Every new year, we can take some time to reflect on lessons gained over the past 12 months. 2017 was a bountiful year for the real estate tech sector, with continued expansion and investment and new technologies. Even without a final count, we know the amount invested in this sector topped $3.4 billion, surpassing last year by 25%.
Here are some major moments in real estate tech we saw in the year 2017.
We Saw the Listing Service Reinvented
A real standout in this area was the company Compass. Compass operates as a listing service, but also as an extensive network of real estate agents, which makes it easier to connect buyers to properties than ever before. The company secured a $450 million dollar investment from the SoftBank Vision Fund- which Compass called the largest real estate tech investment in U.S. history.
Trans-Atlantic Market Growth
The U.K. is friendly to real estate technology- giving rise to giants like RightMove and Zoopla, Purplebricks and Nested. The U.K. led the entire world with the highest percent of early-stage real estate tech deals with a 63% deal share, reported CB insights. It was second only to the U.S. in the overall total of real estate tech deals.
Tech Aimed at Landlord and Manager Use
Millennials are flooding the rental market as home ownership declines, and that connects to an explosion of tech startups aimed at making life easier for landlords and managers who encounter tech-savvy tenants.
The Revolution of Data
Property data remains the core of the industry, but it still a challenge to not just systemize and organize data, but to deliver actionable recommendations based off of it. That opens space for numerous tech startups to identify, collect and analyze data for the commercial real estate.