- A PropTech company uses various automation processes to solve multiple real-estate problems. They use technology to improve how people rent, design, and construct residential and commercial buildings.
- WeWork provides workspace solutions for its clients. For instance, they offer furnished offices fitted with all the required amenities, such as reliable internet and a conference room.
- Airbnb has created a platform that has more than 5.6 million listings. You can book an apartment, treehouse, boat, or luxury villa through their mobile application or website.
- Compass has created a platform with a search engine to look for residential properties for sale or rental. Compass has also hired real estate agents to engage customers searching for properties through the platform.
With 60% of the market share, the United States has the largest proptech market share globally. It is no surprise that most of the best proptech companies in the world are in the U.S.
So, what is a PropTech company? These are companies that use various automation processes to solve multiple real-estate problems. They use technology to improve how people rent, design, and construct residential and commercial buildings.
Think of it as the point where technology and real estate merge. So, please keep reading to learn about the 13 largest proptech companies in the world, ranked by annual revenue.
#13: UtilizeCore – $2 million
UtilizeCore was founded in 1963 by Herb Natiss. This proptech company locates and matches subcontractors to potential jobs and provides various analytics to boost service delivery.
So, what do they do? The company develops software that makes it easy for property management agencies to hire and send plumbers, electricians, and janitors to houses that need repair.
Through the software, property managers who require workers for various repairs can check their portfolios to determine the best people for the job. The UtilizeCore software has other features that include:
- Online payment. This feature makes it easy for property management companies to pay workers without using third parties.
- Communication platform. The UtilizeCore software provides an effective communication platform between property managers and service providers.
- Equipment management. Equipment management is imperative when conducting various repairs. The software makes it easy for property management companies to track their equipment inventory, especially repairing multiple properties.
UtilizeCore’s client-centered PropTech services resulted in a revenue of $2 million in 2021.
#12: HoloBuilder – $7.3 million
HoloBuilder was founded in 2015 by Mostafa Akbari-Hocheberg; he is still the CEO. The company is headquartered in San Francisco, California.
HoloBuilder is an international agency with employees in Germany and Silicon Valley. In the U.S, this agency works with established construction companies to provide various solutions in the industry.
For instance, the company has developed software that helps property owners track their projects during construction. Project owners can use the software to get a 360-degree visualization of their property.
Additionally, HoloBuilder serves various real estate professionals, including contractors and engineering companies. Being a renowned company in the proptech industry, the company earned a revenue of $7.3 million in 2021.
#11: Letus – $8.7 million
Previously known as Rentmoola, Letus was founded in 2013, with its headquarters in Vancouver, Canada. The company mainly focuses on software that simplifies the rent payment process. The agency partners with property owners, especially those with multiple properties, to help them manage their payment systems.
Letus’s primary mission is to ensure the rent collection process is smooth and secure for property managers and owners who do not want to invest in other management systems.
For example, property owners can use the Rentmoola software to track digital payments from tenants leasing different properties. This company also provides additional services to property owners and tenants.
Firstly, Letus provides a comprehensive payment network. Tenants can pay rent from any device, regardless of location, through the Rentmoola software. The company has integrated different payment methods into its software to create a vast payment network.
Rent paid through Rentmoola is usually deposited to the property owner’s bank account, eliminating the hassle of depositing the money in the bank.
Secondly, Letus offers interest-free credit lines. Tenants can acquire interest-free credit for emergencies through the Rentmoola software. Thirdly, Letus provides a platform where tenants can track their payment progress.
The Rentmoola software allows tenants to create a real-time portal where they can track their rent payments. The company reported a revenue of $8.7 million in 2021.
#10: Reef Technology – $16 million
Reef Technology was founded in 2013 by Ari Ojalvo, Aziz Ihsanoglu, Philippe Saint-Just, and Umut Tekin. The company is headquartered in Miami, Florida. Reef is one of the best upcoming proptech companies in the U.S. It reported a revenue of $16 million in 2021.
The company’s primary vision is to create a neighborhood that everyone loves. It entails having a place with job opportunities, social amenities, and food availability.
So, what does the company do? Reef aims to create more revenue streams from people’s real estate, restaurants, and parking lots.
As a property owner, you must first enroll your property to Reef. This allows the company to evaluate it and determine the best use for your space based on its current location and surrounding neighborhood. It entails looking at businesses that will thrive within your space.
If the company is satisfied with your property space, you will license the space to them. Once Reef has identified a way to utilize your space, they will give you license fees for your real estate property.
Reef also offers parking solutions. You can register your parking space through the Reef mobile application to allow people to access it easily. The application also allows people to include their credit cards, making it easy for them to pay for parking.
#9: Vergesense – $16 million
Dan Ryan and Kelby Green founded Vergesense in 2017. Vergesense is headquartered in San Francisco and has satellites in Boston, Minneapolis, London, and Sydney. The company has raised over $82 million in funding to help its clients transform their offices into productive workspaces.
The company develops spatial intelligence software that analyzes office spaces. Tenants and employees benefit from it because they are given an in-depth analysis of the office space. This allows them to recommend various changes to the property manager.
The software’s key features include the following:
- Vergesense AI. The Vergesense AI analyzes the captured data for patterns and trends. It can detect the active and passive spaces by analyzing people’s presence in those areas.
- Cloud portal. The Vergesense software supports cloud services, allowing users to visualize the captured office space in real time.
- Portfolio optimization. Vergesense will analyze the obtained data based on employee trends and recommend cost-effective measures you can implement in your office space.
Vergesense mainly deals with commercial spaces, contributing to its annual revenue of $16 million.
#8: Butterfly MX – $21 million
Butterfly MX is a proptech company founded by Cyrus Claffey in 2014, with its headquarters in New York. It deals with access solutions.
Cyrus partnered with Mathew Knoff, Ivan Mihalj, and Kunal Shah to develop a smartphone-powered intercom that the company launched in 2015. Butterfly MX has transformed into a property access solution that provides a secure and suitable way to manage your property.
The company offers multiple products that include:
- Front desk station. This software benefits hotel owners who want to digitize their reception functions. Through the visitor management feature, your on-site staff can fulfill other duties while monitoring the incoming guests.
- Keypad. The keypad feature aids in improving the security of your property.
- Self-guided tours. This feature allows potential tenants to tour your property on their schedule. You do not have to meet with prospective tenants as you can remotely give them access to your property.
- Elevator controls. The feature allows property managers to use the Butterfly MX mobile application to unlock the elevators when prospective tenants take their self-guided tours.
- Video intercom. The system allows property managers to use their smartphones to see who wants to access their property.
Butterfly MX has grown since its inception, earning a revenue of about $21 million.
#7: Reonomy – $21 million
Reonomy was founded in 2013 by Rich Sarkis and Bill Okun. The company is headquartered in New York. The company’s primary goal is to create a platform that provides accurate and comprehensive real estate data.
Reonomy provides machine learning insights and big data solutions to brokers and real estate agencies. Their software has two primary components.
First, it has an extensive data network that analyzes multiple real estate records to provide accurate information about a specific property. For instance, real estate investors can use this software to get accurate information about a listed property.
Besides connecting data, the software incorporates AI technology to provide predictive analyses to customers. Other solutions offered by Reonomy include:
- Occupancy and ownership data services.
- Property information, including the transaction history.
- Analysis of proprietary algorithms.
#6: Ascendix Technologies – $22 million
Ascendix Technologies is a proptech company founded by Todd Terry and Wesley Snow in 1996. The company is headquartered in Dallas, Texas, and specializes in developing proptech software for real estate agencies.
Some of their products include:
- AscendixRE CRM. Ascendix Technologies develops this software for land brokers, property managers, and mortgage banking brokers. The software helps real estate professionals to automate their workflows and track their data, such as property listings and leases.
- Composer. This software helps property managers develop branded real estate flyers, brochures, and property profile reports.
- Ascendix Land CRM Software. This software is primarily for land brokers and has all the main tools that help them sell land, farms, and ranches.
- AscendixRE Capital Markets. The application aids in matching borrowers with lenders, making it easy for both parties to close the deal.
- MarketSpace. Ascedndix has developed a platform that allows property owners to market their listings and communicate with potential tenants and buyers.
The company offers multiple digital solutions, contributing to its annual revenue of $22 million.
#5: Zumper – $44 million
Zumper was founded in 2011 by Anthemos Georgiades, Leah Jones, Russell Middleton, and Taylor Glass-Moore. The company is headquartered in San Francisco, California.
Zumper is considered one of North America’s largest real estate technology companies and has a $44 million annual revenue. In 2021, Forbes recognized Zumper as America’s Best Startup Employer.
So, what does Zumper do? The company helps users find apartments, houses, and other properties through their Zumper application. Some of the key features of these applications include:
- Online booking. The Zumper application helps potential tenants to book apartments online, especially if they live in another state and cannot physically visit the rentals.
- Real estate rental. The Zumper app allows property owners to advertise and manage their property listings.
- Electronic payment. The Zumper application has a payment feature that allows tenants to pay rent using various payment methods.
#4: Guesty – $52 million
Amiad and Koby Soto founded Guesty in 2013. The company is headquartered in Tel Aviv, Israel, and its primary aim is to help real estate companies and brokers to manage their properties efficiently.
Guesty develops various products that help in property management. They include:
- Accounting tools. This accounting software helps you track all your properties’ finances. It eliminates the need to hire an accountant.
- Analytics tools. This software helps property managers to analyze the performance of their rental properties. For instance, it will calculate the occupancy rates of each rental property.
- Automation tools. Property owners can use this software to manage their rental properties. For instance, it has an auto-message feature that allows you to send one common message to all tenants.
- Branded booking website. Guesty will help you create a website where you can advertise your rental properties, and the tenants can book the apartments.
- Payment processing tools. Guesty has created a payment platform for property managers that makes it easy to collect rent.
The company serves many industries, including vacation rentals and serviced apartments, contributing to its annual revenue of $52 million.
#3: WeWork – $2.57 billion
WeWork was founded in 2010 by Adam Neumann, Rebekah Neumann, and Miguel Mckelvey. The company is located in New York and has an annual revenue of $2.57 billion.
WeWork provides workspace solutions for its clients. For instance, they offer furnished offices fitted with all the required amenities, such as reliable internet and a conference room.
The company also provides space management solutions to commercial property managers. Through the WeWork application, commercial property managers can revamp their spaces to meet their clients’ expectations.
WeWork mainly provides solutions to people looking for office spaces or property owners looking to rent their commercial spaces.
#2: Airbnb – $5.99 billion
Airbnb was founded in 2008 and is headquartered in San Francisco, California. The founders, Brian Chesky, Joe Gebbia, and Nathan Blecharczyk, aimed to provide an affordable alternative to hotels.
Airbnb has created a platform that has more than 5.6 million listings. You can book an apartment, treehouse, boat, or luxury villa through their mobile application or website.
The Airbnb platform allows users to search for a vacation rental apartment. You can then communicate with the host to book the apartment and pay the deposit via the application.
There are many Airbnb competitors in the real estate industry, but the company has grown since its inception, making $5.99 billion in revenue every year.
#1: Compass – $6.42 billion
Compass is one of the world’s largest and best proptech companies, with an annual revenue of $6.42 billion. Robert Reffkin and Ori Allon founded the company with the primary aim of providing custom real estate solutions.
The company has created a platform with a search engine to look for residential properties for sale or rental. Compass has also hired real estate agents to engage customers searching for properties through the platform.
Additionally, the company offers financial solutions to homeowners. For instance, they give people loans to buy properties or rent apartments. They also give homeowners loans for cleaning, repairing, or renovating their properties.
The 13 Largest Building Technology (PropTech) Companies in The World: Summary
|1||Compass – $6.42 billion|
|2||Airbnb – $5.99 billion|
|3||WeWork – $2.57 billion|
|4||Guesty – $52 million|
|5||Zumper – $44 million|
|6||Ascendix Technologies – $22 million|
|7||Reonomy – $21 million|
|8||Butterfly MX – $21 million|
|9||Vergesense – $16 million|
|10||Reef – $16 million|
|11||Letus – $8.7 million|
|12||HoloBuilder – $7.3 million|
|13||UtilizeCore – $2 million|
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