The CoronaVirus Virtual PropTech Boom
While, yes, a lot of companies are reeling as the economy grinds to a halt — that doesn’t mean all of proptech is struggling.
One of the obvious byproducts of COVID-19 is virtual showings, open houses, staging, 3d tours, and floorplans–not to mention anything video related–finally have their moment in the spotlight.
That said, it’s still an unknown whether such services will be permanently pushed from “nice to have” to “need to have” once socially distancing is behind us. All the tech in the world isn’t going to change the fact that most homes that are transacted are purchased by buyers who lives in the vicinity and can easily drive to see the home in person. And, if they can drive to the house prior to spending hundreds of thousands of dollars and committing to 30 years of payments, they will. However, maybe the big lasting change will be consumers realizing they don’t have to look at every home in person–saving both agents and buyers considerable time.
Among those members represented in the Geek Estate Mastermind, a few companies well-positioned to capitalize on the urgency socially distancing has created:
Asteroom: 360° tours created by attaching their Pano Kit to your phone. Learn more.
Padstyler: offers virtual staging and 3D architectural rendering, alongside services many other real estate marketing services. Learn more.
PlanOmatic: a tech-enabled service company that provides high-quality professional photography and floor plans for real estate, nationwide. The company serves real estate agents, property management companies, single-family rental owner/operators and iBuyers. Learn more.
WellcomeMat: helps make video the center of the real estate consumer experience by maximizing the value of video for agents, brokers and brands. Learn more.
Another category that is poised for growth is anything the helps people tour properties (both for sale or rent) without being subjected to other people. While many cities are locked down entirely now and no one is touring properties, this sector will gain substantial momentum as lockdowns end and buyers and agents are still practicing socially distanced ways to conduct showings. Two companies from this sector represented in the Geek Estate Mastermind are:
Kleard: a fully integrated cloud-based solution providing real-time visitor verification for open houses and showings to increase safety and helps prevent crime. Learn more.
Knock: A leasing experience redesigned with smart locks. Renters tour apartments by themselves, whenever they want, no agents on-site, no scheduling. Learn more.
Beyond that, I also believe CoBuy (job losses will mean more people have to find budget solutions) as well as Remarkably (more analytics for multifamily operators/landlords can only help as marketing spends are slashed) will both emerge stronger.
What sectors of the industry are you most excited about right now?