Struck by a comment in a conversation sparked whilst in Metro Bank’s waiting area, “the estate agents don’t know what’s about to hit them”, led me to explore the industry a little deeper by talking with the cluster of ‘PropTech’ startups which seems to be forming here at Launch22.
For those of you who are unfamiliar with the term PropTech, in its most fundamental form it is the utilisation of technology in the property industry. A new wave of companies are harnessing advances in technology to reinvent and refine the current practices, and they are building momentum.
Here is one of the most exciting players disrupting the long-standing propriety of high fees, low tech and face-to-face communication. Not too unlike the rest of the digital world.
Viewing unembellished properties and 2D images are dinosaur-like-traits to the innovative Matterport. Through the use of virtual and augmented reality, they are building a copy of the inside world (the places you always wished you could peek inside with Google Earth). This enables consumers to view prospect homes and investments with their own furniture projected inside — exactly how the human eye would see it.
Since founding, the company has scanned more than 550,000 properties, increasing the amount of time spent on viewing properties by three to six times. That’s Graff Pink grade value for the property market and is the reason why big hitters such as Rothenberg Ventures and Ericsson Ventures are betting this innovation won’t just be a fad.
Metterport is proof that the property industry is ready to go digital. Yet, where does that leave the rest of the industry giants?
Drop by to have a chat with our PropTech members; Hyre — the UK’s only PropTech recruiter and UK PropTech Association (UKPA), to gain the insiders perspective of where this industry is heading and what is in store for our estate agents.