ProVentures Hosts Successful PropTech Meetup with Insightful Talks on Real Estate Innovation and Entrepreneurship

Looking for insights on the world of entrepreneurship and (PropTech) startup funding? Look no further than ProVentures?, an organization focused on helping entrepreneurs elevate their businesses. In this video, the team at ProVentures? discusses the changing landscape of the residential rental market and the need for innovation in the space. Don't miss out on this informative discussion - click play on the video below and be sure to subscribe to the ProVentures? YouTube channel for more insights and updates.

ProVentures?, an organization focused on elevating entrepreneurs, hosted a live virtual event on March 27, 2023 at 7 PM PST discussing the future of PropTech (property technology) and its potential impact on the real estate industry. The event was attended by entrepreneurs and industry professionals interested in the latest trends in PropTech. The speakers covered various topics, including the importance of collaboration, the role of technology in improving tenant-landlord relationships, and the need for innovation in the long-term rental residential market. ProVentures? emphasized its commitment to supporting entrepreneurs and invited attendees to reach out for potential collaborations, resources, or support. The event concluded with a Q&A session, during which the speakers addressed attendees' questions and provided insights into the PropTech landscape.

Jennifer Stowell, the current president of ProVentures?, is leading a PropTech Revolution to help entrepreneurs and investors navigate the future of real estate. ProVentures? hosts meetups and events, and subscribing to their free newsletter on ProVentures.org is an easy way to stay informed about future events. Jennifer's background is in marketing, sales and real estate as a REALTOR?, and she has helped many new agents and brokers on their journey of entrepreneurship. ProVentures? aims to bring innovation to the real estate industry and hopes to propel entrepreneurs forward in their goals, whether that's optimizing the PropTech space or achieving an exit.

As the PropTechLead, Jennifer interacts with brokerages regularly and can provide testing help for their product. She recently started a newsletter on LinkedIn called "PropTechLead Prophecies" that covers startup knowledge, reporting on companies, and market analysis. She has experience investing in technology that wasn't ready yet, such as virtual reality in the real estate industry. She emphasizes the importance of aligning effort with timing and ensuring a supportive infrastructure exists for innovations to be successful.

Jennifer discussed the four main verticals of real estate, which are residential, commercial, industrial, and land, and how industrial and land are often grouped under commercial for simplicity. Real estate is one of the wealthiest asset classes in existence, second only to gold, and has been slower to adopt technological advancements compared to other industries. The emergence of PropTech offers a solution to the stagnation and lack of innovation that real estate has experienced for the past two decades. However, the commission-based model of real estate and strict regulations in the residential sector, as well as illiquidity challenges, have presented limitations to the adoption of new methods. There is an immense potential for growth in the industry with the adoption of new technology.

Jennifer has interacted with several billion-dollar company founders and believes that innovation in the real estate industry is easier than expected, as long as distribution is in place. However, the industry tends to lean towards tradition, which may make it difficult for new technologies to integrate. The strength of the largest trade organization in the United States, The National Association of REALTORS?, with over 1 million members and the influence of its political action committee also make it challenging for innovation to take hold. Jennifer highlights the need for good marketing and word-of-mouth to overcome hesitation towards new technology. Finally, Jennifer defines PropTech as any technology or innovation that serves the real estate space.

Jennifer discusses the history and definition of PropTech, which is technology related to real estate. They explain that PropTech can encompass a wide range of areas, from automating workflows to building online marketplaces, and that it is part of a larger trend of digital transformation. Jennifer? notes that PropTech overlaps significantly with FinTech, and that this overlap will only increase with the continued rise of AI. She also identifies several sub-areas of PropTech, including smart real estate, construction technology (ConTech), and the shared economy. Finally, Jennifer discusses her experience with a startup that used 3D printing to create affordable housing units, noting that they ultimately failed to consult an architect and undervalued the importance of the human experience in their design.

Jennifer talks about successful companies in the real estate industry. She gives examples of Reside (now called Side), a company that created a white label model for agents to build their own brand and manage transactions. She also talks about LandTech, a European company that streamlines the acquisition process for developers by solving the problem of jumping between different platforms. Lastly, she mentions Airbnb, which is a successful short-term housing marketplace that experienced even more success during the pandemic. Jennifer emphasizes that these companies' success is due to their ability to solve problems and create marketplaces.

Jennifer previously met someone at a startup networking event in Silicon Valley who was an amazing problem-solver and had just become a licensed real estate agent. They tried to innovate property management but lacked a distribution strategy and failed to outperform competitors. Testing is critical and many entrepreneurs fail to test their ideas or have a clear use case and a viable business model. Confusing pitches are common, and some lucky few succeed immediately or find unexpected success. Jennifer met someone else while attending the Legislative Days in DC on behalf of the REALTORS?, who resolved a major problem but lacked substantial value. Investors need clear deliverables.

Jennifer? discusses the ethical limitations surrounding privacy and data security in the real estate industry, particularly in the lending side where sensitive information such as bank details and social security numbers are obtained. Other ethical considerations include fairness, transparency, accessibility, inclusivity, regulatory compliance, and environmental impact. Jennifer encourages strong security protocols and disclosures when storing personal data and designing innovations with accessibility and user limitations in mind. The role of AI in resolving or perpetuating ethical challenges is also mentioned. Jennifer believes that REALTORS? will not be replaced by technology, especially in the emotional and complicated residential sector. The emotional factors have a significant impact on property values and sales.

Jennifer addresses a question from an attendee about making the long-term rental residential market more efficient and easier for tenants and landlords, and suggests that there is a need for change in this landscape. They end by thanking the attendees and inviting them to reach out with any further questions.

Jennifer discusses attitudinal barriers that exist for real estate agents when it comes to adopting new technologies. She mentions the importance of having a sound user or service agreement to be welcomed faster by the industry. Jennifer also highlights the importance of explainer videos that focus on getting action to be taken right away, and how to answer two key questions: what problem the solution is solving and why it's the best solution for the problem. Lastly, Jennifer mentions some criteria for engagement for PropTech companies, such as having a strong team, a business model, market potential, and a good user experience.

Please feel welcome to reach out to ProVentures? for collaboration, resources, or support. You can subscribe to the (free) newsletter and visit the ProVentures.org website for upcoming events. Also please look for ProVentures? on Meetup!?The PropTech meetup is located here: https://www.meetup.com/innovate-proptech-sf/

In conclusion, the ProVentures? virtual event on PropTech provided invaluable insights on the future of real estate technology, including trends in long-term rental residential markets and innovations in commercial property management. The event also highlighted the importance of collaboration and resources for entrepreneurs looking to break into the proptech industry. With the expertise of industry leaders such as Jennifer Stowell, MPA - PropTechLead, and the support of organizations like ProVentures, the future of proptech and the real estate industry looks promising!