4 Proptech Startups Coming Up with First-of-its-Kind Innovations

Startups, with their innovative ideas, are driving the real estate sector towards modernization and maximized profitability, streamlining the entire property buying and selling process.

FREMONT, CA: Technology has revolutionized the real estate sector, and budding startups are quick to implement them as their business ideas to modernize the industry. Innovation is what keeps investors interested, and the application of technology in it has only boomed the real estate sector, maximizing profitability. The demand for this sector is driven by economic growth. As industries evolve and the purchasing ability of individuals goes up, new offices, homes, and shops witness an increase in uptake. Here is a list of startups that, with their innovations, is driving the real estate sector. 

IOTAS

IOTAS is a pioneer in IoT-as-a-Service smart apartment platform. It has created ready-to-use smart apartments for a multifamily real estate industry. This innovation delivers a fully-connected, smart home experience for residents and property managers that integrate IoT directly into multifamily units. IOTAS enables realtors to install numerous smart devices quickly by simplifying the deployment and set-up process. With this premium offering, building operators and owners draw new tenants at premium rents, while lowering management and utility costs. Homeowners or tenants have smart home technology as they move in, managed from one app, voice control, and automation. IOTAS has raised $8.5 million to launch IoT-as-a-Service for the enterprise.

Opendoor

Real estate startup, Opendoor buys homes for resale based on its black-box pricing algorithm. Bidding to become a one-stop-shop for sellers and buyers, the company provides an online home-selling service, aiming to streamline the sales process down to a few days. Opendoor's goal is to enable everyone with the liberty to move. The company has become prominent with its high-tech home flipping, allowing the homeowners to spruce up the place, sell online, and quickly reselling it. Buyers can now window-shop homes, schedule a tour, and make an offer all in one place. Opendoor also offers the first real iteration of what the on-demand process could look like from end to end.

Better.com

The digital mortgage company, Better.com, has automated the end-to-end process for buyers. The company has created pathways for freelancers and startup workers to buy a property. Thanks to tech platforms that help underwriters comb through support documents easily. It is designing the real estate buying process for a younger audience. Better.com is a homeownership company that provides direct mortgage loans in a simpler, faster, and more accessible way. The company has streamlined the process to eliminate fees, unnecessary steps, and time-wasting appointments. Its efficiency not only makes it easier to buy a home, but it also translates into the best rates available. Better.com has raised $160 million to expand partnerships, launch insurance products.

PeerStreet

PeerStreet is a platform used for peer-to-peer investment purposes, using technology simplified by public-benefit corporation sites to create a radical new micro-lending system. It's crowdfunding for mortgages breaks conventional real estate loans into scantier pieces that people can purchase. Investors are able to earn 10 percent or more on their investments, while borrowers get the money needed to buy a house or run a business. With this process, PeerStreet connects investors with borrowers breaking the centuries-old monopoly on real estate-backed debt investments that financial institutions have enjoyed. The entire method is guided by high-tech data analytics. The company shops for loans from well-known private lenders using its proprietary AI analytics engine. It evaluates each loan and curates a pool of safe, high-quality real estate debt investments, then selling pieces of these loans to its investors.

With the advent of the newest technological advancements and innovations, the real estate industry has started modernizing. Technology has made it effortless for both realtors and potential homebuyers to buy and sell properties without exerting much effort like the traditional ways. Startups with their innovative ideas are transforming the face of the property sector. Increased focus on innovation and its incorporation is the key to success in the long-run.   

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