Covid-19 is the agent of transform driving advancements – and acquisitions – in a sector long-resistant to tech.
By Troy Hooper, Xinyi Jiang and Rachel Stone
Property technological innovation discounts are envisioned to accelerate this 12 months as Covid-19 forces the electronic transformation of an industry traditionally resistant to improve, executives and other people say.

Pair Wanting At Residence Online On Laptop At Property
Automated condominium matching, digital property excursions, renter portals, internet site administration and contactless remedies across residence loans, payments, title coverage and escrow products and services are reshaping how authentic estate is acquired, offered, leased, and managed. Related developments are using place in business genuine estate, where measuring air high quality and other health variables are doubly vital.
“What Covid-19 has completed is shine a shiny light-weight on the opportunities in authentic estate to automate a wide selection of procedures and processes,” stated Daniel Cunningham, founder and CEO of Leonardo247, a Redondo Seaside, California-based mostly serious estate administration software program startup. “It’s on everyone’s radar.”
Thoma Bravo’s pending $10.2 billion acquisition of RealPage
Several SPACs have shown fascination in proptech enterprises, together with San Francisco-based mostly rental marketplace Condominium Listing, New York-based mostly home-financing startup Knock, and El Segundo, California-based PeerStreet, in accordance to their executives, who all told Mergermarket their enterprises are on general public marketplace trajectories.
Lionheart Acquisition Corporation II and Property Answers Acquisition are among the the blank-verify corporations scouting for targets.
New York-based mostly co-working house provider WeWork, which has made engineering a hallmark of its business office buildings, is reportedly thinking of going general public through a SPAC following pulling its original general public supplying in 2019.
Last thirty day period, Compass, a New York-primarily based serious estate brokerage startup that closely marketplaces its technological prowess, submitted paperwork to start an IPO of its very own.
Other disruptors like Chattanooga, Tennessee-primarily based tech-enabled relocating company Bellhop and San Francisco-dependent residential real estate marketplace Sundae plan to elevate far more private capital just before pursuing public listings, according to their CEOs. While absolutely nothing is imminent, co-founder Gregor Watson stated Oakland-based household rental marketplace RoofStock could finally go general public or offer to a substantial strategic like Amazon
Carmel, Indiana-based Realync could also be an acquisition target right after increasing money in 2020, according to co-founder and CEO Matt Weirich, who named RealPage and Santa Barbara, California-based Yardi Systems as sensible purchasers for its digital leasing and engagement platform for multi-loved ones residences.
Other beautiful startups to view, in accordance to a sector advisor, incorporate 3-dimensional digital house tour provider Matterport and “iBuyer” Offerpad, which raised money in 2020 and 2019, respectively.
In addition to Airbnb, RealPage, Yardi, Zillow and Amazon, the latter of which entered the home management space in September with “Alexa for Household,” the advisor pointed to Appfolio
It is not just startups that have targets on their backs. Some incumbents in the house could consolidate much too, as Zillow and Trulia did in 2015, he additional.
Dependent in Los Angeles, Troy Hooper (troy.hooper@acuris.com) oversees IPO and SPAC written content for Mergermarket, while Xinyi Jiang (Xinyi.jiang@acuris.com) and Rachel Stone (rachel.stone@acuris.com) report on economical services and technology out of Mergermarket’s information bureau in Charlottesville, Virginia.