Property technology is a segment that hasn't received as much attention as financial technology - but some companies that started their property technology businesses in the 2000s are now finding success.
Procore
Founded in 2002, Procore started to see a boom in business only 10 years later when people started making use of modern tools at work such as smartphones and iPads.
At the time of its founding, Procore was among the few companies that saw the potential in using software and technology to improve the construction and property industries.
The company offered its product via subscription. During the 2000s, products were based on staff numbers but Procore saw the technological advancements in the sector and integrated changes.
As of May, Procore was valued at $5 billion and had more than $290 million in annual recurring revenue.
Zillow
In November Zillow published its third quarter 2020 financial results - with the company bidding the quarter goodbye with its highest cash and investment balance.
Its share price rose 13% as its results beat analyst expectations.
Zillow Group chief executive and joint founder Rich Barton said at the time that "the concrete setting is on new digital solutions for life and work" during the pandemic.
Even before COVID-19, Zillow had started advancing investment in digital transformation - paving the way for the success it is experiencing.
Optix
Optix was founded in 2012, at a time when workspace customization wasn't a popular trend. Like Procore, the company has a subscription payment structure.
Now, the company continues to top lists of property technology companies to watch out for in the coming years. Its services have been well received by customers as a result of its concentration on extensive customer service support.
With customization, Optix provided companies with a 100% customizable Android and iOS app that was designed to be used by employees, office tenants and staff.
Opendoor
Hailing from Silicon Valley, Opendoor started in 2013 offering customers with a hassle-free and safe home-selling service that is done virtually.
The idea of selling a house through a "virtual realtor" was outrageous when Opendoor was founded. However, the company continued to advertise its products and services.
Roughly six years later Opendoor sold 20,000 homes online making it one of the most popular home-selling providers in the U.S.
Analysts expect online home selling to continue growing - especially with the pandemic forcing people to stay at home.
