Since 2011, approximately US $6 billion in venture capital has been invested globally in PropTech platforms, 70 percent of which was invested within the last two years (CB Insights).
If there’s one thing we can all agree on, it’s that in the real estate world, we move, well, kind of slow.
And as commercial real estate is still dusting off its knees and getting back on its feet after the 2008 recession, it’s hard to believe that the rapid paced tech world is (again, slowly… but surely!) infiltrating almost all aspects of an industry that has, in some ways, remained unchanged over the years.
Here are some ways companies and applications are changing the face of “PropTech”: The intersection between real estate and technology:
They’re making it easier to find funds or invest
The internet connects people to contacts and resources in unprecedented volumes, and companies like RealtyShares are bringing this advantage to the real estate industry. RealtyShares is a crowdfunding service that links accredited investors to pre-vetted real estate opportunities. Investments for each property can be as small as $5,000.
They’re keeping owners happy and tenants satisfied
Many PropTech services aim to alleviate some of the headache of owning and managing property.
– hOM creates amenities, such as events and fitness programs, for residential and office properties to provide tenants for a unique community experience.
– Ravti is a service that tracks, manages, and procures heating, ventilation, and air conditioning for large property owners, making it easier for both the owner and vendor.
They keep us fast and organized
Various cloud based softwares, such as Buildium and Bowery, are saving time and money for people in the real estate industry. Buildium provides landlords, property management companies, homeowners associations, and self-managed condos with property management software solutions. Fueled by big data, Bowery’s commercial appraisal writing software and mobile application allows reports to be written faster and in larger volumes.
Riley saves brokers time and stress through their lead qualification service. Riley Concierges send leads purchased by the broker qualifying questions within five minutes, review them, and pass them back to the realtor.
“The 20 Most Innovative Companies in Real Estate (or PropTech) the Benchmark Series.”
Medium.com, 6 Feb. 2018, medium.com/go-weekly-blog/the-20-most-innovative-companies-in-real-estate-or-PropTech-2e0242b80e32.
Armstrong, Paul. “5 Emerging PropTech Startups You Need to Watch in 2018.”
Forbes.com. Forbes, www.forbes.com/sites/paularmstrongtech/2017/10/18/5-emerging-PropTech-startups-you-need-to-watch-in-2018/#7f6db70e4494.
Accessed 18 Oct. 2017.