Data and Technology Startups on rise in 2017 for Real Estate Business
These days, having a top-notch technology plan is essential for a booming real estate business. Jon Evans, chief technology officer at Daniel Gale Sotheby’s International Realty in Cold Spring Harbor, N.Y., loves handling the amount of raw data that seems to be mandatory when working in real estate technology.” The combination of a 6-9 month sales cycle and the use of the internet by real estate shoppers leads to amazing amounts of data,” says Evans. “This data, when put together succinctly, allows for incredible opportunities for not only integration and automation, but for actual business transactions.” The key word here is integration, which presents frequent challenges for Evans and his team.
The slow-moving real estate technology sector is expected to enjoy one of its best years yet in 2017.According to a new report, more money will be pumped into the development of technologies specifically for the real estate industry. And more startups will emerge within the leisure, multi-use and industrial real estate sectors.
It’s time to simplify tech choices for agents. Keller Williams’ new chief strategy officer uses experience outside real estate to help agents. Real estate agents, like most users, are after products that are tremendously simple, that make it easy for them to do the things they love to do, and that generate value for them,” he said.
Chicago-based real estate technology accelerator Elmspring is looking for startups to join its 2017 class set to launch next summer. Founded in 2013 by real estate entrepreneurs and principals at Elmdale Partners, Thomas Bretz and Adam Freeman, Elmspring was the first seed-stage technology accelerator in the country to focus solely on the real estate industry. The four-month program helps startups bring their “disruptive” ideas to market.
2017 is the year of the broker, and it’s just the beginning of a bright future and an area of disruption is broker-provided technology and marketing infrastructure. Portals are aggressive in providing increasingly valuable agent tools for “free,” not only eroding the value of broker-provided technology and marketing tools in the eyes of agents, but also affecting consumer perception of real estate brands.
Real estate isn’t typically considered a tech-filled field. Most of the changes faced by this industry have been in financing and demand, with technology being an afterthought of traditional practices. Recently, however, a growing number of technology startups and products emerged, greatly impacting the industry. Bill Lyons, CEO and founder of Revestor, a search engine that guides potential investors to ideal properties, explains: “Consumers are beginning their search online and realtors are scrambling to get in front of them. The key is providing the technology that connects real estate investors with realtors and real estate investors with profitable properties.”