How big is proptech market? Venture investors sank $18.6 billion into real estate property technology — known as proptech — firms from 2015 to 2017, and more than 25 percent of that came in the fourth quarter of last year alone, according to a report from real estate tech research and marketing agency Re:Tech. In 2017, VCs put $12.6B into the real estate tech sector, with WeWork and Compass leading in terms of funds raised. Softbank invested $4.4 billion in WeWork and $450 million in Compass. United Stated-based real estate tech firms comprised nearly $6.5 billion, or 52 percent, of the venture capital funding raised in 2017.
Over $5 billion was invested in real estate technology in 2017. The sector has strong momentum, and according to Matt Harris from Bain Capital Ventures, we are entering the third wave of real estate technology.
Homesnap is a productivity and marketing app for real estate agents. The startup just announced a $14M Series B led by Updata Partners. The startup claims that around 75% of the real estate agents in the United States are using the Homesnap product.
There are now about 50 million rental homes in the U.S. with 100 million tenants. And this does not even include commercial spaces. The gatekeepers of this huge market are property managers, notoriously busy people who often manage dozens of properties, all with different needs and requirements. Property management still lags behind other industries in terms of innovation, but managers increasingly see tech products as a way to differentiate their spaces and to save money. This webinar is focused on how to sell to property managers.