{"id":9927,"date":"2019-10-25T16:24:40","date_gmt":"2019-10-25T20:24:40","guid":{"rendered":"https:\/\/blog.brainstation.io\/?p=9927"},"modified":"2020-05-07T12:43:35","modified_gmt":"2020-05-07T16:43:35","slug":"how-8-new-york-startups-are-shaking-up-real-estate","status":"publish","type":"post","link":"https:\/\/brainstation.io\/blog\/how-8-new-york-startups-are-shaking-up-real-estate","title":{"rendered":"How 8 New York Startups Are Shaking up Real Estate"},"content":{"rendered":"

We recently explored why New York is drawing <\/span>record amounts of venture capital<\/span><\/a>, and it seems that influx of funding has led to a boom in PropTech \u2013 or property tech \u2013 that is sending reverberations throughout the real-estate industry.<\/span><\/p>\n

Even on a global level, investors have never been more bullish on PropTech. MetaProp\u2019s mid-year 2019 Global PropTech Confidence Index found that investor confidence is at an all-time high at 8.8 out of 10, with startup confidence also at an all-time high of 7.3 out of 10. In addition, 64 percent of PropTech investors planned on making more investments over the next 12 months \u2013 also an all-time high, rocketing up from 46 percent a year prior.<\/span><\/p>\n

And the Big Apple is at the center of that activity. Here are eight of the New York startups that are shaking up real estate.<\/span><\/p>\n

Compass<\/b><\/h2>\n

With the mission of helping people find their place in the world, Compass simplifies the real estate process \u2013 and in just seven years since launching in 2012, the company has already become the United States\u2019 largest independent real-estate brokerage.<\/span><\/p>\n

It\u2019s hard to overstate just how successful Compass has been. The startup booked record revenue for three straight months this year \u2013 its second-quarter 2019 sales were up 250 percent over the same period a year prior \u2013 and $370 million in fresh funding in July 2019 brought its valuation up to $6.4 billion. Compass has now raised more than $1.5 billion.<\/span><\/p>\n

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Unsurprisingly, a company that promises to help users find their dream homes has invested in a beautiful space of its own; its 180,000 square-foot headquarters in Union Square featuring cafes, collaboration zones, a game room, and a rejuvenation lounge.<\/span><\/p>\n

\"Compass<\/a><\/p>\n

VTS<\/b><\/h2>\n

Founded by real estate professionals, VTS is touted as the commercial real estate industry\u2019s top leasing and asset management system. VTS\u2019s platforms help landlords maximize portfolio performance with real-time insights \u2013 the company\u2019s numbers boast that landlords can convert leads to leases 41 percent faster \u2013 while brokers can get their tenants into their new homes quicker.<\/span><\/p>\n

Now, 10 billion square feet of space are managed on the VTS platform across 35,000 users. With five offices around the world in addition to its global headquarters in New York, VTS received a historic $90 million Series D funding round in May \u2013 believed to be the largest-ever for commercial real estate software \u2013 that lifted the startup to unicorn status with a $1 billion-plus valuation.<\/span><\/p>\n

It\u2019s no wonder that VTS CEO and Co-Founder Nick Romito was named Entrepreneur of the Year earlier this year. People love working for VTS, too \u2013 it was named one of Crain\u2019s New York Business\u2019s 2018 Best Places to Work in New York City, with the startup being celebrated for its community building, generous paid parental leave policy, on-site coaching, continuing education stipend, flexible work schedules and unlimited paid time off.<\/span><\/p>\n

Reonomy<\/b><\/h2>\n

Boasting partnerships with clients including WeWork, Tishman Speyer, Avison Young and Cushman & Wakefield, Reonomy is a New York startup that leverages data and technology to make decisions and grow businesses in commercial real estate. Using the Reonomy web app, users can sift through property searches to find the right fit for their business strategy with more than 300 filters including property type, size, sale amount, and ownership information. The company\u2019s enterprise product, meanwhile, is used by companies to clarify and contextualize internal data<\/span><\/p>\n

Reonomy\u2019s most recent funding <\/span>round<\/span> of $30 million in June 2018 brought total fundraising up to $68.4 million for the startup, which had rolled out to 3,000 counties and 20,000 municipalities at the time with ambitions of expanding into Canada and Western Europe.<\/span><\/p>\n

\u201c2018 is a tipping point for data in the (commercial real estate) industry,\u201d Reonomy CEO and Co-Founder Richard Sarkis said when the funding was announced. \u201cWe\u2019re blown away with how quickly firms are embracing data \u2013 and how they\u2019re using Reonomy to fuel greater intelligence, streamline workflows, and create new business opportunities.\u201d <\/span><\/p>\n

Better.com<\/b><\/h2>\n

Anyone who has bought a house has likely faced some frustration with the lack of clarity and transparency in securing a mortgage. Better can help. With the goal of making homeownership faster and more accessible, Better offers 24\/7 service, honest rate quotes free of hidden fees (backed by a price guarantee), instant loan estimates, an on-demand rate lock feature, and a total lack of commission fees or origination fees.<\/span><\/p>\n