Top Proptech Solution Companies in 2023
Proptech—short for property technology—is seeing explosive growth, with the global proptech market expected to reach $64.3 billion by 2028. There are dozens of uses for proptech solutions, from tenant screening to building automation and maintenance to listing and marketplace platforms.
The diversity of solutions available in the proptech market makes it difficult to find the right combination of tools for property management, tenant screening, and other real estate issues. In this guide, we’ll break down the proptech category in more detail and identify some of the top proptech solution companies to know as you explore options for your business.
What are the main types of proptech?
The proptech category covers a wide range of solutions throughout the real estate asset lifecycle. Many proptech solutions are built with a lens for either residential or commercial real estate stakeholders. However, there are tools that can be used across categories. Here are a few high-level categories of proptech tools that have become common in the real estate market.
Property search solutions
Property listing platforms like Trulia, Zumper, Zillow, and Redfin have made it easy for prospective tenants to search for properties in just a few clicks. Brokers, too, can find investment properties through online tools like iBroker.
Tenant screening and tenant experience solutions
For commercial and residential properties alike, there are tenant screening and tenant experience solutions designed to make property management easier. This category includes tools for coworking spaces, event spaces, and even co-living. It digitizes aspects of the rental process to make the entire experience seamless.
Property management solutions
Nantum, OhmConnect, and Carbon Title are a few solutions that target running and maintaining properties. Nantum, for instance, records real-time data on building occupancy, water usage, and office temperatures to help run a structure more efficiently. These tools can help extend the life cycle of a property and help keep tenants’ costs down.
Construction and planning solutions
Advances in AI and 3D planning are helping architects and engineers coordinate the design and construction of commercial and residential buildings. Structionsite, for instance, uses AI to capture 360-degree images of construction and organize them automatically by floorplan. Other tools, such as BeamUp and Homebyme help automate and monitor the progress of various projects.
Ancillary partners
Supporting prop-tech companies are ancillary tools like CRS. CRS provides prop-tech companies with instant tenant credit checks from Equifax, Experian, and TransUnion, as well as background checks. With this information, landlords, and property managers can invite tenants to make a formal application request with peace of mind and lower their portfolio default risk.
These categories scratch the surface of proptech. In this crowded marketplace, how can you find a proptech solution that works for you?
Top Proptech Solution Companies
The best proptech companies chosen by venture capitalists and market analysts run the gamut, from a startup that simplifies home insurance to an eClosing tool for mortgages. New proptech startups enter the market frequently, so tracking this market takes time. Here are a few top proptech solution companies that can help get you started.
Snapdocs
Snapdocs is an eClosing platform, a tool that digitizes the paperwork involved in completing and executing a mortgage agreement. Snapdocs provides access to over 140,000 notaries and attorneys to accelerate the signing process for homebuyers. With one streamlined process for every closing type, loan type, and edge case, Snapdocs claims to save lenders $400+ per loan.
Casavo
Casavo is one of the hottest, fastest-growing proptech startups in the market. Founded in 2017, Casavo has experienced five-year search growth of 620%. This online real estate platform is designed to streamline and simplify the home-buying process. Property sellers are provided with a guaranteed price during the offer stage. Once accepted, the company transfers funds to the property owner and closes the deal within a month.
TurboTenant
TurboTenant’s landlord software allows landlords to manage their property remotely. It’s geared toward property owners who are seeking to take the hassle out of managing their rental relationships. This solution is set up to handle rental advertising, online applications, rent payments, accounting, and more. It’s mainly targeted at residential landlords.
Lessen
Lessen is a platform that connects renovation projects with service professionals. By using Lessen, property owners can access:
- On-demand and vetted service professionals
- Consistent and transparent service costs
- Property procurement, servicing, maintenance, and repairs
- Comprehensive job specifications
- Simple job scheduling
Ultimately, Lessen aims to provide tech-enabled, end-to-end services to take the headache out of renovating or maintaining a property.
Qualia
Qualia is a digital real estate closing platform, with cloud-based title, escrow, and eClosing products that bring simplicity to the complex closing process. With dozens of integrations, this highly-customizable tool can lead to a 75% reduction in workload for real estate professionals. It’s also built for a range of different users, from mortgage lenders and real estate agents to title insurance underwriters and home buyers.
Pacaso
Pacaso is frequently in the news since this platform became increasingly popular during the pandemic. Pacaso was founded by two former executives from Zillow. It offers an avenue to make second home ownership possible for more people through fractional ownership. “They [Pacaso] buy a house, lightly refurbish it, furnish it, and then create an LLC for it. They then divvy up ownership of this corporatized house into eight fractions and sell those shares on their website,” reports NPR.
Pacaso handles all the logistics of shared home ownership — booking, maintenance, and cleaning — as well as the real estate investing side of the equation. The company has raised $1.5B in funding over seven rounds.
Propy
Propy integrates cutting Web 3 technology into its proptech. Through Propy, agents can buy and sell homes using bank transfers, crypto, or NFT. The proptech startup also automates all parts of the transaction, from e-Signature to payments, in one secure solution. The goal is to make the process of buying and selling real estate faster by offering the technology that allows entirely online and self-driving real estate transactions on smart contracts.
Powering Proptech with Data
Many proptech solutions rely on the right information to drive their innovative solution. CRS powers proptech with real-time data—including tenant credit data through our API that seamlessly integrates with CRM and tenant application management platforms.
CRS’ tenant screening tool can instantly perform credit checks on potential tenants. The tool enables management companies to ensure tenants meet qualifying requirements, limiting their exposure to potential legal action and rent defaults. Plus, CRS’ credit screening tool integrates with popular CRMs like Zoho, making it simple to get started.
[Read more: Integrating Credit Reporting Services Into My Property Management Software]
There are dozens of use cases for advanced technology to change the real estate and property development industry. These are just a handful of the top proptech solution companies that are making waves in 2023. To learn more about the industry, check out our blog. Or if you want to know how we can help your business, contact us and schedule a free consultation today.
