Page 26 - 10 Most Promising Real Estate Technology Solution Providers 2019

Real Estate Technology Solutions

What is proptech? Will proptech the 1980s, and each wave mirrored enterprise services that did not
change real estate investment? And a contemporaneous trend in the communicate or integrate with one
why is it such a major topic for real broader tech ecosystem. another, and in many cases, they
estate? required expensive customization
1.Early PropTech: Real Estate in by the end-user. Despite these
Real Estate Technology or Property the Microsoft Era (1980-2000: limitations, the leading companies
Technology, often referred to as founded during this era - Autodesk,
(“RE Tech”) or (“Proptech”), is an After the introduction of CoStar, and Argus to name a few -
economic industry composed of personal computing and later the still maintain leading market share
companies which use technology to popularization of tools like Lotus today.
make real estate transactions more and Excel, real estate institutions
efficient. Real estate technology began to adopt technology to drive 2.PropTech 1.0: Online
is a sub-category under financial more quantitative approaches Aggregators Emerge (2001-2007):
technology as real estate is an asset to investment and portfolio
class which represents a significant management. Software companies Following the dot-com boom, the
investment. emerged to address the industry’s Internet Era ushered in a new period
demand for better tools for critical of consumer confidence in online
Three waves of PropTech: functions such as underwriting, transactions. At the beginning of
accounting, and analytics. Unlike PropTech 1.0, it was difficult to
The opportunity to modernize real the enterprise software solutions we find real estate information online,
estate is not new. In fact, there have see today, the products introduced and nearly impossible to purchase
been three waves of PropTech since during this period were closed-form or rent a home online. Over time,

26 December 2019