Finally, we have a new resource that will bring clarity to the complex business ecosystem known as “Proptech” and you can find it here with the launch of Real Estate Tech360developed in collaboration between CREtech and Kastle.
Why is it useful?
Well, real estate tech, or “proptech,” is the application of information technology and platform economics to real estate markets, according to Wikipedia, and JLL estimates there are over 8,000 companies in proptech, so people may need help evaluating the many players to choose from.
Why so much?
Real estate is the largest asset class, but also perhaps the most inefficient. This involves obstacles and frustrations that would not be tolerated in other competitive industries, such as manual purchasing and payment processing, long and labor-intensive production runs, limited supply , lack of flexibility for customer choice, disregard for environmental impacts, etc.
“The proptech industry has exploded in terms of growth,” says Michael Beckerman, CEO of CREtech, “there is a lot of confusion among customers who are overwhelmed by the amount of choice. Our goal in working with Kastle was to create a dynamic research report that would help the industry by curating the solutions that are leading the way.
Proptech is a response to this – if technological innovation can revolutionize other inefficient industries like banking, publishing, retail, music, hospitality, etc., why not real estate?
With proptech, many companies are trying to solve these many problems and introduce an innovative advantage at every step of the process and revitalize existing systems. But who are these companies and what issues are they tackling?
Suppose you are a commercial asset manager in a major US city today and your senior management asks you to invest wisely in proptech this year to maintain profitability or optimize energy management in the buildings you you supervise.
Where to start to identify and assess the major players in portfolio management or energy management or other real estate technology operations such as:
- optimize the use of space?
- involve tenants?
- streamline transactions?
- marketing to prospects?
- office security?
- book the use of amenities?
That’s a lot to consider. This is why the Real Estate Tech360 was developed through a joint research partnership between CREtech, the largest international community of professionals dedicated to technology innovation in the real estate industry, and Kastle, a leader in real estate technology and the largest managed security provider from the country. Together, they sought to create a resource to help visualize and monitor leaders in the real estate technology industry and provide an intuitive tool to help discern market players.
The effort followed a rigorous process beginning with a team of CREtech analysts who thoroughly screened and assessed the thousands of real estate technology industry participants who could be identified in the public domain. These initial results were then reviewed with a host of venture capitalists and real estate technology consultants to further refine them with their “in-house” expertise. Finally, the list was reviewed by a panel of real estate executives and experts to arrive at this version.
This new resource provides instant access to this list of companies categorized into fifteen technology and software categories covering everything from construction to tenant experience to flexible space, all designed to illustrate the evolution of the real estate technology ecosystem. Additionally, Real Estate Tech360 lists the best companies to consider in each category, with company descriptions, statistics and a link to their site.
Kastle provided additional financial support for this CREtech research with the goal of providing insights and creating tools to help the entire industry grow. “We are proud to partner with CREtech to create a resource to monitor the continued growth of the industry and help customers navigate the changing real estate environment and corresponding technology integrations to meet their needs,” said said Kastle CEO Haniel Lynn.