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“New York City is a hot bed of activity”
October 15th, 2018 | Posted in Real Estate News
Below is our latest newsletter on real estate and happenings in NYC. Hope you enjoy. Always great hearing from you, so please let me know if you have any thoughts or questions.
You would think that by mid-October the temperatures would be cooling off – they aren’t, and do you know what else isn’t cooling off? Proptech. It’s a major disruptive force in nearly every aspect of real estate from flipping homes to securing a mortgage – the industry has been slow to adopt change and is ripe for technological intervention. And with the sheer concentration of real estate companies New York City is a hot bed of activity.
If you’re asking yourself “What is proptech?” you are not alone. Even my spellchecker isn’t sure that it’s a real word – but as with so many technological developments it’s certainly not going anywhere. Proptech, or property technology, encompasses a set oftechnologies changing the way we research, rent, buy, and manage properties. If you were in the market 10-15 years ago, you know that we couldn’t just hop on our phones and check out which apartments near us were for sale, something so common place now. The start-ups that are finding footholds are those that are finding spaces where problems exist and applying technology to improve the client experience.
As one of the fastest growing investment sectors in the world proptech is seeing rapid advancements, in no small part because of the billions of dollars being funneled into tech start-ups focused on disrupting the industry. WeWork for instance provides not only business services, but also rents actual space for small businesses and just saw a $4.4 billion investment from SoftBank, and with some 96% of investors planning to invest as much or more in 2018 as they did in 2017 it’s evident that the trend is just getting started.
There are some interesting ideas floating around in the proptech space from mortgage alternatives that would allow a buyer to sell shares of their home equity to seamless integration of smart home technologies. For the past three years MetaProp has been running a start-up accelerator for burgeoning proptech firms giving a glance into what the future might hold. With all of the exciting new developments this will be a fascinating space to watch.
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