Despite a slower real estate market, PropTech remains the wave of the future.
The initial wave of PropTech companies focused on creating platforms for buyers and renters, but now the PropTech revolution is expanding into the mortgage sector as well.
A good example of this trend is the startup Huspy, which is attempting to build a one-stop shopping platform for the home-buying process. A key part of the Dubai-based PropTech firm’s plans involves connecting buyers with mortgage brokers and lenders.
Huspy just raised $37 million in venture capital and is now expanding into Europe. Time will tell how long it will take to get to North America.
Huspy is betting that increasingly tech-savvy buyers are pining for a single platform to guide them through the entire home buying process, from finding an agent to closing a mortgage.
As it stands now, the real estate industry is so fragmented that buyers are “wasting enormous amounts of time across every stage of their journey,” Jad Antoun, CEO and co-founder of Huspy told Gulf Business.
Each company involved in the process of helping buyers find a home and then finance its purchase has its own, time-consuming set of rules and requirements, creating layers of complexities,” Antoun said.
“In this age of convenience, customers who are serious about their purchase, want to move fast,” Antoun tells the business publication. “They want the full experience starting at the top of the funnel with search, to the bottom of the funnel where they close the transaction and receive financing.
In order to create that one-stop shopping platform for buyers, Huspy has teamed up with “mortgage brokers, real estate agents, agencies, property developers or banks,” Antoun said.
Mortgage brokers and lenders, equipped with Huspy’s technology and platform, have been able to qualify buyers and gain new customers.
“At Huspy, we are enabling discovery at the top of the funnel,” Antoun told Gulf Business. “At the bottom of the funnel, we are helping people close and finance their homes.”
So, as we’ve seen, the mortgage business is changing fast. But one thing hasn’t changed, and that’s the need for quality data. Without reliable numbers, no PropTech platform, whatever its bells and whistles, will get far.
All of this brings us to The Warren Group, which provides a variety of property data solutions for PropTech companies.
Want to learn more? Schedule a meeting with a data specialist today.