In a contract, "time is of the essence" means you'd better get a move on because failure to meet a deadline becomes a breach.

While valuing potential investments, there's not usually a contract in question yet. But time remains of the essence in today's market. With so much money available to investors and, often, relatively few properties in the chase, those who hesitate are left without a deal.

This is why a growing number of companies have entered the proptech space with offerings to bring big data and the type of artificial intelligence algorithms called machine learning to help quicken the pace of valuations.

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