Have PropTech companies changed the market irreversibly?

Invisible Homes is one of many UK based property startups: the UK is one of the best places to be as a tech company, particularly as a proptech business.

What exactly is proptech?

Proptech is an umbrella term for businesses that are trying to reshape the traditional property market through online portals and technology platforms that transform the buying, selling and renting processes.

Current problem

The property sector is an industry that is generally dominated by a few very big players and its system is often regarded as rigid, inefficient, and archaic. There can often be the feeling that estate agents aren’t fully in line with the interests of their sellers, and buyers too can find the process very unsatisfactory through waiting around and having to rely on an agent in the middle to affiliate and make progress.

Opportunity

Tech entrepreneurs have sensed that the property industry is yet another sector that can be disrupted and arguably improved, by providing online platform based alternatives to the traditional estate agent model. The intention being that these alternatives will make the buying and selling process more efficient for the user, as well as being a far more cost-effective option for buyers and sellers. The huge success of online platforms in recent years such as Rightmove, Zoopla, and even Airbnb, indicate how much potential there is for the property industry to be further broken down and developed.

Relevance

95% of all property searches now begin online, times and traditions are changing as we all become more inclined to favour digital means to find solutions. Many of the proptech businesses that are now in operation, further allow the majority of the buying and selling process to be completed online without the need for external help. The traditional physical presence that estate agents had which used to be the go-to, is thus now becoming less and less relevant.

Future

As it stands, the online model accounts for about 5% of the market shares. However, the prediction is that by 2020 this will have increased to around 15-20%, investment in proptech businesses is already booming and people’s confidence in the online model is starting to grow. The scope for potential development is immeasurable.

What about Invisible Homes?

We are a proptech startup launched in October 2017 and we are trying to reshape the buying and selling process.

How? In our opinion, the open market doesn’t work well for buyers and sellers, it causes lots of problems and there needs to be a fix. We believe that buying and selling property off-market is a much better way.

We are bringing the whole of off-market property online, into one place and available for all. Buyers can find exclusive off-market properties listed on our website that cannot be found anywhere else and no longer need to be on an agent’s preferred list to be in the know.

Sellers can gain access to hundreds of registered buyers searching for a property like theirs, contact them directly and market their property themselves. Properties on Invisible Homes are new to every buyer that registers, this prevents listings going stale and becoming lost in the crowd – a fundamental flaw of the open market.

With Invisible Homes’ off-market model there’s no faff, no waiting around, and no going stale.

We already have over 700 registered buyers in Fulham – more than most traditional estate agents, and we also have more properties in Fulham than Purplebricks…

Just people and homes. The way it ought to be. The way it is now.

For more information please check out our website – www.invisiblehomes.co.uk