PropTech is a swiftly developing industry centered around technological innovations that are designed to improve and facilitate certain aspects of the property and real estate sectors.
With great new strides being made all the time, it really is a field to watch. In this article, the team at We Buy Any House firm Property Solvers examine a few of the most promising PropTech startups from around the world.
HoloBuilder fills a vital gap in the market by allowing property investors or other real estate professionals and their clients to remotely monitor and track the progress of construction projects through sophisticated 360° imaging.
Founded in 2016 in San Francisco by Mo Akbari-Hochberg, an entrepreneur whose roots lie in the Augmented Reality sector, HoloBuilder has gone from strength to strength throughout the pandemic era, partly due to the support it can provide for remote working and social distancing.
The technology allows property and construction professionals to capture 360° photos of any site, which can then be shared instantly with other stakeholders.
These images can be organised in any way you choose - including by date, by project and by floor plan. You can compare current 360° photos side by side with sketches, plans, models and other media and even annotate areas of interest.
With search growth for the company increasing by a huge 393% over the last two years, HoloBuilder is an exciting tool that supports the progress of the construction industry even in challenging times.
Chatbots are a must-have for almost any business within the property sector due to their capacity for workload reduction and streamlining, effective automated customer care and general convenience.
Blyng, a London-based start up founded in 2018 by Alexandre Boulenger, Sasha Serafimovski, Julien Priour and Julien Vidal, manages communications 24 hours a day using all major messaging platforms.
The technology is powered by AI in order to develop a fundamental understanding of each query and provide detailed, accurate responses.
In this way, relevant and useful information can be gathered automatically and passed on to the estate agent or mortgage broker employing the technology, enabling them to further their relationship with any potential client based on the strongest possible foundation.
With transaction times lengthening due to a boom in demand and a shortage of supply in the current lively property market, the call for an initiative to expedite the process has never been stronger.
Casavo, a brand founded in 2017 in Milan by tech entrepreneur Giorgio Tinacci, serves as an interim buyer and renovation specialist for homes - then sells those properties on to a final buyer. This removes any chain and significantly reduces transaction times.
Casavo aims to close each deal within a month and provides a guaranteed price to initial sellers.
Trussle is a free mortgage broker that operates at high speed and prioritises a fair process for all involved.
With a focus on clarity and simplicity, the company sets out information about long-term repayments transparently, and also works to secure mortgages for freelancers and individuals with less-than-ideal credit ratings.
Trussle serves as a go-between for the lender and the borrower, with most deals offered within just five hours.
What’s more they can provide mortgages in principle (or pre-approvals) and mortgage estimations for those seeking a new home - plus, they keep current users up to date on the best deals.
Founded by Ishaan Malhi in London in 2015, the company now cites more than £2.7bn in mortgage approvals and counting.
Founded in Seattle in 2015 by tech specialists Tushar Garg and Steve Lane, FlyHomes makes property purchase more accessible by buying homes then renting them out to clients.
Once those clients are able to secure sufficient financing, they can in turn purchase the property from FlyHomes. In order to make the process as secure as possible, if a client’s financing approaches are unsuccessful, FlyHomes promises to purchase the property.
This approach to homebuying speeds up the process by provisioning a buffer for any chain, as well as giving potential buyers a “leg up” - enabling them to take steps to secure a property before they are in the position to make a purchase.
The company also provides a unique “cash offer” service, helping buyers to win bidding wars while securing properties for 3% under the highest bid.
The above brands represent just a few of the exciting new prospects coming to light within the PropTech industry. This intriguing field is bound to develop speedily and increase its reach exponentially in the coming years - so it’s certainly an area to keep an eye on.