An interesting article found in this morning’s news review. As part of London’s unofficial community of PropTech and FinTech companies, big and small, we see how all areas of the real estate process are being transformed.
There are clear patterns and groupings to the ideas and technologies. For example there are several RentTech startups all aiming to fix the issue of the deposit paid at the start of the rental process which creates conflict at the end. What we found interesting about the article is not that the real estate market, community and most importantly consumers are waking up to these new methods.
Instead it was the phrase “clear winners are emerging”. In other words in a market of 100 start-ups it is difficult to see which one is the best fit, what the unique selling points and differentiators are. But also which of the many will emerge as the VHS (vs BetaMax). In other words the sheer numbers of competing companies are a barrier. We suggest that this barrier is much more real than the inertia of the real estate industry itself which knows it needs to change at all levels.
Adaptability is integral to success moving forward, and it begins with acknowledging the necessity of change.
So, fellow PropTech people. How do we address this? How do we help a confused marketplace find its way?