The Rise of PropTech: How Tech Companies are Transforming Real Estate
PropTech (property technology, sometimes called real estate technology) is worth an astonishing £27.3 billion, a value set to rise annually by 15% until at least 2032. Apps, platforms, and other digital tools that connect buyers and sellers, support tenants or landlords, or help with property management all fall into this category.
How has technology changed the real estate industry, and who’s at the forefront of that transformation?
Impact of Technology on the Real Estate Industry
In as little as two decades, home buyers have gone from searching through magazines and newspapers to doing a large portion of the process online. But that’s not the only way technology is transforming real estate.
PropTech advancements over the last few years now include the addition of AI to automate processes, closing deals faster, or ensuring tenants can contact maintenance when needed. AR (augmented reality) and VR (virtual reality) have applications in real estate areas ranging from construction to virtual home viewings.
Tech startups have been central to these changes and continue to disrupt the industry in the most positive ways.
Related reading: Women in PropTech — A Changing Scene
Changemakers: Companies Breaking Ground in PropTech
Take a look at five impressive PropTech firms each with a different approach to improving the real estate industry for their target audience.
Curbio
Curbio arranges pre-sale home improvement with no payments due until the house is sold. Their digital dashboard allows realtors and agents to quickly access the progress of work and get updates instantly. In 2022, Curbio raised $65 million in Series B funding and a further $25 million later that same year.
From reviews: “I've now partnered with Curbio on multiple projects and have been 100% satisfied with the entire process.”
TotalBrokerage
TotalBrokerage offers a complete and comprehensive real estate brokerage platform, aimed at scaling the performance of brokerage firms. The company has won numerous respected industry awards and accolades, including Category Leader awards for Real Estate CRM and Transaction Management Software.
Related reading: Brokering Success: Arch Collective and TotalBrokerage
Rayse
The Rayse app simplifies and improves collaboration and communication between real estate professionals and clients. The app’s design is informed by a network of over 300,000 real estate agents, making the whole journey entirely collaborative.
Conduit Security
At Conduit, the focus is on preventing wire fraud — fraudulent bank transfers, scams, and other ways of illegally obtaining funds over the Internet or telecom networks. Conduit protects construction and real estate businesses among others, which are at risk due to the large amounts of money being transferred on a regular basis.
My Home Pathway
This tech platform is for first-time buyers. My Home Pathway provides digital support to help inexperienced home buyers get approved faster. The PropTech innovators have now raised $550K in funding across four rounds.
Final Word
From protecting new buyers to preventing fraud, PropTech is making the real estate industry more secure, easier to navigate, and potentially more profitable. If your tech startup works in or adjacent to real estate, book a 15-minute discovery call with Arch Collective. Our expertise in supporting PropTech startups could help you position yourself as the next industry changemaker.
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