3 Tech Startups Shaking Up the Real Estate Market

3 Tech Startups Shaking Up the Real Estate Market

Residential real estate as an industry has traditionally been built upon relationships. Those planning to raise a family and looking for the perfect home is prone to work closely with their real estate agent to discover the most desirable property. So it is mandatory for agents to possess engaging personalities as well as actively build personal networks to gain new business.

However, tech ventures like Zillow and Trulia as well as other startups have emerged to automate the processes for investors, property managers, and brokers. They employ technologies that infuse machine learning, predictive analytics, digital media and transparency into the real estate ecosystem.

Here are three startups that are notable for leveraging technologies to significant effect in this niche.

Unisource: Automating title and escrow.

Organizations are leveraging automation to significantly expedite the process of loans with mortgage lenders trying to close loans, title and escrow faster than ever before. Apart from aggregating buyer information from various online sources, title and escrow companies are customizing solutions to fit the needs of individual mortgage lenders.

Even though the industry has traditionally delivered real estate transactions through brick and mortar firms, people are increasingly discouraged by the paper-intensive and manual processes. This enables newer tech-focused models to emerge in all facets of the lending process. The challenge is in combining technologies to automate processes while adhering to the stringent and constantly evolving compliance regulations from the Consumer Financial Protection Bureau to deliver a seamless lending process.

Honest Buildings: Changing commercial real estate.

Increased access to technology and analytics has made collaboration and transparency throughout the life of a real estate project easier. Of vital importance to the health of the project, the data-driven project management and procurement platform from Honest Buildings has been built for operators, real estate owners, and managers.

Honest Buildings strives to become the go-to source for commercial real estate projects, similar to a centralized location for buyers to shop for homes and examine a range of property aspects. Founder Riggs Kubiak says that he sees the real estate industry evolving from outdated pen and paper processes, unlocking value through faster project completion within budget.

Matterport: Augmenting the purchasing process.

With the next big thing - “Virtual Reality” penetrating nearly every industry and turning increasingly mainstream, real estate startups like Matterport are taking off in a huge way. The company’s 3D technology allows real estate brokers and agents to scan rooms in a matter of minutes, making virtual tours the future of the open house.

The effect of this new standard in real estate can be explained by the increasing number of people choosing homes without ever visiting them. This is helpful in a lot of cases where the buyer is off location and needs to make a quick decision. At times if a couple is buying the property, only one person needs to fly out, the other may experience it remotely via VR.

These startups have been successful, albeit in small steps - by opening up the real estate to buyers with reduced involvement from realtors.