Page 27 - 10 Most Promising Real Estate Technology Solution Providers 2019

however, the emergence of large What’s next: PropTech 3.0 of companies will introduce
online aggregators in social media solutions to digitize workflows
and e-commerce acclimated With all these consecutive waves and elevate transparency for every
consumers to online transactions of innovation and capital behind stakeholder in the ecosystem so
in such a way that similar models PropTech, you’d think that real that better decisions can be made
began to take shape in real estate. estate has already become a well- at a fraction of the cost. There is
Online portals such as Zillow and functioning, modernized industry every indication that technological
Trulia targeted the residential real today. progress will continue to shape the
estate opportunity, given its relative Looking Ahead: future of this industry.
size and availability of data.
As we’ve seen in the past, every
3.PropTech 2.0: Bigger is better? wave innovation in technology has
(2008): seen a corresponding innovation
Buoyed by remarkable in real estate. The Microsoft era
advancements in data processing, started to address the industry’s
storage, and ingestion, the last growing demand for better
ten years of PropTech ushered in underwriting and back-office tools.
companies with large ambitions PropTech 1.0 applied the online
and even larger treasure chests. aggregator model to real estate.
Consumer preference for access PropTech 2.0 leveraged themes like
over ownership propelled the shared economy and vertical
companies like WeWork and integration to achieve even larger
Airbnb into the mainstream. These ambitions in the building and
companies leveraged the shared management of physical space.
economy to make physical spaces I believe that tech-enabled real
more fungible – including homes, estate companies will capture
offices, and retail shops, to storage majority market share over the
space. next 10 years. The next crop

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