You've probably heard of fintech, health tech and even agtech, but "real estate tech" doesn't exactly roll off the tongue.
Instead, it's called "proptech" — short for "property tech." All naming conventions aside, it's a fast-growing startup sector.
The proptech market in the U.S. is expected to grow at a rate of 16% compounded annually over the next decade, according to research by Future Market Insights Inc. The market is expected to grow to $86.5 billion by 2032 from just $18.2 billion this year.
Last year, a record $5.1 billion was invested in proptech startups, according to the first-ever Present & Future of Proptech report developed in collaboration with Pitchbook.
While most easily identified as Zillow, Airbnb and other now-household names, proptech ventures range from roommate-finding apps to digital homebuying platforms and everything in between.
Here's a quick look at three local startups innovating for the real estate industry.
Stuccco
Founder: Matt Langan
Amount of capital raised: $900,000
How it got started: It’s hard for most people to imagine the potential of a house. Outside of real estate brokers and interior designers, a blank (or ugly) slate isn’t going to appeal to the average homebuyer. Langan set out on a mission to change that in 2017.
What it does: Stuccco is a virtual home staging and interior design company that maximizes the appeal and value of any space quickly and easily.
Who it’s for: Real estate teams; real estate professionals; real estate photographers; furniture and decor companies; and homeowners.
How much it costs: Prices vary depending on customer type and offer.
What’s next for the company: Stuccco will be raising its next round of capital to scale the company's existing offers and further mature its technology.
Hubhouze
Founder: Danielle Queiroz
Amount of capital raised: $54,000
How it got started: In the era of Covid-19, nearly everyone embarked on some kind of home-improvement project. Bathrooms renovations topped to-do lists — problem is, materials have been hard to come by due to ongoing supply change issues.
What it does: Hubhouze will be an e-commerce company with collections of all-inclusive bathroom packages, designed by style and budget, and customizable to bathrooms of any shape and size.
Who it’s for: Homeowners and small property developers nationwide.
How much it costs: Bathroom packages will range from $5,000 to $15,000.
What’s next for the company: Hubhouze will launch in early 2023, and its debut collection is already in development. It has selected bathroom layouts with the most common dimensions, and the collection will consist of those layouts in different styles, such as modern, minimal, contemporary and coastal.
The products curated for each package — such as tiles, furniture, baths and shower enclosures — come in various sizes, making any package from the company’s collection customizable into bathrooms of any shape and size.
Symba
Founders: Evan Knowles, Ryan Harris, Tanner Wilcox
Amount of capital raised: $600,000
How it got started: As a property manager, Knowles experienced pain points and frustrations with customer relationship management (CRM) and recognized the lack of solutions available to address them.
What it does: Symba empowers real estate agents to grow their businesses and be financially healthy entrepreneurs with the only platform in the industry that combines customer-relationship management with a suite of financial services. By giving agents more financial transparency and matching their unique, on-the-go lifestyles, we help them grow their business more effectively from anywhere.
Who it’s for: Residential real estate agents.
How much it costs: $20 a month.
What’s next for the company: Partnering with Realtor associations for distribution to their members and tax filing features.
