Proptech News 11/08/2024
Can Proptech finally bring real estate into the future? - Cyprus Mail
The real estate industry faces two key barriers to innovation in Proptech: outdated infrastructure and risk aversion of larger players. Proptech companies offer advanced software, such as AI, machine learning, and data-driven insights, but the infrastructure is outdated. In Cyprus, property transactions are still manual, and the government is working to modernize. In Greece, the government is working to digitize many sectors, but many transactions still require significant manual input. In Romania, the real estate sector is held back by inefficient systems that are not yet ready to integrate with the advanced tools Proptech can offer. A sandbox model could be a solution, allowing Proptech innovations to be tested in a controlled environment without the risk of full-scale failure. This would allow both start-ups and larger institutions to collaborate without the fear of catastrophic loss. Cyprus, Greece, and Romania are ideal testing grounds for Proptech innovation, as they have unique characteristics that make them well-suited for transformation
New Proptech tool claims faster verification checks for student renters - Letting Agent Today
Proptech operator Vouch has launched a new referencing product specifically designed for students. The product removes additional checks and processes only relevant to salaried tenants, such as credit checks and salary verification. Each student reference includes a complete ID check as standard to reduce fraud opportunities. Agents can also opt for a 'bundle' offering, which includes the ability to gather guarantor details. This new offering is designed to help agents quickly capitalize on demand without increasing their workload. Students can engage with the purpose-built referencing tool via a 'self-service' interface, uploading key information, IDs, and guarantor details in one place. Vouch aims to handle student references smartly and efficiently, making life easier for the digital-native generation of students. The product is designed to ease the burden on busy agents and landlords, helping them keep up with current levels of demand while allowing them to continue growing their businesses
Latii raises $5M to streamline construction materials supply - LatamList
New York-based Proptech company Latii has raised a $5 million seed round led by Leadout Capital, with participation from Era Ventures, Act One, Nine Four Ventures, and RADV. Latii provides U.S. customers with access to carpentry products from Latin America, Southern Europe, and North Africa, reducing costs by up to 60% on high-quality materials. With the new funding, Latii plans to develop AI tools to streamline the supply chain for luxury windows and doors and improve the quotation process. Founded in 2023 by Colombians Santiago Bueno, Alejandro Roldán, and Juan Pascual, Latii currently serves clients in Texas, has over $1 million in orders this year, and is set to expand into the Pacific Northwest, Mountain West, and New York metro areas
Renters Rights Bill made “easier” for agents through Proptech upgrades - Letting Agent Today
PropTech supplier Goodlord has launched The Aspen Edition, a suite of partnerships and products to help letting agents prepare for the Renters' Rights Bill changes in 2025. The platform upgrade allows agents to unlock new revenue streams and ensure landlords are not burdened with additional admin and compliance headaches. New features include integrations with other providers like Street.co.uk, product releases around rent reviews, rent protection Insurance, ID verification, and managing inventories. The suite includes street partnership, rent review tools, rent protection insurance, ID verification, and inventory management. Goodlord chief executive William Reeve aims to ensure agents and landlords are prepared in advance, remain compliant throughout, and are not burdened with extra admin either now or in the long term. The company is investing in and releasing a wide range of updates, brokering new partnerships, and bolstering its team ahead of the Renters' Rights Bill passing into law.