still important to have a broader view since each
company and its perspectives can be shaped by their own commercial interests
and market positioning. In addition to these companies, a global investment
group, M&G, and the World Economic Forum both have positive forecasts on
the use of technology in the real estate market for the future. According to M&G,
the company believes the next stage for real estate is recovery with optimism
for the next cycle (M&G Investments, 2024: 3). Similarly to M&G, the World
Economic Forum finds that automation and digitalization offer significant
potential for cost reduction and increased operational efficiency (World
Economic Forum, 2024: 40). With multiple large companies and the World
Economic Forum agreeing on the importance of implementing technology and a
positive forecast on the market conditions, PropTech is at a central role in
transforming the real estate industry.
10
Figure 2. 4 categories of PropTech companies (ESCP Business School, 2023:
11).
According to ESCP Business School, PropTech companies are divided into 4
different categories: building, managing, investing, and living (ESCP Business
School, 2023: 11). To find the answer to the research question, it is necessary
to narrow down to the category that directly focuses on both operational
efficiency and customer experience. This leads us to the Managing category.
This category is the most relevant to the research question since it has the
biggest influence on both operational efficiency and customer experience out of
all the other categories. The following sections explore what the most popular
tools currently available within the managing category are and examine how
these tools enhance both business operations and customer experiences.
11
2.3.1 Online listing platforms
As mentioned in the 1.1 chapter, online listing platforms were one of the first
PropTech solutions to be embraced by both the customer and business. Online
listing platforms have now become the norm for both customers and
businesses. For customers, the portals improve information transparency to
help them search for more properties of their choice (Sing and Zou, 2023: 11).
For businesses, online listing platforms increase the success rate of property
sales. According to a study done in 2023, real estate agents using these
platforms sell houses for an average premium of 3.26% relative to other agents
using more traditional listing channels. However, these increases require the
business to have effective strategies, easy-to-read listing descriptions, and
utilization of multiple listing platforms (Sing and Zou, 2023: 1).
Online listing portals are a great tool for businesses to enhance their business
operations and provide a great customer experience for the buyers. However,
these tools have been around since the early 2000s, and they have some
issues. One major issue is the lack of or false listing data, which is relevant to
the property (Kolbe et al., 2021: 3241-3242). Another issue is the dependency
on the listing platforms. These platforms can change their pricing model to be
more expensive, which would then make agencies reconsider their new strategy
to list their homes for sale. It is also important to note that the most popular
online listing platforms are crowded with competition, and agencies believe that
posting listings to multiple portals can improve their success rate. However,
according to the same study done in 2023, it lowers their probability of closing
due to overstretching their control span (Sing and Zou, 2023: 13-14).
12
Figure 3. Monthly visits of popular real estate websites from April 2022 to
January 2024 (Statista, 2024).
Regardless of these issues, real estate companies continue to use online listing
platforms due to increased success rates and the possibility of a more premium
price. As seen from Figure 5, online listing platforms attract millions of monthly
visits and real estate agencies prioritize this exposure to increase their chances
of reaching a larger pool of potential buyers. Since the beginning of PropTech,
online listing platforms have been the most widely adopted solution by both
customers and businesses. The tool also addresses the research question by
enhancing operational efficiency and customer experience when implemented
correctly. However, this tool has been around since the early 2000s, and there
are areas in real estate that could be further streamlined with the help of newer
technology. The next chapter explores some of the tools available to real estate
agents that improve both operational efficiency and customer experience.
13
2.3.2 Real estate agent tools
While online listing portals are tools adopted by real estate companies, there
are also tools dedicated to agents. These agent tools are designed to benefit
them by using automation and getting rid of inefficiencies. These tools consist of
real estate-specific customer relation management (CRM) software and
marketing tools (ESCP Business School, 2021: 7). CRM software is used to
manage all of the company’s interactions with current and future clients
(Salesforce, 2024). Since a real estate agent’s job is heavily focused on
attracting buyers, all the PropTech tools used by agents are mostly marketing
tools. While marketing tools alone are not classified as PropTech, they become
PropTech tools when used to manage, buy, and sell real estate more efficiently
(ESCP Business School, 2021: 4).
Figure 4. Top lead-generating tech tools (National Association of REALTORS®
Research Group, 2021: 30).
14
The most important job of an agent is to generate high-quality leads. Lead
generation is defined by Salesforce.com as the process of building interest in a
product or service and then turning that interest into a sale (Salesforce, 2022).
According to a survey done by the National Association of Realtors, real estate
companies see social media as the best way to generate high-quality leads. In
addition, a study conducted in Poland to find out the most effective marketing
tools found online advertising and classified advertising websites to be the most
effective out of every other marketing tool. The least effective methods were
radio and television advertisements (Belniak and Radziszewska-Zielina, 2019).
Another popular tool used by agents is email marketing due to it being an
inexpensive solution (Hassan et al., 2022: 71-72).
Figure 5. Software’s encouraged by real estate firms (National Association of
REALTORS® Research Group, 2021: 19).
In addition to real estate agents using different marketing tools, utilizing
software that makes signing contracts easier is very popular among real estate
15
companies. As seen in Figure 5, the most popular tools offered are E-signature
software. E-signature makes it easy for everyone to sign a contract anywhere
with an internet connection. This is a great PropTech tool and answers the
research question since it enhances both the business process and customer
experience. E-signature software allows the company to store contracts in the
cloud and gives the possibility for the client to sign them remotely.
What is apparent from the studies and reports discussed is that a real estate
agent’s job is ultimately about marketing the property by using basic marketing
tools and techniques. Many of the tools available are also considered general
marketing tools that can be applied across industries. These tools include social
media platforms, email marketing, E-signature software and CRMs designed for
real estate agents. The best tools regarding the research question are CRMs
designed for real estate agents and E-signature software’s since they help to
make both business operations and customer experience more enhanced. In
addition, both solutions enable personalized interactions between the customer
and the business. According to McKinsey & Company’s research, a staggering
71 % of customers expect companies to deliver personalized interactions, and
76% of consumers get frustrated if it doesn’t happen (McKinsey & Company,
2021).
While both tools enhance operational efficiency and customer experience, real
estate professionals also require additional tools to manage their day-to-day
operations effectively. These include tasks from handling property listings to
administrative tasks. The next chapter examines how property management
tools are currently being used, the types of professionals who utilize them, and
their role in improving business operations and customer experience.
2.3.3 Property management tools
While online listing platforms and real estate agent tools are important for real
estate companies to sell properties, they do not address many other challenges
that come with making sure the sale process goes as smoothly as possible. In
16
addition, these tools mentioned before are primarily designed for selling
properties and not, for example, to handle maintenance requests by tenants.
This is when a property management tool can be used. It is also important to
note that property management tools are mostly used by property management
companies and not by real estate agencies. This is because the management
companies are responsible for overseeing the maintenance the properties need.
These companies use property management software (PMS), which helps them
to navigate their daily operations more efficiently.
In addition to PMS, 73% of businesses have adopted Internet of Things (IoT)
devices to monitor buildings and their environments to manage temperature,
humidity, indoor air quality, and air quality. IoT is defined by BMI as a network of
physical devices that are embedded with sensors, software, and network
connection to allow them to collect and share data (IBM, 2023). These devices
are used in residential buildings to larger sites such as malls, and they can
lower building maintenance costs by 30% (Naeem et al., 2023: 13).
Overall, both IoT devices and PMS are great PropTech tools that increase both
customer experience and business operation efficiency. PMSs currently provide
solutions that can solve challenges within the property management sub-
industry. However, the software is lacking the full integration of emerging
PropTech 4.0 technologies such as blockchain and 3D scanning. According to a
study, PMSs still significantly reduce costs, enhance operational efficiency, and
improve tenants experience (Azman and Ishak, 2024: 1777).
With these findings from the studies mentioned, it can be stated that both IoT
devices and PMSs are great PropTech tools to enhance operational efficiency
and customer experience. Both tools have now become the norm in many
property management companies due to the benefits they offer. Despite this
process, most tasks are handled manually by industry professionals who are
resistant to any change. In addition, the whole industry is much slower than
other industries when it comes to adopting new technology (Dentici, 2019: 5).
17
The next and last literature review chapter explores why the industry is slow to
adopt new technologies and whether it will change.
2.4 Slow to adopt
What has been consistent throughout all the literature mentioned is that real
estate is slow to adopt any technological change. The real estate market is also
often seen as hesitant and wait-and-see when it comes to digitalization (KPMG,
2022: 30). This approach is particularly evident in Europe, which is not
considered to be a leader in technological change and over-regulation slowing
down the technological innovation (PwC, 2025: 32). According to a survey
conducted by Deloitte, 61% of respondents admit that their firm’s core
technology infrastructure still relies on legacy system (Deloitte, 2024: 2).
Another study also found that the real estate industry has larger companies
adopting AI to their operations while smaller companies are not prioritizing
technological innovation. This is because up to now, the industry has been very
comfortable where any technological changes have not been a priority (Ocampo
and Schneckenberg, 2024: 22). These findings show a growing gap between
the use of PropTech tools among the smaller and bigger companies. This is due
to larger firms realizing the potential emerging technologies have in helping their
business operations, while smaller firms face cultural resistance. In addition,
smaller companies also have a lack of knowledge, which is a challenge when
adopting for example AI technology (Zavodna, Überwimmer and Frankus, 2024:
347).
While this may sound alarming, nearly half of real estate professionals are still
making efforts to modernize their firms, according to the study conducted by
Deloitte in 2024. This is also backed by another source stating that real estate
companies are already using PropTech to improve customer experiences,
increase operational efficiencies, and boost sales (Siniak et al., 2020: 2). This
change can be largely caused by the impact of COVID-19, which resulted in the
real estate industry starting to adopt new technology and becoming more
digitalized. Additionally, the rise of new PropTech companies has played a
18
crucial role in driving this transformation and has brought a revolution to an
industry that is very conservative and not innovative (Llorca-Ponce and Rius-
Sorolla, 2023: 1).
This is a positive trend that is happening within the real estate industry, but as
previous sources have indicated, smaller companies do not have the knowledge
on how to integrate new technologies into their business operations. This
generates a gap in the use of technology between small and larger firms. It is
also important to note that the concept of controlling information in the real
estate industry plays a role as well since it is seen as a competitive advantage
(Dentici, 2019: 13).
Figure 6. Average monthly spending on technology tools (National Association
of REALTORS® Research Group, 2024: 10).
The research question of this thesis aims to bridge this gap by finding practical
tools that any real estate company can implement. While the tools mentioned in
19
the 2.3 chapter are great, they have now become the norm in the industry and
are considered the bare minimum to stay competitive in today’s market. It is
also important to note that according to Figure 6, 37% of respondents spend
$50 to $250 a month on technology tools. This is required to keep it in mind
when answering the research question since the solutions need to be cost-
effective. By finding and implementing innovative cost-effective tools, real estate
companies can maintain a competitive edge in an increasingly digitalized
industry.
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3 Implementation of PropTech to business operations
The significance of PropTech is its ability to modernize and even transform the
real estate industry. It is common for firms to operate within the 2.0 phase,
which is considered the bare minimum to stay competitive (Siniak et al., 2020:
3). The larger firms usually have a better understanding of the latest
technological advancements and know how to optimize their workflow and
business operations. This is due to them having more resources to invest in
new tools. The implementation of new technology in real estate resembles a
pyramid: the newest technology is being used and tested on the top, and it
gradually flows down to smaller companies.
As PropTech evolves, larger firms with more resources are the first at
implementing new tools. In addition, these firms can start capitalizing by offering
their own tools to other real estate companies as a SaaS (Software as a
Service) model to diversify their income streams. A great example of this is
S.MPLE by Serhant. Serhant is a large real estate agency based in New York
and has a large social media following. Its founder, Ryan Serhant, is known as
one of the forerunners in real estate innovation and is vocal about the potential
of AI. At the beginning of 2024, Serhant (the company) released its very own
mobile application platform called S.MPLE, which was made to ease workflow
for people working in real estate and sales. The mobile application works as
your own assistant by giving it tasks such as sending follow-up emails and
reminders by voice commands. It also has built-in CRM to simplify lead
management. The idea behind the mobile application is to make a
salesperson’s job simpler by saving time and getting rid of multiple screens, as
their tagline puts it: "Less screen time, more client time" (Simple by SERHANT,
2024).
With the help of PropTech tools such as S.MPLE, efficiency can be increased
and even reshape traditional business models. When companies and agencies
embrace new technological changes and use them for their benefit, it is
possible to streamline operations and improve time management. At the core of
PropTech, the mission is to improve customer experience and build
21
relationships with clients. This is also why the S.MPLE mobile application was
developed (CNBC Events, 2024, 2:16).
With better time management, companies can offer more personalized services
that improve overall customer satisfaction within the company. A great example
of this is a scheduling software to book appointments at the company’s office.
By using this, the client can select the time that works for them, specify what
they are looking for, and provide other relevant details. By the time the client
comes into the office, the agent already has a clear idea of what properties to
show. This makes the customer experience more tailored to clients’ needs. The
client can still come into the office without an appointment, but the ability to
schedule in advance allows the agent to prepare so the time spent with the
client is more productive.
In people-centric industries, offering high-quality services is one of the most
important key factors of a successful business. PropTech is all about helping
companies and agencies serve their clients better by making time-consuming
tasks easier to navigate. This will enable a better customer experience and set
the company up for more success.
3.1 Balancing technology and human-centric approach
While the real estate industry is traditionally centered around human
interactions, staying informed about the latest technological advancements is
essential. PropTech should be viewed as a complementary tool. As mentioned
in the previous chapter, PropTech is meant to help save time, streamline
operations, and ultimately focus more on what matters most: building
meaningful relationships with clients.
Implementing newer technology into business operations can also negatively
affect the company’s customer base. In Spain, for example, the number of 55–
65-year-old home buyers had increased by 7 percentage points from 2019 to
2023. During this timeframe, the number of 35-44-year-old home buyers had
decreased by 10 percentage points (PwC, 2024: 8). This means that real estate
businesses need to carefully consider what to integrate into their business
22
processes. The older demographic may not be as comfortable with or motivated
to adopt newer technologies. There have also been studies done on how
people view AI, and there is a growing concern about how it is developing
(Brauner et al., 2023: 6–8). Because of this, it is recommended to be careful
when using the word “AI” in business operations since it can potentially cause
confusion or mislead individuals.
Finding the balance between technology and human-centric customer service is
the hardest part for a real estate business owner. This is because if there is too
much technology used and is evident to the possible client, it can lead to a
negative customer experience and weaken their trust in the agency. Buying a
property is an emotional purchase, and successful companies sell properties by
selling dreams and creating a vision of a lifestyle that comes with the home. No
client is buying a property from a purely automated system. Both the seller and
buyer need a human connection to guide them throughout the process to build
trust.
However, if a business can seamlessly integrate technology into the process so
that both seller and buyer do not heavily interact with it, you can achieve the
best of both worlds. This allows the tools to work in the back office to streamline
processes, while the human element is seen by the clients. This achieves a
personal and trustworthy experience. There is no universal set of PropTech
tools to balance technology and human-centric customer service since every
market area has its own unique needs. Some regions focus on selling holiday
homes to an older customer base, while others focus on family houses for a
broader demographic. Finding this balance has become a growing focus among
Spanish real estate professionals, with 75% of them increasing their technology
usage in the past year (PwC, 2024, p. 22). This highlights the ongoing shift
towards integrating PropTech solutions into real estate businesses.
3.2 Growing demand for PropTech and AI solutions
Since 2020, the demand for PropTech companies has increased with tens of
billions being invested into the industry (ESCP Business School, 2023: 14). As
23
mentioned in the last chapter, 75% of Spanish real estate professionals have
increased their technology usage in the past year. According to a study
conducted by PwC Spain, 100% of respondents believe the technology to have
improved efficiency in their business operations. Out of the respondents, 80%
have noted increased customer satisfaction (PwC, 2024: 24).
Figure 7. Processes that real estate professionals have seen change and the
areas they want to see further improvement on (PwC, 2024: 23).
Many of the areas of business processes can be improved with technology, but
there are still some pain points. As seen in Figure 1, PropTech has been the
most beneficial in digital signatures, reports and valuations, and property
portfolio management. The biggest pain points for professionals are lead
generation, website, and social media networks. However, many of these pain
points can be fixed with the help of CRM systems, such as Salesforce or
HubSpot, and workflow automation software, such as Zapier and Make. This
24
chart showcases that real estate professionals may not have the information on
what tools are available for companies to use.
Figure 8. Barriers to adoption (PwC, 2024: 25).
As seen from Figure 4, the statement is correct since the barriers to
technological adoption are cost, lack of technical support, and lack of
information (PwC, 2024: 25). Regardless of these barriers, 73% of professionals
are still planning to adopt new technologies in the near future. In addition, 70%
of the respondents are using AI, with 56% intending to integrate AI tools soon.
The most valued features among respondents are system automation and
integration solutions (PwC, 2024: 26-27). These results showcase the growing
demand and value real estate companies have for AI and PropTech solutions.
In addition to real estate agencies, property management professionals have
also recognized the value of AI and are planning to integrate it into their
operations. With maintaining high occupancy rates, rising insurance costs, and
25
high interest rates being top threats for property management companies,
managers aim to improve operational efficiency by reducing costs and
streamlining maintenance operations (AppFolio, 2024: 8-13).
Figure 9. Which of the following potential benefits of using AI in your business
excite you the most? (AppFolio, 2024: 18).
With 28% planning and 21% already using AI, many of the property
management companies feel that it can help solve these issues. As seen in
Figure 9, professionals can see increased optimization and efficiency as the
most exciting benefits of AI. Many of the respondents also identify data
management, client satisfaction, and cost reduction as key benefits. However,
there is a gap in the usage of AI by company size. It is reported that larger
companies tend to use it more since managing data and communicating with
residents is easier with more units under management. When asked about the
use of AI, the participants reported their main concerns to be security, cost, and
2%
6%
31%
43%
44%
46%
49%
64%
0% 20% 40% 60% 80%
Other
None of the above
Managing more units
Improving renter satisfaction
Reducing costs
Improving owner / client satisfaction
Using data more efficiently
Increasing optimization / efficiency
Which of the following potential benefits of using AI
in your business excite you the most?
26
lack of expertise (AppFolio, 2024: 19-22). This matches the results of the PwC
survey.
The demand for both AI and PropTech tools is growing, but both studies show
key obstacles being lack of information and cost. This has been an accruing
theme in the mentioned literature throughout the thesis. However, PwC’s study
has left out an important piece of information from their report: what types of
professionals have answered this study? In AppFolio’s report, it is clearly stated
that the respondents are property management professionals. In PwC’s study,
on the other hand, the respondents are marked as just professionals, which
leaves room for interpretation. For example, if most of the respondents were
real estate agents, their use of AI might involve more affordable solutions such
as predictable property valuation and market analysis tools (Adelusola, 2024:
3). This is cheaper than, in contrast, a construction company implementing a
smart building system, which is significantly more expensive (Berawi et al.,
2017: 5-6). The reason for such a wide gap in cost is because there are 4
different categories, and the cost of implementing the technology varies a lot by
category.
The major issue however remains the lack of information, which has contributed
to misconceptions about costs associated with integrating AI solutions. While
training your very own AI model with Nvidia’s GPUs is indeed expensive, it is
not recommended for SMEs. This is because SMEs can utilize open-source
large language models (LLM) such as DeepSeek and host them on the
company’s own server (DeepSeek AI, 2024). Large language models are
defined by IBM as a “category of foundation models trained on immense
amounts of data making them capable of understanding and generating natural
language and other types of content to perform a wide range of tasks” (IBM,
2023). This approach is cheaper and solves the privacy issue many
respondents had regarding the use of AI. It solves it because the sensitive data
real estate companies handle is stored in their company server and not by a
third party.
27
By utilizing quantitative research methods such as data analysis, the demand
for PropTech and AI solutions in the real estate sector is growing. In addition, a
significant percentage of real estate professionals recognize the benefits of how
these technologies can improve efficiency and customer satisfaction. However,
the major issue evident in both studies is the lack of information among the
respondents. This influences the other answers in the study, such as creating
misconceptions about the costs and complexity of implementing these
technologies.
While relying on one research method provides valuable insight, it may not give
a full understanding of the topic due to the real estate industry being influenced
by face-to-face interactions. Because of this, it is important to take a mixed-
methods approach and include qualitative research methods. The method
chosen for this study is interviews with real estate professionals from Spain and
Finland. This enables the study get insight into how technology could be used in
two different markets: the holiday home market and the long-term residential
market.
28
4 Industry professional insights
In this bachelor’s thesis, the research question focuses on identifying the most
effective PropTech tools to enhance operational efficiency and customer
experience in real estate. During the author’s independent research and
practical experience, it is apparent that there is a noticeable gap between the
growth of new PropTech tools and their practical use. To investigate this issue,
it is important to use both qualitative and quantitative research methods. This
methodology ensures a comprehensive and well-rounded understanding of the
topic.
For the qualitative part of the research, two interviews have been conducted
from Finland and Spain. Both interviewees are experienced real estate
company owners who have a deep understanding of the industry and
knowledge of what their clients are looking for. Both of their experiences
running the companies have given them valuable insight into what works and
what does not work in the markets they conduct business in. It is important to
ask experts whether new technological advancements can truly provide
solutions for issues in the real estate industry. In a field where personal
connection, customer experience, and trust are important, it is important to
consider if these technologies can enhance them or take the human element
out of them.
For GDPR reasons, both interviewees will stay anonymous. Both have given
their verbal consent to participate in the study. Each interview consisted of the
same five questions for both participants. This allows for easy comparison of
the results and ensures consistency in the analysis.
4.1 Interviewee from Finland
Author: How has your company leveraged the latest technology to improve the
customer experience in real estate transactions?
29
Real estate expert from Finland: Regarding the real estate transactions, there
are systems that have enabled remote contract signing and so on. We don’t
have our own systems, but it has changed that everything can be done fully
remotely nowadays.
Author: What new technologies (e.g., artificial intelligence and virtual tours) do
you think are most impactful in improving and optimizing the customer
experience in the real estate industry?
Real estate expert from Finland: Well, it has not been utilized (AI) that much,
and it is still a question of how it can be used. There are different methods of
operation that have been used, but none of them have worked. Automatizing to
get the necessary information from somewhere with AI has helped the real
estate agent, but I have not seen how it has benefited the customer. We have
used 3D pictures of properties since 2014 and later virtual tours in some of our
properties. These are just some extra features since people always want to see
the properties by themselves.
Author: How do you balance the use of technology and personal interaction to
create a personalized customer experience in your company?
Real estate expert from Finland: We basically just use technology to get our
jobs done as fast and efficiently as possible to make more time for other things.
We don’t just use tech just for the sake of using tech. We aim to use technology
to help us do our work the most efficiently.
Author: Can you give examples of how technology has significantly improved
efficiency or customer satisfaction?
Real estate expert from Finland: We could say that being able to do the real
estate transactions online is great because it saves everyone’s time and makes
it possible for people who are not able to come to the office to sign the contract.
DocuSign and similar ones are great for this.
30
Author: What challenges have you faced in integrating new technology into your
business, and how have you resolved them?
Real estate expert from Finland: We haven’t had any major problems. The one
thing we need to do is to onboard employees who are not familiar with the way
things are done in our company. This applies to the employees who are both
new and old. We know that they might not have studied how things are done
nowadays, so that’s why it’s important to onboard them.
4.2 Interviewee from Spain
Author: How has your company leveraged the latest technology to improve the
customer experience in real estate transactions?
Real estate expert from Spain: We do not use any new technology when it
comes to the completion of the sale. The legal process in Spain is very fixed, so
you need to send the documents for the sale to the notary where they are
prepared. That part is not possible to change, but the only thing we could
modernize is the reservation contract. We could use some modern solutions,
templates, and DocuSign. This also could not be that good for the type of clients
we have since it’s easier for us to do the contracts ourselves here at the office.
The completion process here is very old-fashioned, and you cannot change this
part due to the legal process. The government is trying to make the process
more online-friendly.
Author: What new technologies (e.g., artificial intelligence and virtual tours) do
you think are most impactful in improving and optimizing the customer
experience in the real estate industry?
Real estate expert from Spain: Mostly it comes down to marketing on how
properties are presented, and there are a variety of tools (AI) to use for photos,
videos, and floor plans. Video calls are a big improvement for us since we sell a
lot of properties through them. For the transaction process, there isn’t too much
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you can do. Some people use editing programs or ChatGPT during publishing
the properties to websites, which is beneficial but to a limited extent.
Author: How do you balance the use of technology and personal interaction to
create a personalized customer experience in your company?
Real estate expert from Spain: We don’t do that too much; the only part that is
personal interaction is the video calls. We can show in the video calls the whole
property, which enables the client to see the whole place and its details without
being here in Spain.
Author: Can you give examples of how technology has significantly improved
efficiency or customer satisfaction?
Real estate expert from Spain: It depends on how far back you go, but you can
do photo editing, floor plans, and property descriptions a lot faster with AI. All in
all, the job is very personal, so it’s all about making connections and building
trust. The industry is a people-based business where you must make the clients
trust you. We use technology mostly to show our clients that they can trust us
and build an online presence. Video viewings have been good when it comes to
building more trust.
Author: What challenges have you faced in integrating new technology into your
business, and how have you resolved them?
Real estate expert from Spain: It is difficult for us to make it seamless for every
part of the business to be integrated together. If we want to come up with
something new, our website limits us. The biggest problem is to make
everything work together, which makes the latest technologies not worth using.
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4.3 Analysis
This section represents the analysis of the interviews. The analysis follows a
thematic approach to find the key patterns and insights from the respondents.
The chosen method to find these patterns is a comparative summary table.
Table 1. Comparative summary table of the conducted interviews (Petteri
Kalliomäki, 2025).
Category
Finland
Spain
Key takeaways
1
Technology adoption
& legal constraints.
Fully digital
transactions and
remote contract
signing.
Legal restrictions
limit digital
transactions.
Finland enables full
digitalization. Spain
faces legal barriers.
2
Role of AI & virtual
tours.
Minimal AI use.
Virtual tours are
extra.
AI used for
marketing. Virtual
tours and video calls
are crucial for
remote sales.
AI is secondary in
Finland but essential
in Spain.
3
Efficiency vs.
personalization.
Focus on efficiency
and automation.
Focus on trust-
building through
video calls.
Finland prioritizes
efficiency, Spain
prioritizes
relationships.
4
Customer satisfaction
& trust.
Speed and
convenience through
digital transactions.
Trust and credibility
through digital
interactions.
Finnish customers
value speed,
customers in Spain
value trust.
5
Challenges in
technology
integration.
Not any major
problems. Employee
onboarding to digital
systems is
important.
Difficulties
integrating new
technology with
existing systems.
Finland does not
struggle with
adaptation. Spain
has issues with
system integration.
33
After analyzing the answers from both interviewers as seen in Table 1, we can
say that the professionals view how PropTech tools can be used differently in
their own countries. In addition, legal constraints and customer attitudes
towards technological adoption play a role in what tools can be used in
business operations.
When it comes to technology adoption & legal constraints, in Finland all
transactions are digital, and the use of E-signature tools has been adopted. This
is not surprising since, as seen in Figure 5, this tool is popular among real
estate companies. However, in Spain there are legal barriers that limit the use
of this technology, and some clients prefer to sign documents at the office. The
government in Spain is trying to make the process more online-friendly, which is
great. While E-signature tools are great, both professionals are not using any
newer technology from 4.0 phase since they do not see them as that important.
When asked about AI, there are some major differences between the countries.
In Finland, AI has not been widely utilized, and there is still uncertainty about its
practical use. While it has been used by the agents to get information faster,
there has not been any evidence yet that it can benefit the customer. In Spain,
on the other hand, they are embracing AI more actively. It is mostly used in
marketing the properties. This includes property photo editing, generating floor
plans, and automating property descriptions. Additionally, video calls have been
great since they help to sell properties. This showcases that Finland is
somewhat behind on AI adaption, and it is not utilized as well as in Spain. This
comes off as surprising since real estate companies in Spain face legal barriers
but are still adopting more quickly than the Finnish real estate companies.
When it comes to efficiency and personalization, Finland focuses on being as
efficient as possible with the help of technology, and Spain focuses on building
trust with the help of technology. This is very surprising for the study since
Finland doesn’t utilize AI or emerging technologies but still focuses on being as
efficient as possible with the help of technology. This indicates that companies
in Finland lack information on new PropTech tools, and it is evident since there
34
is still an uncertainty of AI’s practical use. This result also matches with the
other studies mentioned in the literature review chapter.
This same theme regarding efficiency and personalization applies in the
customer satisfaction and trust section of the study. In Finland, customers value
speed and customers in Spain value trust. What can be noted here is that the
customer experience in Spain is all about being trusted by the customer, which
will lead to more sales. In Finland, it is more about speed since it is valued by
the customers. This shows that the tools both companies could use would be
different since they would need to focus mainly on enhancing speed or trust. In
Spain, the tool should also comply with the current legal process.
Regarding technology integration, Finland does not struggle with adaptation, but
onboarding new employees is one they focus on. Spain on the other hand,
struggles with adaptation since they want to make every part of the business
operations integrated together. This has been an issue and has even led the
real estate professional to view PropTech tools as not worth using.
In conclusion, the study reveals clearly how PropTech tools are perceived and
adopted in Finland and Spain. It is also apparent that adaptation is influenced
by differences in awareness, legal constraints, and business priorities. In
Finland, PropTech adoption is not resisted but rather slowed down by a lack of
awareness of its full potential. This ultimately leads to slower technological
change. In Spain, the industry understands the value of emerging technological
tools but struggles with legal constraints and system integration challenges.
This difference can be explained by cultural lag, where new technology
develops faster than businesses’ ability or their willingness to adopt it. While
Spain actively seeks to implement PropTech tools into their operations, external
barriers slow it down. Finland’s slower adoption is mostly due to not seeing the
need or benefit of these tools and how they would help in their daily operations
without hurting the human-centric nature of the business.
35
These findings from the study address the research question by demonstrating
that each market has its own tools that are the most effective based on
customer preferences and external constraints. In Finland, where clients value
efficiency and speed, the PropTech tools should focus on enhancing these
aspects of business operations. The same applies in Spain, where the tools
should focus on enhancing trust and personal interaction. Despite these
differences, both countries still face challenges due to a lack of knowledge
about PropTech tools. This has been a recurring theme in the literature
reviewed in this research.
The next chapter of this research will examine how the real estate transaction
process works in Spain. The transaction process helps to understand what
specific PropTech tools could help to streamline the process while enhancing
trust and personal interaction.
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5 Real estate transaction process in Spain
To find inefficiencies in business operations in real estate, it is crucial to
understand how the transaction process goes from finding the property to
selling and completing the sale. While the overall structure of real estate
transactions is similar for many countries, legal proceedings and specific
requirements can vary. Spain has been chosen as a case study due to its
unique real estate process, distinct legal requirements, and the role of notaries
in ensuring that the transaction is done correctly. With the number of foreign
buyers and the median age of new-home buyers increasing, it makes Spain’s
real estate transaction process somewhat unique (PwC, 2024: 8 & 14).
To analyze where inefficiencies happen, this study utilizes business process
models (BPM) to map out each stage of the transaction process. All the BPMs
have been peer-reviewed by a real estate industry professional in Spain to
ensure the accuracy of the BPMs. By applying theoretical knowledge and
interview findings, this chapter aims to identify practical tools that can be used
to streamline processes. The tools also need to enhance trust and personal
interactions since they are valued in the Spanish real estate market.
5.1 Initial process
The initial process in a real estate transaction lays the groundwork for
everything that follows. The initial process involves finding the client who is
looking to sell their property and preparing the property to be put on sale. This
stage is crucial since if it is not done right, it can make the property hard to sell.
This would hurt operational efficiency since it will be hard to sell a property
where the presentation of the property is not done correctly. It also affects the
customer experience negatively since in the worst-case scenario, the customer
would need to find another agency due to bad preparation.
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Figure 10. Initial BPM process (Petteri Kalliomäki, 2025).
38
As seen in Figure 10, the initial process is somewhat straightforward. In this part
of the process, the use of PropTech tools should be minimal since building trust
and personal connections is the priority. However, some tools can enhance this
process without replacing the human interaction.
One valuable tool is an appointment scheduling system that has been
integrated into the company’s website or social media platforms. This gives the
client a choice to book a meeting at their convenience while giving agents time
to look over the properties that the client is interested in. With this tool, both the
client and the agent are better prepared and make the meeting more efficient
and personalized. This enables to give a more personalized customer
experience when compared to the client walking to the office without an
appointment. It also helps the employees to schedule their days better in
advance. In addition to these benefits, the clients can be automatically added to
the company’s newsletter to keep them informed about possible information and
news for sellers.
Another useful tool at this stage is E-signature software for signing the listing
agreement that also supports submitting documents. While clients can still
complete this process in person, offering a remote option provides better
flexibility. By giving the client a choice of what method to use, companies create
a more customer-centric experience while maintaining the personal interaction
needed in this phase. This is important because at this phase, the most
important aspect to show is that you are a trustworthy company to work with.
Both tools support this goal and create a more personalized experience for the
client, which is highly valued in Spain.
5.2 Marketing the property
Marketing of the property plays a crucial role in the whole real estate process,
and it makes or breaks the success of finding the right buyer. Effective
marketing ensures that the property reaches a wide and relevant audience
while showcasing its unique features and value. In a competitive real estate
market like Spain, having a marketing plan with a great understanding of your
39
target audience makes it easier to sell properties. If the marketing plan is done
correctly and both seller and buyer have a great customer experience, both
parties can start referring their friends to your agency. This builds trust and
reduces marketing costs in the long run.
40
Figure 11. Marketing BPM process (Petteri Kalliomäki, 2025).
41
As seen in Figure 11, the marketing process is more complex and mostly
consist of how the company and client communicate. In this part of the process,
PropTech tools should be used to enhance how the marketing material is
created and streamline client communication to maximize efficiency.
As mentioned in the interview with the real estate professional from Spain, the
biggest problem is to make everything work together. While many tools only
address one aspect of marketing or business process, it is still possible to do so
with the help of workflow automation software such as Make or Zapier. With
these tools, the companies can connect multiple different apps together and let
them perform tasks based on triggers. This tool could, for example, be used to
send automated follow-ups to clients after a viewing or send more properties
that might interest the client. It is also possible that when a new property is
published on the company’s website, a new post is made on all social media
platforms and sent to clients who are marked as possible buyers in the future.
The software allows companies to create unique automations that can be
tailored to their specific needs, which makes it possible to streamline virtually
any process.
When it comes to marketing, companies can simply use LLMs or train their own
AI to generate text, images, videos, or any other content needed for marketing
materials. Companies can also use AI to gain deeper consumer insights and
understand how to categorize their clients. This helps to make the customer
journey a lot more personalized and therefore makes the customer experience
better (Haleem et al., 2022: 120). In addition, companies can utilize more
advanced solutions such as AI agents. IBM defines AI agents as a “system or
program that is capable of autonomously performing tasks on behalf of a user
or another system” (IBM, 2024). This tool is different from workflow automation
software because they operate on predefined triggers set by the user. The
information regarding AI agents is limited due to the topic being very niche and
most of the development being less than 12 months old (Joshi, 2025: 1). By
2030, fully autonomous and self-improving AI agents are projected to see
enterprise-wide adoption (Joshi, 2025: 969).
42
Overall, the marketing phase in real estate is highly dependent on effective
communication between the company and the client. Tools such as LLM,
workflow automation software, and AI agents can be used to enhance this. By
leveraging both tools, companies can reduce manual workload, improve
response times, solve pain points within the business operations, and deliver
more personalized customer experiences. However, one major problem with
these is that they might reduce trust if they are noticeable to the client. To
prevent this, companies must have a balance between automation and human
connection. Once an offer has been made, the process transitions to the closing
of the sale and transferring the ownership to the buyer.
5.3 Completing the sale
The final part of the transaction process consists of two parts: negotiation and
closing. At this stage, it is crucial to provide a positive customer experience for
both parties since it leaves a great overall experience for both parties. The
negotiation phase is primarily about communicating with both the buyer and
seller to ensure that both reach an agreement. It also can be a tedious process
if there are multiple counteroffers. A well-handled negotiation process helps to
build more trust and between all parties, which increases the likelihood of a
smooth transaction.
The closing phase is the final step where all legal, financial, and administrative
tasks are completed to officially transfer ownership. What makes Spain’s
process unique is that the closing is handled by the notary to ensure all legal
requirements. The real estate company’s part is to help both parties gather all
the required documents and guide them through the final steps of the
transaction. It is crucial that the company leaves a positive impression to both
parties since it enhances trust and customer satisfaction. In addition to ensuring
a strong relationship with current clients, it also helps to attract more customers
through social proof, referrals, and positive word-of-mouth recommendations.
All of these are crucial in real estate since it is a human-centric industry.
43
While human interactions remain at the core of this process, it can benefit from
PropTech to make it more streamlined for both the clients and the company.
44
Figure 12. Negotiation BPM process (Petteri Kalliomäki, 2025).
As seen in Figure 12, the negotiation stage involves multiple interactions
between the buyer and seller, with the company acting as a middleman. In this
stage, it is essential for the company to ensure efficient communication,
45
transparency, and trust between both parties. Due to the sensitive and
personalized nature of negotiations, the integration of PropTech tools should
remain minimal and support the process rather than dominate it. Excessive use
of technology tools in this stage could negatively impact trust, which reduces
the quality of the customer experience. Therefore, the focus should remain on
human interaction to ensure that both parties feel supported and confident in
their decisions.
For this stage, the optimal PropTech solution is a CRM system designed
specifically for real estate professionals. It helps the agent better understand
both parties by providing quick access to client interaction histories,
preferences, and previous communications. With these insights, the agents can
make more calculated decisions when being the middleman between the seller
and buyer. Since the CRM system operates within the company, it does not
interfere with the human-centric interactions valued by clients at this stage.
When both parties have come to an agreement, the transaction process
transitions into the last stage: closing the sale.
46
Figure 13. Closing the sale BPM process (Petteri Kalliomäki, 2025).
47
As seen in Figure 13, closing the sale is primarily about coordinating the
completion of the sale and ensuring that all required documents are prepared
for the notary. The company’s responsibility here is to make sure that both
parties have all the required documents and are informed about upcoming
expenses and processes. This process has the same primary focus as the
negotiation since communication and showcasing trust are the most important
aspects in this phase. If this is not done correctly, it can delay the transaction
and ultimately harm trust and customer satisfaction.
When compared to the negotiation process, this has more PropTech tools that
can enhance the business operations and customer experience. Companies
can for example, use document management platforms to securely collect,
verify, and organize required documents digitally. This gives clients more
flexibility and convenience, as they can submit their documents remotely.
Clients can also receive an automated newsletter by workflow automation
software to inform them about the upcoming steps, timelines, expenses, and
any actions they need to take. This approach minimizes confusion and
enhances trust. E-signature software could also be beneficial here, but it is not
possible in Spain. This is because the signing of the title deed must be done in
person at the notary’s office. This has been confirmed by the real estate expert
from Spain.
Once the deed is officially signed and ownership has been transferred, workflow
automation software can be utilized again to send automated emails or text
messages. It also can be used to inform about after-sale services that the
company is offering to both parties. This leaves a positive final impression,
showcases the company’s commitment to taking care of the client, and helps to
maintain long-term relationships. Additionally, it encourages the clients to leave
a positive review online and positive word-of-mouth recommendations. Both are
crucial since according to a study, 92% of respondents trust recommendations
by friends and family and 70% rank online consumer reviews as the second
most trusted source of information (Talib and Saat, 2017: 3).
48
6 Discussion
This chapter discusses the key findings from both quantitative and qualitative
research mentioned in this paper. These include secondary data from studies
and reports, interviews, and analysis of the transaction process in Spain. With
the help of literature as well, we can get a comprehensive understanding of
what PropTech tools are the most effective for enhancing operational efficiency
and customer experience in real estate. Additionally, the chapter evaluates how
these tools impact both the business and client interactions. The discussion
presented here will help to answer the central research question and conclude
the research.
6.1 Practical PropTech tools to use in business operations
Findings from this research have highlighted several tools that any real estate
firm can utilize in their business operations. While many of the tools discussed
have been beneficial to the industry, they have been around for some time or do
not fully address certain operational pain points. In addition, the adaptation rate
of many technologies is rather low, as seen in Figure 5. This research has
aimed to identify new tools that are not yet widely recognized or have emerged
from recent technological advancements.
49
Figure 14. Future perspectives on technology (PwC, 2024: 26).
To lay the foundation for a company that handles many inquiries and clients, a
real estate CRM with an automation feature is a great tool to centralize client
data, interactions, and transaction history. This helps companies to manage
leads more effectively and have structured communication within the company.
Additionally, workflow automation software is another tool that reduces manual
work by automating repetitive tasks such as follow-ups and emails. As seen in
Figure 14, 67% of respondents want automated CRM, and 56% emphasized
the need for a better system integration. In addition, over 70% of respondents
are planning to adopt new technologies in the future. This highlights the
demand the mentioned tools have in the real estate industry.
Another set of essential tools for improving real estate operations are
scheduling software and digital document management systems with E-
signature solutions. Scheduling software is great for streamlining meetings,
50
property viewings, and consultations. This is a great alternative to offer for the
clients, and anyone would be able to, of course, come to the office without an
appointment. In consultations, scheduling software allows, for example,
employees to prepare more in advance to ensure a smoother and more
organized meeting for both parties. Additionally, appointments can be
automatically synced into a shared calendar accessible to the entire team. This
allows every employee to stay more informed about upcoming meetings and
use their time more efficiently.
Digital document management systems and E-signature solutions are both
great tools to enhance the handling of contracts and paperwork. However, the
use of these tools largely depends on who the company’s clients are. As
mentioned by the real estate expert from Spain, these do not work in Spain due
to legal constraints and their clients preferring to sign the contracts at the office.
While these both are great tools to use and have already been largely adopted,
as seen in Figure 5, they may not be the most beneficial tools in every country.
51
Figure 15. Comparison between language models and AI agents (Deloitte AI
Institute, 2024: 6).
Emerging technologies such as AI agents and AI-powered marketing tools can
be used to enhance automation and integration between all systems within
business operations. As seen from the comparison of AI agents and typical
language models in Figure 15, AI agents can perform tasks autonomously and
learn from previous user interactions. This means that the more they are used
in daily operations, the more they will know about the business operation, which
leads to more calculated decisions. They can be integrated with other systems
within the company, which is a key feature according to the respondents in
Figure 14. Regarding AI-powered marketing tools, a company can generate
marketing materials with the help of generative AI. It is also possible to
automate the distribution of this material to all platforms with the help of
workflow automation software.
When looking at the future of what PropTech 4.0 tools could be used to improve
business operations, blockchain is something that can provide value within the
52
real estate transaction process. Blockchain technology can be used in real
estate to enhance the transparency and accuracy of ownership records, reduce
the risk of fraud, and streamline the land registration process (Patil and
Bharambe, 2023: 773). It also has been proposed that blockchain could be
used for fractionalization and tokenization of property assets. While these both
can solve some pain points within the industry, the biggest issue remains the
need for a clear regulatory framework (Starr, Saginor & Worzala, 2021: 163).
What makes these tools mentioned even more valuable is their ability to work
together seamlessly, which creates a fully integrated and automated
infrastructure for real estate companies. This is a solution for someone like the
real estate expert from Spain with problems integrating tools into existing
systems. While these are a significant step toward improving business
operations, it is equally important to assess how these tools impact customer
experience and operational efficiency.
6.2 Impact on customer experience
The integration of PropTech tools into real estate operations does not only
streamline business processes, but also enhances the customer experience.
With 71 % of customers expecting companies to deliver personalized
interactions, the tools mentioned in the 6.1 chapter can help to achieve that
(McKinsey & Company, 2021).
Most of the mentioned tools in the 6.1 chapter are only used internally and not
by the client. This means that they work behind the scenes to improve efficiency
without disrupting the human interactions that are valued in the industry. Tools
such as CRM and workflow automation software help employees maintain a
more structured and informed approach to client communication. Workflow
automation software’s main goal is to leave more time for the employee to focus
on the client and not on time-consuming routine tasks.
Tools such as scheduling and E-signature software are another great set of
tools, but the use of them can have a negative effect. As mentioned by the real
53
estate expert in Spain, many of their clients prefer doing everything more
traditionally. This is not necessarily a negative thing, since different markets
have different expectations. In a country like Finland, both tools could work
since the market in Finland values speed and convenience. E-signature is
already working well since the real estate expert from Finland has stated so.
Utilizing AI tools can also have a significant impact on customer experience by
enabling more personalized interactions. An example of this is how Netflix
leverages AI algorithms to provide more personalized recommendations to its
subscribers. This enhances the user experience and increases viewer
engagement (Huang, Patel and Carter, 2024: 4). Similarly, AI agents can be
used to know the company’s clients better and therefore offer more
personalized service (Deloitte AI Institute, 2024, p. 11). With this better
understanding of what the clients want, the company can then leverage
generative AI to make targeted marketing materials based on the collected
insights.
The Majority of the tools discussed in this chapter operate in a way that is only
visible to the employee. However, all tools mentioned enhance both operational
efficiency and customer experience without replacing human interactions. In
addition, they solve many of the pain points that have been addressed by
external sources and real estate experts in Spain.
54
7 Conclusion
This thesis addressed the research question, “What PropTech tools are most
effective in enhancing operational efficiency and customer experience in real
estate?” Through a combination of quantitative and qualitative research, the
findings have provided an extensive understanding of PropTech in business
operations.
The research has shown that various PropTech tools can be used to increase
operational efficiency and customer experience. The essential sets of tools are
CRM systems, workflow automation software, AI-powered marketing tools, and
AI agents. In addition, tools such as appointment scheduling software, E-
signature solutions, and digital document platforms are part of it, but the wider
adaptation depends fully on the clients and market the company operates in.
What the research has shown is that in countries like Spain, clients prefer real
estate transactions in a more traditional way. This and the current legal barriers
also limit the effectiveness of the mentioned tools. However, the essential set of
tools can still be used and will increase the effectiveness of business operations
and customer experience. Research also has shown that Spanish professionals
are motivated to use emerging technologies to enhance business operations
and provide a customer experience. In contrast, Finnish professionals are not
utilizing technologies such as AI since they are uncertain about its practical use.
In conclusion, Spanish professional recognize the potential of emerging
technologies but face legal constrains, whereas Finnish professionals do not
encounter such barriers but are less convinced by the potential of these
technologies.
The key to utilizing the potential of all the mentioned tools is a correct
integration. As research has shown, the best way to do this is by making sure it
does not disrupt the human-centric nature of real estate. For the clients, the
most noticeable impact comes from the increased availability of employees who
can now dedicate more time to them. Tools like E-signature and appointment
55
scheduling also offer more convenience for the client if marketed as an
alternative option. In addition, it enhances the company’s time management and
personal interactions with the clients. This is crucial if the company handles
multiple clients at the same time.
A recurring theme during this research is the lack of knowledge of new
technological tools. This is a significant challenge in the adaptation of PropTech
and in the real estate industry overall since it is often seen as hesitant and wait-
and-see when it comes to digitalization (KPMG, 2022: 30). However, the tools
mentioned before are relatively easy to adopt and come with guides provided by
the third-party companies. Regardless of these barriers, the research has
shown a positive shift in mindset, with 73% of professionals still adopting new
technologies and 70% of professionals using AI tools (PwC, 2024: 26-27). The
research also found that utilizing automation and digitalization reduces costs
and increases operational efficiency (World Economic Forum, 2024: 40).
The general shift in mindset on technology adaptation in the real estate industry
is a positive development for the whole industry. Companies are now starting to
become more aware of what pain points can be fixed with the help of AI or what
processes can be automated with different software. While larger firms have
been early adopters of AI and are building their own platforms like Serhant,
smaller firms have started to realize the true potential of technology. Future
research could explore how blockchain can transform the industry, but this
would require a clear regulatory framework to be adopted. As PropTech, the
real estate industry, and customer demands evolve, companies must remain
proactive in integrating new technologies to maintain their competitiveness
within the industry.
56
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