Proptech is here and it wants your greatest attention. Property investment is not only the hottest money making sector, but so is the smart computer technology behind it in 2017. Innovation has led to online letting agents, property platforms, digital mortgage brokers, AI-powered AVMs, crowd funding for home buying, to name but a few, and it’s all taking the property sector by storm.
So what makes all the above possible? Accessible technology, Big Data, Artificial Intelligence (AI), machine learning, user-centric design, and a flow of innovators. Proptech start-ups are implementing new technology in otherwise very traditional industry to enhance the consumer experience in a way that traditional players have never thought was possible. Whether the technology is provided directly to consumers or as a service to third parties in the market – the niche is there, and it’s likely to only grow in the future.
What is proptech? Let’s become familiar.
Proptech is the new buzzword emerging in the technology scene, which is basically a nickname for property technology. There are a flood of start-ups emerging that are improving, refining and reinventing the property industry through the use of advanced technology for services such as renting, buying, building, selling and managing residential and commercial real estate.
Although proptech may strike some as new, it’s been around for almost two decades. One of the earliest disrupters that introduced property technology in the UK was Rightmove, who made its mark in the real estate tech scene nearly 15 years ago! It may have held the reigns with almost no competitors for years along with Zoopla, but now more players are entering the market realising the urgent need to improve a number of outdated real estate models.
Are the big proptech companies feeling the competition? It may be so after reading this list of property technology start-ups. Let’s just say that proptech is big business.
“suggests that a massive amount of investment will be pumped into the development of new technologies, specifically in the real estate sector.”
What Proptech start-ups you need to know about in the UK?
If there is any element in the property world that can be improved, proptech start-ups are disrupting it. Whether it’s for commercial or residential real estate in the B2B or B2C space, proptech start-ups are rapidly penetrating the market and obtaining venture capital investment. Their Big Data and AI driven solutions are opening the golden gates for the future of real estate as they challenge the traditional processes to improve the consumer experience.
Check out some of the key start-up proptech players (in no particular order) that are disrupting the UK property world as we know it.
1. Hubble is an online marketplace that helps match those looking to rent an office space or shared work space in the UK for a fixed or variable time frame.
2. Appear Here helps link retailers to landlords who are willing to provide short-term retail rentals or pop-up shops anywhere around the world.
3. Purplebricks let’s buyers find and select the right property expert to oversee their property by booking directly through Purplebricks’ online platform.
4. Settled is a property platform that lets homeowners sell their property directly to buyers without involving a middle-man.
5. Nested helps homeowners establish a selling price for their London homes and promises to sell their property in 90 days.
6. Habito is a digital mortgage broker that is making great strides in simplifying the whole mortgage process and helping people find the best mortgage deal.
7. Providens.ai offers an AI-powered AVM and predictive analytics for the real estate market. Their product can perform a mass appraisal of thousands of properties instantly and at low cost. They are launching their first product, Oreeva, in Singapore in the coming months.
8. Movebubble is an easy to use mobile app that helps flat seekers find their next home to rent and lets them make an offer directly.
9. Rialto is a real-time management platform that improves the collaboration between professional brokers and commercial real estate landlords.
10. Virtual Commercial is an online commercial real estate agent platform. It’s like the “Purplebricks for commercial property,” as stated by their founder Andrew Vertes.
The above Proptech start-ups are just a few of the many that that are paving way and making an evident impression in the property tech scene. In my opinion, it’s very thrilling to see where we are heading and how we are all utilising Big Data and AI to improve user experience, increase efficiency and bring the real estate industry into the 21st century.
Anyone going to #PropTech London?
I’m so excited to attend the #PropTech 2017 Conference in London to meet some of these amazing companies disrupting the industry. If you’re attending the event and would want to meet up with us, please shoot us an email at firstname.lastname@example.org