The newly signed Arizona H.B. 2673, “Property Technology Sandbox” (the Sandbox), establishes Arizona as the prime destination to develop and innovate emerging products and services in the real estate industry.
Under the Sandbox, proptech companies will have up to a two-year trial period to play in the “sand.” This period will allow companies to test out their technologically innovative products and services in the real estate industries to real consumers before applying for formal licenses and authorizations. When signing the bill, Arizona Governor Doug Ducey stated, “PropTech is changing the way we rent, sell, buy, develop and manage property.” This legislation protects the consumers while also introducing them to new players in the real estate industry. By removing the costly barriers to entry, Arizona is providing a helping hand for proptech companies to innovate and develop.