As technology becomes an inseparable part of our daily lives, we want everything at the push of a button! Wouldn’t you agree with us that this is becoming the rule, not the exception? This also means there is little patience for services or software that takes a long time to deliver or learn. And with this consumerization of technology; the way we buy, sell or rent a place is changing profoundly. Rapid advances in technology have led to a sharp increase in investments in the real estate technology as well. The growth is seen on both sides of the business - residential and commercial, even though the residential space is more crowded than the commercial space.
Both sides of the business have seen adoption of new technologies that not only bridge the gap between buyers and sellers, but addresses the demands of the market and provide information anywhere, anytime by reinventing the tools. Startups catering to this industry are working towards building platforms that are consumer-friendly and easy to navigate. Although real estate industry has just started to embrace technology, it has been a very data-dependent industry right from the beginning of times; something which will still make the foundation of success or the core of building any new technology revolving around it by startups in this space.
Data collection and collaboration will prove to be extremely advantageous to startups in this space, as the analytical insights gained from the collected data, can be game-changing for consumers and agents, banks and brokers alike. Perhaps, the backbone of this industry that is based on listings and lease deals is what will shake up this industry. Information that is easily accessible and updated in a timely manner will help the startups in this space significantly. And you need good information to make good decisions! Hence, data collection, aggregation and analytical insights will make these companies gain competitive advantage by proving a ground for better decision making and success.
Although the real estate industry is vast it still is only at the beginning of a technological evolution which is the key to a new era of growth! Hence, opportunities are plenty for startups to innovate using technology and data across the real estate industry; and technology which is changing some of the various aspects of this business can be segregated as below:
- Listing platforms for user to search for residential and commercial property.
- Brokerage platforms that connect buyers and sellers.
- Platforms enabling consumers to discover and share work spaces.
- Companies using technology to create 3D virtual physical spaces and plans.
- Companies building leasing management software.
Some of the key startups tapping these various aspects of the business are listed below. These startups are changing the real estate industry’s landscape by leveraging technology to automate processes, reduce paper work and offering to sieve through the best properties in the market and making one of the toughest decisions (rent, sell or buy – be it a home or an office) simple and less cumbersome! All this and more, at the push of a button!
- 42Floors – Web platform offering real estate listings for office spaces.
- Appear Here – Marketplace for real estate listings for short-term rental of retail spaces.
- Compass – A technology-driven real estate platform for buying, selling or renting a home with comprehensive brokerage services.
- CoUrbanize – A platform that aims to help communities and real estate developers build better cities together.
- Cozy – A property management software offering solutions to landlords and property managers for rent collections, credit checks and applications.
- FieldLens – A platform for project management tools for construction projects.
- Floored – Creates interactive floor plans and 3D graphics for real estate industry.
- Fundrise – A crowdfunding platform for real estate investments.
- Hightower – A mobile technology platform for commercial real estate leasing business.
- Honest Buildings – A platform for real estate management and construction teams.
- Liquid Space – A marketplace for coworking spaces.
- Nestio – A residential leasing and marketing platform
- Pivot Desk – Office sharing marketplace.
- RedFin – A web platform offering real estate listings for residential properties.
- Reonomy – A platform for commercial real estate analytics
- Share Desk – A platform for on-demand workspaces.
- The Square Foot – Online search platform for office spaces and concierge services for businesses to relocate and expand.
- VTS – A platform for tracking deals, managing space, and collaborating with asset managers and leasing teams.
- Wework – A platform that provides shared office spaces and helps build communities.
These are just a few startups revolutionizing the real estate industry, but there are enough signs suggesting that this trend will continue through 2016! So, we say, make more room for them!