5 Innovative Companies Supercharging the Real Estate Industry

The world of real estate is a vast and often complex one.

Whether it’s looking to buy, sell, or manage a property, it takes a lot of technical knowledge and even working knowledge of the current market and regulations.

If you are looking at buying a property, you still have to figure out what kind of property it is and what regulations you need to study and comply with. Is it up to code? What landmarks are accessible to it? What kind of maintenance expenses are you looking at?

Selling properties would have the same consideration–but with the added challenge of where you’ll find the perfect prospective buyer. Would the property match what the buyer needs? Is it accessible enough to be an attractive property? How many repairs would you need to make to sell it?

But, managing properties takes the cake, especially because the continuous upkeep can become more and more expensive over time. How much are you spending on the maintenance of the property? How do you support and communicate with the tenants? How do you manage the financial aspect of the property?

These are all common questions and challenges that individuals and organizations in the real estate business face. Because of the overwhelming number of potential risks, it’s no wonder why so few people enter the real estate industry–unless they’re already familiar with it.

This is a gaping concern that some of the most innovative real estate superchargers have seen and are currently solving through their companies.

MyTower

MyTower is a rising star in the property management sector, offering a cutting-edge platform to streamline and automate various aspects of building management. Founded in 2018, the company has quickly gained traction with property managers across the country thanks to its cloud-based approach to property management.

At its core, MyTower is a platform designed to make property management simpler and more efficient. The platform offers a range of features, including maintenance request management, tenant communication tools, financial management tools, and more. By consolidating all of these tools into one easy-to-use platform, MyTower aims to save property managers time and effort, while also improving the tenant experience.

Pacaso

Pacaso is a unique startup that aims to revolutionize the way people own and enjoy second homes. The company offers a groundbreaking co-ownership model that allows buyers to purchase a share of a second home, rather than buying the entire property outright.

Pacaso’s value proposition is centered around the idea of “smart ownership.” By buying a share of a second home through Pacaso, buyers can enjoy all the benefits of owning a vacation property, without the headaches and hassles that often come with full ownership. Pacaso handles all of the management and maintenance of the property, including cleaning, repairs, and upkeep, so that owners can simply relax and enjoy their time at the property.

LeaseLock

LeaseLock is an innovative startup that is shaking up the rental industry with its cutting-edge insurance platform. The company offers a unique solution to the problem of rental deposits, which can be a significant burden for many renters through deposit replacement. Instead of requiring tenants to pay a large security deposit when renting an apartment, LeaseLock offers landlords the option to purchase insurance that covers any damages or unpaid rent at the end of the lease.

Common

Common aims to change the way people live by providing affordable, community-oriented housing solutions. The company provides a unique co-living model that combines private apartments with shared spaces and amenities, such as co-working spaces, gyms, and rooftop lounges to its target market, which is primarily young professionals and students who are looking for affordable, flexible housing options in urban areas. The company currently operates in a several major cities across the United States, including New York, Los Angeles, and San Francisco.

Homelight

Homelight’s goal is to make the process of buying and selling real estate easier and more efficient. One of Homelight’s key offerings is its agent matching service, which uses a proprietary algorithm to connect buyers and sellers with top-rated real estate agents in their local area. Homelight can help buyers and sellers find the best agent for their specific needs by analyzing data on agents’ performance and customer satisfaction, reducing the time and effort required to search for a qualified agent on their own.