As an industry, real estate has been immune to tech development, but with automation no longer being a whim but a pure necessity, things are changing. Now think of this number – $86 billion. This is the market cap of General Electric, Porche, and LG Energy Solution separately or the one of Foxconn and Shopify combined.
It’s as big as Bill Gates’s net worth in 2016. But $86 billion is also the point to which the proptech market value is forecasted to have grown by 2032. The proptech companies will acquire in a year what took Gates a lifetime. Pretty impressive, right?
What is a proptech company? Proptech companies operate at the intersection of real estate as an industry and software development. The best proptech companies see the pains of the real estate players, analyze them, and provide perfectly tailored solutions whether in the design or functionality of a product.
So, let’s check the list of the most valuable proptech companies to learn from and the best proptech startups to invest in.
Top 7 Proptech Companies to Follow in 2023
- WeWork;
- Airbnb;
- Opendoor;
- Compass;
- Homelight;
- VTS;
- Redfin.
Top Proptech Companies in Real Estate
WeWork
Type of Solution: Commercial office space solutions
Founded: 2010
Funding: $22 billion
WeWork is a unicorn company that’s focused on reimagining the future of office work. One of the biggest proptech companies, it provides flexible office spaces or move-in ready offices all over the world.
The range of space types is vast: dedicated desks, private offices, office suites, full-floor offices, and event spaces.
From now on, WeWork’s clients don’t have to worry about leases that break their budget. With a flexible pricing system, modern businesses can decentralize offices or create collaboration hubs with top technology like private VLAN and Wi-Fi.
Depending on team size and location, one can always find the perfect office with WeWork. As one of the top proptech public companies, WeWork boasts 151 million square feet in 151 cities and 700+ prime locations globally. Also, more than half of the Fortune 100 companies are WeWork’s clients.
Airbnb
Type of Solution: Global short-rentals marketplace
Founded: 2008
Funding: $6.4 billion
Airbnb is fairly one of the largest publicly traded proptech companies in the entire world. Airbnb functions as a short-rentals platform for travelers and homeowners. Travelers can easily book and manage their trips while enjoying a secure payment system, hosts’ verified profiles and listings, and 24/7 support.
Depending on the trip goals, users can choose Airbnb Experiences, Airbnb Adventures, and Airbnb for Work.
Airbnb is a great example of how ubiquitous things take creators to new beginnings. In the best tradition of peer-to-peer economy, the company connects travelers and homeowners in exchange for a tiny service fee.
In fact, the biggest chunk of the money that Airbnb gets comes from 14.2% and 3% nonrefundable service fees charged to guests and hosts respectively.
The company boasts 7 million listings in more than 200 countries.
OpenDoor
Type of Solution: Residential marketplace / iBuyer
Founded: 2014
Funding: $1.9 billion
OpenDoor specializes in selling and buying residential property in a simple perfectly streamlined way. One of the most funded proptech companies among American public proptech companies OpenDoor offers one to sell their property for top dollar at a 5-14% service charge depending on the sales deadline.
The best part is, unlike other top real estate tech companies, OpenDoor offers you a virtual property assessment in a matter of hours. All you need is a quick video walkthrough. All paperwork happens online, so you don’t have to leave the comfort of your home.
After the property assessment, you can opt for an all-cash offer and sell your house to the company directly or hire a real estate agent.
You can avoid double mortgages if you decide to both sell your old house and buy a new one with OpenDoor. All you have to do is install the company’s app to unlock the door and tour OpenDoor houses without setting a special appointment from 6 am to 9 pm.
With fewer intermediaries and digital-first experiences, OpenDoor is a godsend to everyone who wants to minimize their expenses and save time.
Compass
Type of Solution: Brokerage technology
Founded: 2012
Funding: $1.6 billion
Compass is one of the most funded real estate tech companies with unicorn status. The company functions as a marketplace platform that connects buyers with sellers by offering brokerage services.
Compass has gathered a huge team of professionals in real estate, marketing, design, business, and engineering – a team that will help you refurbish your house without any additional fees and sell it for top dollar in the shortest possible time.
Compass boasts 25+ thousand top real estate agents and 67 real estate markets.
With a top-notch analytical proptech stack and other data-generating tools, Compass knows how to sell properties fast. Another great feature is exclusive listings with a ‘coming soon’ tag – even without being the company’s direct client, one can check the listings and find whether the company’s offer is a good fit for them.
Homelight
Type of Solution: Rental marketplace
Funding: $742.5 million
Founded: 2012
One of the biggest fast-growing proptech platforms, Homelight provides house buyers with personalized agent recommendations and connects its clients with property owners. On the company’s site, you can find out your home value and browse through the listings before becoming Homelight’s client.
The company boasts 28 thousand real estate agents and more than $1 billion in transactions annually.
The company promotes housing equality and fights against racial bias. Like Orchard, Homelight helps homeowners buy a new house before selling their old one. With Homelight services, one can easily secure a mortgage and choose their dream house with the help of a top real estate agent.
VTS
Type of Solution: Commercial real estate software
Founded: 2012
Funding: $462 million to date
One of the biggest proptech companies globally and one of the top unicorn proptech startups in the past, VTS boasts a few commercial real estate products that help landlords and brokers to manage their property, market vacant units, lease deals, and have flawless communication with tenants.
Nowadays, the company manages more than 12 billion square feet globally and has 45+ thousand clients. The company’s reports claim that the VTS platform allows clients to turn leads into leases 41% faster while making data-driven decisions.
The aim of VTS is to develop an inclusive leasing and asset management platform that is easy-to-navigate and covers all real estate processes.
Redfin
Type of Solution: Rental software
Founded: 2002
Funding: $319.6 million
One of the most valuable proptech companies, Redfin provides real estate services in insurance, lending, brokerage, and rentals in the US and Canada.
Reaching out to Redfin is a moneywise decision, since Redfin’s technology is fee-reducing and cost-saving. All you need to pay is a 1% listing fee. As the company states, an average buyer saves $7 thousand when choosing Redfin.
Considered the #1 national brokerage site in the US, this proptech solution company allows one to request house tours and order renovation sessions to maximize profit. Meanwhile, getting new offers, communicating with the real estate agent, and sharing your favorite units with the family is possible with the company’s mobile app.
Zumper
Type of Solution: Rental marketplace
Founded: 2011
Funding: $180.2 million
Among other proptech companies, Zumper mostly specializes in multifamily complexes and functions as a platform connecting property owners with renters. It allows renters to submit rental applications online and get real-time alerts on the best property offers.
As for the property owners, the latter can perform a screening session on Zumper’s platform, request TransUnion credit reports and background checks, and collect their rent securely.
One of the youngest and best real estate tech companies, Zumper boasts around 180 million visits and 13 million renters.
When it comes to inclusivity, Zumper ticks all items on the list. The company offers rental options for every taste and budget: short-term rentals, pet-friendly accommodations, cheap apartments, luxury properties, standard houses, and apartments.
Qualia
Type of Solution: Digital closing platform
Founded: 2015
Funding: $160 million
Qualia is one of the biggest proptech companies nowadays – the top digital closing platform in real estate that has already helped over 500 thousand clients to close millions of home ownership deals.
The company turns home closings into digital transactions and reduces workload by 75%, offering its users an anxiety-free home closing and refinance experience.
Qualia’a products are designed for lenders, vendors, settlement agents, title insurers, and real estate agents. The user’s FedEx shipments, emails, and documents are all stored in one place – the user has the data all at their fingertips. Qualia’s products smoothly integrate with other tools like Simplifile and provide transparency to accounting and document prep operations.
Additionally, among all proptech companies, Qualia is the first to join the Coalition to Stop Real Estate Wire Fraud.
Reonomy
Type of Solution: AI-powered commercial database platform
Founded: 2012
Funding: 128.4 million
Reonomy is truly one of the most innovative proptech companies in USA in the realm of proptech innovation. The company offers a commercial database platform that helps investors, brokers, agents, and mortgage lenders make smarter data-driven investment decisions due to predictive analytics.
Reonomy suggests two core features to its users, Web Application and Data Solution. While the former helps Reonomy’s clients track US-based available commercial properties to invest in, the latter customizes property searches according to company’s needs.
Reonomy’s proptech solution includes data extraction from various sources (mostly public and crowdsourced data) and the further development of market intelligence which can be later used by investors. The pricing is flexible overall, depending on the features one uses. Demo requests and free trials are possible.
Hover
Type of Solution: 3D visualization
Founded: 2011
Funding: $127.3 million
Hover is another proptech solution company that has combined the top trends in design, construction, and technology. By turning photos of the user’s home captured by smartphone technology into realistic interactive 3D models, the company has reshaped home improvements.
One can get accurate measurements of their property to organize both construction and maintenance processes efficiently. Before you start the project, you already know the costs to expect and the contractors to collaborate with. Hover helps you get accurate estimates and order the exact amount of building materials in one place – the app.
The best part is that you can get your first 3D visualization model and find whether you’re happy with the results without paying a cent.
RealPage
Type of Solution: Commercial and residential prop management tools
Founded: 1998
Funding: $105 million
One of the oldest proptech companies, RealPage assists managers of more than 19 million units worldwide by providing proptech SaaS products, compliance, vendor, and billing services among others. RealPage products are cloud-based, but also available on the web and mobile devices.
RealPage has fairly gained a spot among the best real estate tech companies due to a variety of high-quality proptech services. RealPage offers you cutting-edge tools to fully automate your leasing, listing, tenant screening, billing, and management processes.
RealPage is also a rent-setting software. Without violating antitrust laws, the RealPage tool automatically prices your unit depending on the market dynamics. With RealPage, you can lease your property for a top dollar each day.
Zillow
Type of Solution: Real estate marketplace
Founded: 2006
Funding: $96.6 million to date
Like RealPage, Zillow is one of the largest proptech companies, all about variety when it comes to buying, selling, and renting property. Zillow connects renters, buyers, and sellers to help everyone move to their new dream house.
The company helps homeowners to get pre-approved financing for the next home purchase, find the most suitable mortgage providers, and choose their future home. Meanwhile, the Zestimate tool allows sellers to check the future profit and help the client decide whether they want to hire a Zillow Premier Agent for sell-and-buy consultation.
The company’s platform is also open to renters. With Zillow Rentals, one can search for a new space to be rented, send applications, get background checks, and pay their monthly rent.
CoreLogic
Type of Solution: AI-powered data analytics software
Founded: 2010
Funding: $74.7 million
One of the biggest proptech companies in AI-powered housing data and analytics, CoreLogic offers innovative data modelling to help mortgage brokers, insurers, valuers, and other industry players to finesse their decision making.
The company’s automated valuation models (AVMs) as a part of current and predictive analytics when it comes to price trends and other industry changes. For instance, one of the company’s products is the Mapping the Market Tool which allows users to check the median property value and annual value changes.
CoreLogic boasts 4.5 billion records and 7 thousand data sources. The data provided by one of the biggest proptech companies covers up to 98% of the property market.
With 9 locations and 5 thousand people worldwide, CoreLogic remains one of the most trusted sources by government agencies and financial institutions when it comes to real estate.
Loopnet
Type of Solution: Commercial real estate listing platform
Founded: 1995
Funding: $50 million
Around 85% of commercial real estate decisions happen online. For that reason, Loopnet is one of the biggest proptech platforms, a listing service for commercial real estate in particular.
Powered by customizable search filters, the platform contains 50 thousand listings for commercial properties to auction, buy, or lease. One can find everything from offices and industrial buildings to land and shopping centers.
The more features you want to add to the functionality, the higher the fees. On Loopnet’s platform, one can push their property to the top of the list save searches, share listings, access property details, and contact agents.
In the end, Loopnet is a great networking platform for finding top brokers and a value-added tool for getting top commercial properties.
Top 5 Proptech Startups to Follow in 2023
- EquipmentShare;
- Pacaso;
- Orchard;
- Side;
- OpenSpace.
Top Proptech Startups in Real Estate
EquipmentShare
Type of Solution: Construction rental services (marketplace)
Founded: 2015
Funding: $1.6 billion
One of the most funded proptech companies, EquipmentShare is a leader in construction automation. The company allows contractors to rent construction equipment with installed GPS trackers from other contractors by paying a small fee to the rental company which EquipmentShare is.
The company covers the protection plans itself, saving its clients up to 20% of total expenses.
EquipmentShare brought innovation by adding connectivity to one of the most secluded sectors in real estate. To enhance productivity, the company has created a construction management platform – a cloud-based solution that provides maximum visibility to construction processes, eliminates bottlenecks like wrong alerts or inaccurate reports, and completely digitizes traditionally manual processes.
With the construction industry predicted to rise from $6.4 trillion in 2020 to $14.4 trillion in 2030, it’s clear as a day that EquipmentShare has already mapped out the industry trends for future startups to follow.
Pacaso
Type of Solution: Second home investment
Founded: 2020
Funding: $1.5 billion
What the former executives at Zillow and now Pacaso innovators did was make the idea of second home ownership affordable to everyone.
How does it work? Let’s say you already own a house but have to move to a neighboring state for a few months or a year. Instead of renting a flat and dealing with hassling homeownership, you can have your share of a second home (pun intended) on favorable terms like 12% of the home’s purchase price. If boredom strikes, you can resell your share or swap it for a different Pacaso house.
One of the world-known real estate unicorns, Pacaso has fairly taken the place among the most valuable proptech companies in less than a year. Currently, the company is focusing more on luxury second home sales, since this type of second home purchase has increased by 25% during the second quarter of 2022.
Orchard
Type of Solution: Real estate marketplace
Founded: 2017
Funding: $472 million
Unlike traditional homebuying companies and agents that won’t allow you to buy a new property before selling your old one, Orchard does both. You get a licensed real estate agent that does free home valuation, organizes expert home prep at no additional cost, and sells your old home for top dollar.
Orchard is a great example of proptech firms that haven’t revolutionized the market but made the oldest ideas work for them with a tiny reshaping. You can window shop at the company’s site to find out whether the units are worth it. Orchard can skip the house shows, delegating the whole selling-and-buying process to the company’s professionals.
Side
Type of Solution: Brokerage platform
Founded: 2014
Funding: $313.5 million
Side is a real estate brokerage platform that has disrupted the traditional brokerage models by supporting agents in legal matters, auditing, advertising, and other aspects commonly associated with the brokerage realm.
By delegating the brokerage matters to Side, you, as an agent, can focus directly on the precious agent-and-client communication. This proptech solution company promises 44% growth in a year if you reach out to them.
When working with one of the best proptech firms, Side’s client has full ownership of their business, which they can sell or transform later – a thing that is not possible if the brokerage owns the business.
One of the rarest unicorn companies, Side is a true gem in our list of proptech companies. Valued over $1 billion, the company has made it to the list of the top successful ventures in real estate as well.
OpenSpace
Type of Solution: Construction space management
Founded: 2016
Funding: $200.4 million
OpenSpace is one of the proptech companies in USA that have maximized the value of artificial intelligence (AI) in the real estate industry.
The company provides its customers with products like OpenSpace Track to document their site in detail. Let a phone be your eyes: walk and record the environment with a 360-degree camera to check every nook and cranny later while being far from the site.
Upload the results of your building information modeling (BIM) to the app and compare it with your real-life site to detect construction-related hazards in time.
The best part? OpenSpace is all about risk prevention – when it comes to money as well. That’s why you can approach a company with a pennywise attitude and request a demo.
VergeSense
Type of Solution: Office analytics technology
Founded: 2017
Funding: $82 million
Thirty countries and forty million feet – that’s the measure of the office space monitored by VergeSense.
One of the most innovative real estate companies, VergeSense has combined sensor hardware and a cloud platform that allows businesses to track physical office usage remotely. Infrared sensors (both wired and wireless) coupled with AI algorithms spot objects and detect motion, and later transfer data to other systems.
Employees’ sensitive data is secure with VergeSense since the data detected by sensors is translated into low-resolution imagery. By adopting VergeSense AI technology, businesses can upgrade office utilization, monitor workplace attendance, decrease vacancy rates and building costs, and make smarter decisions when it comes to office technology.
Doorvest
Type of Solution: Rental property investment
Founded: 2019
Funding: $50 million
A newbie among proptech startups, Doorvest is a rental property investment company that helps landlords-to-be to successfully invest in single-family homes with Houston (TX) location.
Doorvest streamlines selling-and-buying processes, organizes maintenance sessions, and screens your tenants. If you’ve never had property management experience, put your worries aside – the company will manage your property for the first year with a 15% fee of the total rent.
Apart from that, Doorvest offers a one-year renovation guarantee and a one-year rental income guarantee. If your tenant breaks the lease or refuses to pay, you’ll still get a stable income. The minimum investment is $35 thousand and can go higher depending on your investment goals and budget.
DoorLoop
Type of Solution: Rental management software
Funded: 2019
Funding: $30 million
One of the top rental proptech startups, DoorLoop has developed a product that, simple at first sight, automates the most daunting tasks in property management like rent collection, portfolio management, lease signing, and maintenance requests processing.
Founded only a few years ago, the company has already managed to conquer more than 100 countries with a snap of a finger as a part of the proptech industry. Why so? Well, DoorLoop founders could really see things through when the lack of affordable and easy-to-customize rental management software became a problem.
The best part of a DoorLoop product? The software integrates smoothly with other tools, and before you invest in it, you can request a demo without losing a single penny to check whether you’re happy with the functionality.
RentRedi
Type of Solution: All-in-one property management software
Founded: 2016
Funding: $17 million
RentRedi is an all-in-one property management tool designed and developed specially for landlords managing their property with the help of smartphones while on the go.
One of the best proptech startups, RentRedi has brought on-time payments to a new level. If you’ve got 10 tenants, 7 of them are more likely to pay their rent in time if they use RentRedi.
Other features are tenant screening (you get access to all eviction, criminal, and credit reports), maintenance requests and listings management, and easy to sign and store lease agreements.
If math has never been your strong suit, RentRedi is REI Hub’s partner and can offer you landlord accounting software. Keep your management and financial reporting ‘fee-less’ and fearless with RentRedi!
TurboTenant
Type of Solution: All-in-one prop management platform
Founded: 2015
Funding: $10.2 million
TurboTenant is a no-trial (again, it’s free) all-in-one tool for DIY landlords. You can build your listing page with no assistance from a real estate agent, use the auto-pay option and auto-late fees, and customizable lease agreements (which landlords and tenants can sign remotely).
You can even play a big boss and compare the income reported by the applicant to the TransUnion data. But play fair! Learn the rules with the help of resources containing landlord-tenant laws and state-specific legal forms right on the TurboTenant platform.
At the core, TurboTenant streamlines move-in and move-out processes like most proptech companies on the global proptech market map.
So, what’s the zest of the deal? The name says it all. The company assists you at every step of the rent-and-manage process at a turbo speed. Oh, and that all happens without breaking your budget – it’s free.
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