(NEW YORK, NY) — New York City is a prime location for real estate tech companies.
The potential for tech-driven innovation is beginning to disrupt the old patterns of the real estate industry. Firms and agents are constantly looking for new technology that will make them stand out.
Why are tech companies targeting real estate?
Apps such as Airbnb and Zillow are multi-million dollar companies that have profited by improving the experience of buyers, sellers, renters, and homeowners. Tech startups are taking to the market with apps that range from helping buyers find the perfect home to opening doors and turnstiles with the click of a button.
Tech firms are bringing the real estate industry to the fingertips of millions. Out-of-date processes are exactly that, outdated. We live in a world where convenience sells, where properties are marketed and sold on digital platforms, and where prospective homebuyers look to the internet to find information on listings.
Why New York City?
New York is becoming the global leader in this real estate technology era and is home to one of the world’s largest real estate investment markets.
New York’s growing office market has given companies the opportunity to test new technologies. In fact, according to The Atlantic, among metro areas worldwide, New York has the fourth highest levels of venture capital investment. New York is also a top global commercial destination and is one of the four “Super Cities” for commercial real estate investment.
The sheer amount of tech talent that lies within New York City will soon put it ahead of potential competitors.