If you thought the greatest technological innovations only emerge in the Silicon Valley, you’re wrong. We were surprised, too, techs used in the real estate industry are also about to bring a bang. In fact, startups in New York have made the first steps, and they could lead to national implications.
According to CBRE’s acquisition of Floored in January, a significant number of real estate startups are reaching their maturation point. They have been integrating technology to real estate, which resulted in waves of changes in the industry. The development doesn’t only include real estate companies. Interests are stretched out to property management and fintech, too.
More intriguing companies that fused property and technology are about to come. From New York to Michigan to Palo Alto, new startups are being anticipated. Such as, Metaprop, has given out innovations in the real estate technology, which is only a matter time to release. Clearly, there is a growing demand and opportunity in the PropTech scene. Innumerable ideas are about to be launched. In fact, here are the top 6 startups which crafted the most creative, groundbreaking innovations in real estate technology.
#6 Bowery
In real state, appraisal is a crucial step to obtain a winning profit. There is no standard way for a property appraisal. However, lenders need to know the right value of a property before they hand over checks. Bowery is about to change how the appraisal is done. Using their very own proprietary appraisal platform, commercial real estate can make faster and more accurate appraisals. The Bowery’s platform can access huge data like public records, comparables and other metrics to provide reports that offer in-depth information to find the most fitting property appraisal value possible.
#5 Flip
Flip can be similar to Airbnb but for a longer lease. Getting a legal, and affordable sublet can be tough in places like New York, Los Angeles and San Francisco. Flip can be helpful in finding sublets especially if you’re on a lease, and you’ll be leaving the country for some time. This tool provides details of profiles, and allows users make a list of properties. Flips can also provide information about credit scores, verified income and history of paying rent on time.
#4 Ravti
HVAC or heating, ventilation and air conditioning lands one of the largest costs in property management. Monitoring the state of HVAC systems when buying or maintaining a property can be expensive and tedious. It may even involve dispatching staff or third-party vendors onto roofs and into mechanical rooms for manual inspections and manual reports. Thus, the team of Ravti sought for a solution regarding this conundrum.
Ravti provides better HVAC management using an intelligent software that can reduce costs by 18 to 30 percent on capital replacements through direct procurement. Ravti is a Y-Combinator-backed startup, which has helped clients save seven figures on their HVAC operations within a year.
#3 OnTarget
The communication between property investors, managers, contractors and other vendors is important to avoid any construction delays. Such circumstances can be inconvenient and costly, which could lead to a downfall of any good project. OnTarget knows exactly how important it is to know the status of contractors in real-time. Thus, they made it possible.
OnTarget created a cloud-based app that allows everyone involved in the property project to connect efficiently. Managers, with the use of this app, can monitor everything and they also have access to all information that may delay the project schedule.
#2 Enertiv
When HVAC impacts a huge amount of costs in property management, it’s just wise to have an efficient system that can monitor the system’s energy costs. The team behind Enertiv thought the same. To be able to access real-time information use of HVAC, Enertiv serves as a proprietary platform that clients can view by location. It provides live data and period comparisons of HVAC systems. Enertiv also has a weather overlay which reflects how weather changes can affect the usage cost. This feature is extremely helpful in making adjustments to save money from HVAC use.
#1 hOM
Property managers are now more competitive compared in the past. Especially for old multi-functional buildings, they usually struggle with high turnovers, since the number of demanding tenants has grown. The occupants now prefer facilities that have better amenities.
Thus, hOM thought to turn boring buildings into a bustling lifestyle center. The team at hOM provides an event management option that brings amenities to existing places. They do it using a creative approach. They hold services like yoga classes, Pilates and fitness boot camps, as well as social and professional events in older facilities, which results in a 15 percent higher tenant retention rate than the national average. hOM can boost overall profitability by reducing turnover and costs of renovation when adding amenities like gym, pools, hot tubs, etc.
