NeMetaProp NYC Creates the Global Real Estate Tech Confidence Indexw Page
MetaProp NYC, the first real estate tech accelerator, recently released their findings from an index they created called the Global Real Estate Tech Confidence Index. The initial results of the index, designed together with the Real Estate Board of New York, were positive. MetaProp NYC’s Global Real Estate Tech Confidence Index measures the health of the real estate technology market, according to the views of investors and startup founders worldwide. The index is based on responses to 4 questions, with a response range from 0 to 10.
To create this new index, MetaProp NYC polled real estate tech investors and founders, asking about company growth and their thoughts on the future conditions of the market. The results showed that the investors were more confident about the real estate tech market than entrepreneurs. MetaProp NYC found that “90% of investors intend to make either the same amount of investments as last year or more,” according to co-founder and managing director Aaron Block. The index also reported that many expect the real estate tech market will grow more competitive during this year.
Another expectation of the 2016 real estate tech market reported by the Index was that customer growth would be moderate. Although most startups are expecting to double 2015 revenue, some are not expecting to bring in any revenue at all. However, despite this expectation, many startups reported having aggressive hiring plans for 2016.
“As opposed to other industries such as advertising or finance, the real estate industry is just beginning to embrace innovation and technology,” said EisnerAmper LLP Partner Steven Kreit. “This index is a great tool to see how investors and entrepreneurs see the short term and long term prospects for the industry.”
The data collected from MetaProp NYC’s Global Real Estate Tech Confidence Index shows that in 2016, many real estate investors seem more inclined to lean into real estate tech trends, while entrepreneurs remain more skeptical.