D
etroit is a prime example of a market experiencing a real estate revival. Despite its past issues, the city is now trending in a positive direction, with a competitive market and a median sale price per square foot of $78 - up 16.4% from last year. A key factor driving this growth is PropTech, or property technology.

    PropTech refers to the use of technology to improve the real estate industry as a whole. In Detroit's case, it's not just about short-term advantages, but also about long-term transformation. One way PropTech is making an impact is through skip-tracing technology, which helps investors locate hard-to-reach property owners.

    This can be especially useful in cities like Detroit, where many properties are vacant or abandoned. By using tools like DealMachine, real estate professionals can easily find the owners' names and contact details, even if the property is distressed or fully abandoned. This allows them to negotiate deals before the property is listed publicly.

    In addition to skip-tracing, PropTech also streamlines property research and due diligence. With dynamic markets constantly changing, investors need to make informed decisions based on more than just property values and ownership history. Tools like BiggerPockets help reduce the time and effort required for this research, allowing investors to better contextualize their investment opportunities.

    As Detroit continues to transform, PropTech is also crucial for managing property improvements efficiently and transparently. Platforms like AppWork simplify complex processes, providing real-time updates and centralizing communication. This helps investors save time, reduce costs, and avoid common pitfalls in construction management.

    The result is not just quicker project completions but a higher quality of work that aligns with the city's broader revitalization goals. PropTech ensures that improvements contribute meaningfully to Detroit's ongoing transformation into a modern, vibrant urban center.

    Detroit is just one example of an area where PropTech is benefiting local real estate development. The impact technology will have varies dramatically depending on the unique strengths, weaknesses, and challenges of each area. As investors increasingly focus on revitalization, leveraging PropTech tools will be critical for both individual investors and large-scale developers.