These new platforms are making real estate more efficient and affordable
Over the last ten years, technology in nearly every industry has come a long way, and real estate is no exception. From giants like Zillow, which changed the way buyers and sellers search for homes, to Airbnb, which revolutionized the short-term rental scene, the last generation of real estate technology companies has significantly improved existing processes. But the next generation is looking even further forward, not only reimagining ways to do things but inventing new processes for the next age of homeowners. Here is your guide to the new technologies set to transform the real estate scene.
Affordability
One of the biggest challenges surrounding homeownership, especially for younger buyers, is the cost. Co-living startup
Bungalow, launched in 2018, offers renters an alternative avenue to the typical difficult-to-deal-with landlords. The company scouts trendy homes, decorates them, and then fills them with tenants with common interests, thereby eliminating the middleman and making the entire process less painful and more affordable. The Chan Zuckerberg Initiative-backed
Landed provides down payment support without any income restrictions to educators in expensive cities, thus helping teachers buy homes in the communities in which they teach.
Efficiency
Virtually every category and stakeholder in real estate faces inefficiencies, but there are a number of new technologies dedicated to tackling these issues. Construction startup
Katerra is streamlining real estate development with the help of tech to bring design, materials, and engineering in-house. The effect is a reduction in cost and an increase in efficiency.
Divvy helps convert renters to buyers by combining home searching, buying, and financing into one place. The Divvy team purchases homes in desirable markets and then helps renters transition to buyers over time by allowing them to lease homes for up to three years and build equity the whole time.
Another considerable pain point in the real estate process — once you have finally found your dream home — is closing.
Qualia uses industry-leading software designed to simplify closing by bringing realtors, lenders, homebuyers, and sellers together in one cloud-based platform.
