r/PropTech, 2018 someone asked: "Anything new and interesting in prop tech lately?" Didn't get much of a response. I think I can help answer... If I was going to answer this in 2018, I'd say we were seeing a lot of exciting things around residential fintech. Our residential fintech investments have been premised on the fact that there's these inherent inefficiencies, these archaic and anachronistic processes, around buying and selling real estate in the U.S. and all of the ancillary financial products you have to buy. This was of course affected by rising rates and lessened home affordability. I actually think now more than ever is an exciting time in proptech, because difficult times for the real estate industry (and it's been very, very difficult over the past few years) have totally opened up the industry to seeing the value in adopting technology. This adverse environment has totally thrust this imperative to become innovative (which is something the real estate industry has historically not been good at) front and center onto the real estate industry. I think that attitude shift is going to make for a really exciting time, and it's going to lead to some amazing new companies being born, doing everything from the proptech classic of "digitizing pen-and-paper processes to make them more efficient" to building entirely new real estate businesses on the backs of data and technology -- much like we saw Lineage do with cold storage and logistics. #proptech
It's fascinating to see how challenges can drive innovation in the proptech space.
We did our seed round in 2018. RET Ventures 🤙🏾
Hope you're right my man, I've bet big on this thesis.
Thought-provoking
PropTech Founder / Chairman
2wYep. Agreed! I have been on the inspection side of real estate deals for my entire career. It has never changed. Everything is still done by emails and phone calls. It is unbelievably inefficient. We are changing that. Imagine electronically signing a contract to buy a house, and all of your inspections, like appraisals, home inspection, pest inspection, etc. get scheduled almost immediately and automatically. That's where we are heading. 😁 https://blue222.com/