The PropTech industry has disrupted real estate by adapting to the demands and expectations of a changing market. 2014 saw the highest number of PropTech company launches and the industry was valued worldwide at $18 Billion in 2018. Since then the industry has grown and developed further with no sign of slowing down anytime soon, but what fresh, promising PropTech companies are influencing the industry in 2020?
In November last year, Housing Minister Ester McVey MP gathered leading PropTech business influencers. They discussed how the government can support and grow the sector further. Amongst the PropTech thought leaders was Brittany Harris, Co-Founder and CEO of QFlow. QFlow are environmental experts providing an on-site data software that makes the construction industry greener. Find out more about them here.
The Construction sector was accountable for 39% of Carbon Dioxide emissions last year. They are also largely responsible for most of the UK’s waste.
Climate change is a very important subject right now. The public are focussing on it more than ever; it is consistently being spoken about online or on the news. With this in mind QFlow will certainly be assisting the transformation of the PropTech Sector in 2020.
In our opinion this is an exciting change that will benefit everyone long term. Before the meeting with the Minister, QFlow had little influence but were already showing signs of great success. With the support and environmental issues at the forefront, this partnership will flourish. In December last year, at the UN Climate Summit, there was a discussion on how Digital Technologies can support climate action. Does this mean we could see QFlow going to a global scale? Well, I’m sure this won’t be the last time you’ll hear of them in 2020.
Another promising PropTech business creating a stir in the industry have been labelled ‘Trip Advisor for Property’. Home Views gives potential residents a truthful insight to what it would be like to live in the area or a building. The platform invites owners, tenants and ‘property expects’ to write honest reviews around the UK. With its nationwide rollout in September and over 9000 reviews for 900 developments across the UK, Home Views will certainly be leaving a mark on the PropTech sector in 2020.
This is something USA are already familiar with. Having a similar platform, they have already noticed significant changes in the property market. 73% of Americans said reviews affected their decisions to rent. We can imagine the UK Market will mirror these statistics. Just think, who goes to a restaurant without checking Trip Advisor reviews?
Last year, £1 million investment was put into Home Views. At the time it was only based in London, but with a goal of growing. Late last year we saw the expansion of the platform from London to other UK cities. We’re positive they will be growing internationally by the end of 2020 to being the ‘go-to’ for anyone thinking of relocating.