With technology upending major industries throughout the globe, real estate has been a surprising outlier absent of the disruption we’ve become familiar with in 2017. Fortunately, change is on the horizon and much of that is fueled by Metaprop. Metaprop describes itself as, “the world’s premier real estate technology nexus.” Their focus is on investing, advising, and accelerating the next generation of disruption in real estate, or as they call it “prop-tech.” In January they hosted their second annual demo day for the 6 companies graduating from their accelerator.
Hosted in the stunning Silverstein Properties event space at 7 World Trade Center, the event kicked off with a keynote by Silverstein Properties Tal Kerret. He noted that real estate is a, “slower, more complicated industry” and thus more challenging to disrupt. Fortunately, after sifting through thousands of applications from both domestic and international startups, the team at Metaprop selected the 6 most promising prop-tech companies trying to shakeup the industry in a major way.
- Prior to the pitches, Metaprop Partner, Zach Aarons list 6 predictions for the proptech market in 2017.
- Significant M&A with a proptech transaction in every month of 2017
- A 3D printed structure will be created on the moon
- A multifamily building will be built using autonomous construction (ie. only human overseers)
- The first real estate deed will be transacted in blockchain
- The first commercial real estate transaction will happen with no pens, paper, or phones
- The first AI property management co. will be created.
While it’s hard to believe that we’ll reach the moon (again) in 2017, anyone who’s following blockchain and AI know the disruptive potential those two industries can have on real estate.
Now to the six startups:
hOM – Founder, Francesca Loftus
hOM’s mission is to enable landlord’s to provide their tenants with whatever amenity they want wherever they are. Their research suggests that landlords can capture a 5% increase in rent by offering key amenities to their tenant. hOM has built and app to design, market, and manage amenities to tenants on behalf of their landlord. It’s like Eventbrite, GoFundMe, and Seamless wrapped all into one. Instead of finding an yoga instructor, marketing the class, and managing signups, hOMS will do that for them.
Enertiv – Founder, Connell McGill
Distinguished for capturing the most growth during its time in the accelerator, Enertiv’s mission is to make energy usage in buildings more transparent. Buildings waste an average of 30% of the energy they use to heat and cool their space. Since you can’t monitor what you can’t measure, Enertiv’s sensor’s allow building monitor and identify areas of waster like; an HVAC that shouldn’t be running or equipment failure. With just 17 employees Enertiv is already utilized across 185 buildings monitoring 15,000 pieces of equipment. WOW!
OnTarget – Founder, Niran Shrestha
Growing up in Himalayas, Niran’s career experience spanned real estate and infrastructure projects through Asia, Africa, and North America. Throughout it all, he noticed, that these projects are always delayed and over budget. A $250 billion problem. OnTarget’s software is an in-field app that enable real time collaboration between contractors, architects, engineers, and owners. Perhaps the most stunning announcement at the event, OnTarget was just selected for the rebuild of La Guardia Airport.
Ravti – Founder, Alex Rangel
Ravti is exclusively focused on creating tools for property managers to save time and money on their HVAC costs. Through a sensors and software, Ravti enables property managers to inventory equipment, monitor usage & tenant compliance, assist procurement, and monitor maintenance. Ravti identifies a 30% cost saving by replacing local knowledge and administration with a portfolio-wide tech enabled monitoring solution.
Flip – Founder Susannah Vila
Susannah represents the zeitgeist of a new generation that cares less about ownership and more about access. She states that millennials are motivated more by purpose and new opportunity which all requires flexibility. Flip is upending the traditional home rental market to enable flexibility by creating a peer-to-peer leasing marketplace creating flexibility for tenants traditional bound by a rigid lease. With a platform doubling in users every month, Flip hopes to build a future where a lease is considered a liquid asset.
Bowery – Founder, Noah Issacs
Bowery’s software modernizes on of the most antiquated fields in the real estate industry, appraisals. By integrating public records to search comps and developing their own natural language generator, Bowery automates the manual tasks that go into creating appraisals.
There is no doubt that real estate is on the cusp of a generational transformation with Metaprop leading the way.