9/18/2017Survival Of The Richest: Real Estate's Technology Arms Race1/30TECHNOLOGYSurvival of the richest: Real estate’s technology armsraceHacking a new future one funding round at a timeBYAMBER TAUFEN!TODAY 10:36 A.M. Download PDFA homeowner thinking about selling starts searching for local home value information onlineand stumbles across an iBuyer platform — one that will let the prospective seller offload theproperty in a specific and exact timeframe.Meanwhile, a renter across town starts browsing for a bigger place and finds a wealth ofinformation on rentals and entry-level homes for sale, all available on a real estate portal.And the real estate agent who services either buyer or seller (or both) uses an array oftechnology products to do his job — from lead management tools to platforms that power hiswebsite to transaction management streamliners — even as the broker who oversees him usesoﬃce management software and probably uses technology to check in on her agents, too.Welcome to the world of real estate services in 2017, where just about every aspect of theprocess, from lead generation to close, involves some kind of technology. And that’s notlooking likely to change: Investment in real estate technology is up so far this year from lastyear, which means people on Wall Street who know how to make money (and lots of it) areincreasingly seeing opportunities in real estate technology services — to the tune of billions ofdollars.That’s not entirely surprising, considering that the global real estate value is estimated at $217trillion, per CB Insights, and residential real estate accounts for $162 trillion of that amount.
9/18/2017Survival Of The Richest: Real Estate's Technology Arms Race2/30It makes perfect sense, therefore, that there are quite a few tech companies trying to acquiresome of those dollars by providing products or services to real estate agents, brokers,brokerages and franchisors — or consumers.What kinds of products are included in the real estate technology landscape? How much oftheir funding is invested, and how much of it comes from agents and brokers? Where will wesee the most growth in the next few years, and which verticals seem to be simmering down?Inman dug into the numbers, researched the investors, surveyed readers and interviewedexperts to try to figure out the answers to those questions. Here are our findings.What falls under the ‘real estate technology services’ umbrella?There are several different types or categories of products that can be considered part of thereal estate technology services family — and not surprisingly, some of them are more attractiveto investors than others.