Category: Commercial

All stories relating to commercial tech related startups and issues.

Realla
CommercialEurope

Realla Interview: Commercial Property Search Engine

Residential property portals such as Zoopla, realestate.com.au and Zillow have pioneered the global shift towards the consumption of residential property online. Features we now take for granted, such as map search, professional photos and floor plans, and automated agent contacts are now being supplemented with more sophisticated options like virtual reality tours and automated valuations. This has made buying and renting property online as easy as lying on the sofa with one eye on the TV and another on the tablet.

Commercial real estate, traditionally dominated by the large brokerages, has lagged behind – characterised by individual project marketing (brochures) and an overall lack of transparency. This is starting to change with platforms such as Realla in the UK, taking the best features from residential sites and applying them to commercial real estate. Co-founder, Ian Parry, discusses Europe’s leading commercial property search engine.

What made you focus on commercial property given the background in residential search?

During 2008-2012, I was the CTO and co-founder of Globrix, which was a property search engine 100% focused on the residential sector (it was sold into Zoopla in 2012). During this time it became clear that commercial property was an under served market and there was a great opportunity there. I then met my future business partner Andrew Miles through a UK venture capitalist and we decided to start Realla. Andrew previously worked with British Land on the investment team and had become frustrated with receiving endless, huge marketing brochures for deals. The focus at this time was to create both the search engine portal and marketing tools for agents (since then we have added more powerful features for agents, landlords and investors).

How has your Globrix experienced shaped your approach to Realla?

The approach with Realla has been similar in a sense to the approach with Globrix – both have focused on crawling to create and build a stock of properties in the index. Realla now has over 96,000 commercial properties to search in the UK which is pretty much the entire market. Taking that into account, the technology approach has moved on however the concept is very similar – our most sophisticated tech is using machine learning to extract properties from PDF brochures. We see the opportunity in generating traffic and up-selling paid for placements.

How do you obtain your data?

  • Crawling from public websites
  • Publishing direct through our marketing tools
  • Machine learning for extraction of key meta details such as price, address, building types on both HTML and PDFs

Realla is a great site in terms of managing a lot of data / fields while keeping the UX clean and easy – how as the design process been in order to achieve this?

We have a small product and design team – our head of design previously worked for major brands like Burberry and Nike. We also have a lot of experience with the search components within the site having built a number of “guided search” experiences and learned various lessons via:

  • regular user feedback sessions
  • specific customer sponsors for part of the tools
  • data monitoring to track KPIs and engagement and feed them back into the design

Does the nature of UK commercial property support the need for this type of platform? Ie. so many types of commercial spaces, such a deep and diverse market.

Yes, but it takes investment in the verticals. We think our industrial and office offering will diverge significantly over time. Essentially the base need exists in the market where tenants and investors want to discover deals online and to date this isn’t particularly well served with a single resource to view the entire stock.

Was it an easy process to bring on the commercial agents?

There is no friction in agents using the portal, however it is a slower process for getting agents to use the marketing and CRM tools. We compete against incumbent in-house IT systems and a few other CRM businesses who focus on commercial property. PropTech is forcing agents and landlords to adapt a more digital approach to everything they do now and we are also aware progress takes time, but we have secured flagship clients in the last year.

Clients include Colliers, JLL, Richard Susskind and The Office Group.

What is the most similar platform in the US?

Real Massive is the most similar in the US to Realla, they also provide a powerful and yet easy way to help commercial real estate agents collaborate and streamline their marketing efforts.

How were you funded before this raise in June 2016?

Our first Angel raise was in March 2015.  A list of some of our investors can be found here. Realla is invested in and advised by leading real estate agents, investors and technology angels.

What is the long term vision? Say 5-10 years from now?

We aim to become the industry standard marketing medium for commercial property, and with it, the major specialised portal providing traffic.

Do you have international plans?

Yes, we do have international plans, once we see real growth in the UK we will start to implement them. We already have a foothold in Dubai.

realla

Comfy
CommercialInterviewsIoTUnited States

Comfy App: Leading the Way in Workplace Comfort and Productivity

Comfy allows office workers to control their immediate room temperature via their phone, and is leading the workplace technology wave, as employers increasingly focus on the connection between environmental quality and worker productivity. In June, Comfy raised US$12m in Series B funding from leading investors including CBRE, a global real estate brokerage. President Lindsay Baker gave us a snapshot of the market leader in office thermal comfort:

How did Comfy come about and how did you get involved?

Comfy started a handful of years ago when Andrew and Steve, our CEO and CTO, were PhD students in Computer Science at UC Berkeley. They were involved in a research project around software and buildings, and created the prototype of Comfy after tinkering with systems at a building on campus. It worked pretty well, so they started navigating the idea of starting a business. That’s when I met them, we got the company off the ground around 3 years ago, and we’ve been growing ever since!

Emergence, Microsoft and CBRE are an amazing set of investors / partners – what was the capital raise process like?

We are very fortunate with our newest investors. They all share the vision for the impact we can have on people’s lives, and share in the excitement that we have at being in the right place at the right time for the market. Emergence is well known for investing in successful SaaS companies like Salesforce, Box and Yammer, and have been really helpful so far as we learn some key lessons for our upcoming growth stages. Microsoft is obviously a legend when it comes to positively impacting productivity for us in our work lives, and so they’ve been great as new partners. And finally the investment from CBRE has lent a great credibility to us, given their status in global real estate. They look at a lot of real estate technologies, so we are very happy to earn their attention. The capital raise process is a lot like building a new account or partner – it’s all about finding shared value, so it’s exciting to find it with such great organisations.

I’ve read about the investment being for further product development / expansion, could you elaborate?

We as a company are in a great place in the market. We’ve shown our unique ability to get high engagement from occupants with a CRE app that also does some pretty tricky work with systems integration, controls etc. So now we are looking to some great opportunities to use our platform and skills to eliminate other pain points that occupants have with their physical environments at work. There’s a lot to be done, but the good news is that the real estate industry is looking for ways to improve worker productivity and we have a unique ability to help do that. Stay tuned for the details 😉

Is the investment from CBRE any different given they are one of the world’s largest building managers?

As has been reported, we are currently piloting Comfy with CBRE in a set of locations. We’ve all seen press releases about startups and big companies in our space promising big future partnerships, but we’d rather make headlines once we’ve made it happen, so I’ll leave it at that for now.

Comfy looks like a tenant focused product. Is there a way to work with developers / landlords?

Comfy is a product focused on anyone who cares about how it feels to go to work every day. Typically that’s been employers who have control over their buildings, because they see the impact of employees who aren’t as productive as they can be. But all of us in real estate bear some of this responsibility, it’s just a question of monetizing that. So yes, we do now have some awesome clients who are landlords who see Comfy as a differentiator – a way to attract and retain tenants. But I’ve been in the real estate industry long enough to know that this type of thing wouldn’t have initially gotten traction with landlords because they needed to see the pull from tenants. So we went first to owner/occupiers, and now that we’ve proven our value, we are excited to be getting the attention of landlords.

Are you guys working on the Delos Well Rating in any way or seeing it influence what you do?

I’ve known the folks at Delos since they got started, and some of the work that I was doing before Comfy (along with many others) was influential to them in starting the system. The connection between health and buildings has been a long-standing pursuit, and Delos is doing great work driving this message into the marketplace and supporting some awesome research to prove this connection. I’ve not had time to work directly on the standard recently, but we are definitely supporters in their work.

In terms of integration with other platforms (Redwood Systems, Intel, Lutron, and View) – are there any more planned?

There are indeed other integrations planned, but none announced yet!

Can you tell me more about the AI and how it works?

To clarify, Comfy delivers streams of warm or cool air to building occupants at the press of a button in the app. Over time, those requests are run through machine learning algorithms to help predict and optimize the temperature for a particular zone (or area where people sit). Basically we use an equation that runs over and over again, for every HVAC zone that we support, and the output of that equation determines the maximum and minimum temperatures in that moment for that zone. So it’s dynamic over time, in other words.

User data accumulates over time, and that equation keeps running, and thus the computer can gradually migrate to settings that it ‘learns’ over time. That equation is also called an algorithm. Our algorithm takes into account a few numbers: the time of the week, the indoor temperature, and whether someone wants it to be warmer or cooler. Then it crunches all of the data points for those numbers, and cranks out its guess for what the perfect temperature is, for that room, at that time. The great part is also that if the algorithm doesn’t nail it, people have an easy way to get an immediate change as well.

As I am sitting in Singapore, what are the plans for international expansion?

We are excited to be getting interest in Comfy from across the globe. We are happy to support clients in 4 different countries today and we are considering international markets to potentially establish more of a presence proactively, but either way, the great part of what we do is that it’s very feasible to deploy and support remotely, so we’ll keep doing that for now!

What’s the vision of Comfy in 10 years?

Today, there is a big disconnect between what our bodies and minds need to be productive and what our office buildings provide. We believe that people can reconnect with buildings so that our workplaces become truly thoughtful and responsive to us. There are many facets of that re-connection, lots of work to do.

My favourite image is that someone walks into their office, maybe a location they don’t usually visit, and the building knows this person’s preferences, maybe it’s a quiet, naturally lit, cool spot, and they get a little notification that tells them that a perfect spot is available for them to sit that day, and asks if they would like to book it for the day. Then it helps them navigate there, gets their documents pulled up on the workstation, and they can settle in comfortably and seamlessly. When they need a little less light, they can easily dim the windows without hassle. When they need a nearby room for a meeting, it’s easy to book, find and set up. All of these interactions should be as easy and as masterful as making a sandwich in your kitchen, but today they are filled with frustration. Maybe not the craziest vision, but it would help a lot of people have better lives at work.

Finally, Is your office air conditioning utopia?

Ha, well, our current office is a lovely space in beautiful downtown Oakland. We do have Comfy in our space. If it’s a utopia, I’d say that’s more because we have an awesome team of people who I’m proud to work with. And of course we also keep ice cream and sweaters on hand, just in case 😉

See Comfy in action on youtube.

Proptech Oppsites
CommercialInterviewsInvestmentUnited States

Oppsites: Proptech Matchmaking service for Real Estate Developers and Cities

Cities need developers, developers need cities. Connecting the dots between government planning objectives and investment has previously been conducted via a mixed bag of personal relationships, brokers, official tours and plain old business development – until now. Oakland based Oppsites saw an opportunity to create a single platform allowing cities to promote all of their development opportunities, centralising and simplifying this process for all parties (video explanation here). COO and Co-Founder Tomas Janusas explains the background and how it works:

So what is the background behind OppSites?

After 15 years as an urban design consultant helping cities achieve their economic development goals, Ian Ross (our CEO) realised that cities needed a better way to communicate those goals with investors, developers, and brokers.

Many communities include a large number of public and privately owned properties that are underutilised, and whose redevelopment would bring new revenues to the community. Yet many cities lack the resources and professional network to market those opportunity sites to a wide audience of prospective investors. OppSites was built to connect cities and the real estate investment community to maximise successful economic development through enhanced communication between the government and real estate sectors.

Tell us about the team?

Ian Ross (CEO and Co-Founder): Since 1999, Ian has provided urban design and economic development services to cities in support of long term economic health. He received a BA in economics from the University of Rochester and an MLA from Cornell University. His experience informs his focus on economic development at the intersection of city planning and real estate investment.

Tomas Janusas (COO and Co-Founder): Tomas has a diverse background in real estate, planning, technology, and project management. OppSites grew out of Tomas’ passion for building technology solutions that catalyse urban development. Tomas is in charge of OppSites’ daily operations and product development. His lifelong appreciation for urban environments led him to the University of California School of Environmental Design (CED), where he graduated summa cum laude with a BA in Urban Studies.

What drives local government to list opportunities? Why can’t they find partners the traditional way?

When cities do planning work and create a vision for their future, they raise the economic potential in a property by increasing the development capacity. But that potential often goes unrealised because investors and developers simply do not know about it. By posting these properties on OppSites, local governments can reach a much wider audience than traditional methods such as word of mouth, city-hosted broker tours or industry conferences.

Does this replace the role of traditional brokers (CBRE, JLL etc)?

OppSites does not replace the role of traditional brokers, but rather exposes more opportunity for the industry to act on. We believe that real estate potential often goes unrealised simply because property is not listed for sale. OppSites uncovers entirely new set of real estate listings – properties that are not on the market but have underutilised potential and local government support for new development.

Does the municipality etc simply list the opportunity? Does oppsites provide any additional analysis or just act as a marketplace?

Currently OppSites provides only basic layers of information (parcel and owner’s information) and no analysis. Local government leaders can highlight opportunity sites or districts on the map and share local knowledge about an investment.

For example, the city of Oakland is using OppSites by posting some of its recently completed specific and area plans. The plans detail how land can be used in certain areas. It allows Oakland ‘to educate, market, and demonstrate the city’s efforts in terms of showing off our opportunity sites and creating interest for those sites,’ says Aliza Gallo, the city’s economic development manager.

How do the partnerships work: ICSC, ULI etc?

Public and private sector members can use OppSites technology to share or find the information about investment opportunities among their members.

  • Cities, Counties, and Economic Development Organisations can showcase publicly and privately owned properties that they want to see redeveloped, even if those sites are not listed for sale. Those sites are showcased on a web-based platform, and can be shared with local and national real estate professionals.
  • Real estate Developers, Brokers, and Investors can find underexposed development opportunities that support local economic development goals, then connect with city leaders to save time, streamline due diligence, and reduce risk.

‘We see this as a tool that will be helpful to our members both in the public sector and the private sector in promoting and finding sites,’ says Cynthia Stewart, the Washington D.C. based staff vice president of community development for ICSC, a global trade association for the retail industry. Its members include shopping center owners and developers, land use attorneys, architects, mayors, and chambers of commerce. ‘It’s a real way for small-town cities and urban cities with underserved urban markets to get those sites in front of developers. They aren’t always the obvious sites,” Stewart says.

What is your coverage like in the US? What has the expansion process been like?

OppSites has grown incredibly fast since it’s launch in September 2014. Currently, we have over 400 cities and over 3,000 real estate professionals using OppSites on any given month.

What have you learned or surprised you since launching this business?

The most surprising factor has been, and still is, the inefficiencies that exist in real estate industry and the potential it creates for commercial real estate innovators.

Could this platform expand internationally?

It could, but we have not explored the opportunity thoroughly. Currently we are working with a few Canadian cities. However, I believe OppSites has an incredible potential in the area of Foreign Direct Investment.

You had a seed round in 2014 – are you now revenue generating with no need or plans to raise further capital?

We are currently raising more capital to accelerate the growth.  

Have you seen Landinsight in the UK? How similar is it to your platform?

OppSites is a matchmaking service for cities and real estate developers rather than the property analytics tool as Landinsight seems to be.

Commercial property online agent
CommercialEuropeInterviews

Virtual Commercial: the world’s first online commercial property broker

The digital disruption facing the real estate industry has taken another step forward with the launch of what could be the world’s first commercial property online agent. Following in the footsteps of UK startups such as Purplebricks and eMoov, Virtual Commercial provides commercial property vendors with all the tools they need to sell online for as little as £300. Co-Founder and CEO, Andrew Vertes, tells us more:

Are you the world’s first online commercial agent? 

Yes, we believe Virtual Commercial is definitely the UK’s first, if not the world’s first, dedicated online commercial estate agent. We provide the tools and support of a traditional agent to allow anyone to sell or let their commercial property throughout England & Wales. All for a low, fixed cost with no commission fee charged.

Was this inspired by residential online agents?

Absolutely. Having worked in commercial property agency for many years, I had witnessed the way the internet was changing how commercial property was being marketed and searched for. At the same time, the rapid success of online residential agencies (eg. Yopa) proved that sellers are happy to take control of the process.

What type of properties do you target? Is it everything from the local grocery store to a large office building?

As this has been built from the ground up for commercial property, we are able to handle any type of commercial property or business disposal. Whether a sale or a letting and from your local high street shop through to a large multi-let office building, we can deal with every use and every type of disposal.

What do the traditional agents think of this?

As we are the first movers in this market, we believe we will be closely watched. Having met some senior individuals within the established traditional firms, the consensus is that they have been waiting for someone to make the move into this market and are surprised it has taken so long.

What is the background of you and the team?

I have worked in commercial property my whole life. I ran the commercial agency department and was a director of a successful central London property company. I then left and set up my own management and agency consultancy, then came up with this idea and realised I had to make it happen.

Andrew Vertes

Andrew Vertes, CEO and Co-Founder, Virtual Commercial

I spoke with a good friend Laurence Herzberg who had recently helped launch a property portal in the Balearic Islands to see what would be required to make this happen. He introduced me to our third co-founder Aron Maus, who also had experience with launching his own start up trading in precious metals.

What are the biggest challenges in growing the business?

We launched at the beginning of June, about the same time as Brexit. Without a doubt this has affected market confidence. We initially launched with a single sales model based on a 12 month term but we found prospective clients now have the concern of negativity surrounding commercial and the future. Understandably clients had concerns about paying for a fixed marketing term if the economy is about to plunge into a recession (although that has largely been seen to be unfounded). We have dealt with this by changing and improving our pricing options to include the following:

1. Unlimited marketing term
2. On-completion pack
3. 3 month marketing term

Do you have outside investment or are you planning to raise capital?

Yes, we were fortunate enough to raise investment for the business. I think our successful raise was really down to our team of co-founders, having a detailed business plan, financial forecasting and a working product. Because we believed in the concept we decided to self-fund the development of the platform prior to raising capital. This meant that investors could use our platform and see for themselves what we were building. We ended up getting investment from multiple investors at our target valuation. However, it was by no means easy.

What has the market response been like generally? Any surprises or as expected?

As mentioned, launching in the Brexit aftermath has been an unforeseen and surprising challenge. We initially launched with a flurry of enquiries from interested users, however, post Brexit, many previously interested parties are now questioning whether it is the right time to sell. Those users who have completed a purchase have been really positive about our website, support and the lead management process.

Do you think this is different in any way to the residential concept? (eg. vendors may see agents are more valuable for commercial assets?)

There are obviously similarities between the two but there are also significant differences and far more complications and challenges with commercial property, whether using a traditional estate agent or an on-line agent. However this is why we offer Agent Support for all our clients, should they have a question or need advice, we are here to help.

Can you give a case study of a property sold via the platform?

We have only been active a short while but one of our first clients is a critically acclaimed and award winning restaurant in a beautiful medieval town in Dunster, Somerset. The restaurant is Reeves Restaurant, the freehold sale of which includes a 40 cover restaurant, outside space and accommodation. The current owner had previously used a traditional estate agent to market the property but he found that the agent actually had very little involvement in the sale beyond listing the property on-line and interested parties preferred dealing directly with him rather than the agent. However, the agent still insisted on a traditionally large commission fee based on the sale value! As a result, he engaged Virtual Commercial to assist in the sale of his asset.

Workplace Engagement Platform
CommercialEuropeInterviews

Office App: Workplace Engagement Platform co-founder Interview

As a successful graduate of Pilabs 3rd cohort (2016), UK startup Office App represents a new wave of workplace engagement platforms. Businesses large and small are exploring opportunities to engage employees, improve productivity and maximise staff satisfaction. Book a meeting room, receive local lunch specials or check if there are parking spots for your clients all via a single, flexible mobile app. Office App co-founder Thijs van der Burgt tells us more:

Tell me a bit about the team and why you decided to start Office App?

Office App is built from the belief that an office building can and should be more exciting, efficient and above all more fun. That is why we’ve created the only fully integrated office assistant for your mobile. The team includes:

  • Thijs: 7 years experience in Product Development with a focus on User Excellence
  • Teun: 5 years Strategy Consultancy at McKinsey  with a focus on Operational Excellence

Did you know much about workplaces / office buildings beforehand?

Although I have worked in office spaces, I didn’t actually know much about the spaces themselves. I’m a product developer, my partner has over 14 years of experience in real estate, and together we developed a product that is both helpful for facility managers and occupants.

What are you hoping to get out of the PiLabs experience?

When we started the business in Amsterdam, we knew we could build a successful business in our home market, but that it is not where the big opportunities lie. The European pinnacle of office life is the City in London, so in our process of researching that market and looking for ways in, we more or less stumbled upon PiLabs. At that point we had already realised we were going to need to step up our game if we were successfully going to penetrate the UK market. PiLabs is very well positioned to do so by helping us to get in front of the right people, sharpen our product offering and secure funding.

How much traction have you got with clients?

We are very excited to announce that we have on-boarded major clients like Dell, EY and the World Trade Center. All our clients are very happy with our added value and have either applied Office App in more offices since then or recommended us to other clients.

How do you on-board local deals? (ie. from local restaurants etc)? Is that a manual process?

Yes, it is a manual process. We are able to add a mobile shop for your local dry cleaner, car wash or florist. We offer these local retailers a shop in our marketplace within 1 hour, direct payment included.

Could you expand overseas? Eg. Singapore?

Yes, definitely. We have optimised our platform to scale easily and reliably – we don’t even have to be physically present to install Office App at any office around the world!

You’ve mentioned being sensor/IoT agnostic – can you tell us about any sensors you are already working with?

With our partners we are using PIR, vibration, temperature and magnetic sensors in different buildings. Mostly for parking, desk, meeting room availability and their occupancy rates. And with other partners we use wifi or beacon sensors. It depends on the clients wishes what technology we implement and how we offer this to the employee. For example, for one client we have sensors in table tennis and foosball tables to indicate if they are available.

What are your plans for raising capital?

We are looking for £500k investment for operations, sales and product development. Our growth is limited by the bandwidth of the company, not the interest from potential clients.

Are you planning to grow the team?

Yes we are hiring new sales people and looking for an additional iOS developer to strengthen our development team.

What has been the best part of the experience overall?

A big part of my job at Office App is that I’m in charge of product. In development, we focus on user experience and iterate on results in user engagement surveys. Seeing people more engaged and happy using Office App makes me proud of what I do.

Proptech in India
Asia PacificCommercialInterviews

Interview: Propstack co-founder Raja Seetharaman

With a massive market, easily understood product, strong team and upcoming favourable regulatory change, Propstack looks ready to seize the commercial PropTech opportunity in India. We asked co-founder Raja Seetharaman to bring us up to speed.

Tell me about your founders and how you started?

We are three co-founders with backgrounds in Commercial real estate (CRE) (Insignia, JLL, Colliers), Banking (Deutsche Bank, Kotak), Analytics (Fractal) and residential group buying (Groffr). My personal background has been 15 plus years with Insignia (acquired by CBRE), Colliers, Ascendas (Singapore government company) and JLL as their National Director of Corporate Solutions.

We realized in early 2013 that there was no transparency in the Indian CRE market place and clients always referred to how decision making was inefficient, subjective and difficult. At the same time, we were also aware of data information sites in the US and how they could be a great enabler in some ways and disruptor in others. CRE is the largest asset class in the world and also the top two cost center for most corporates depending on the office location.

We saw this as a huge opportunity and decided to start Propstack.

What stage of growth are you at and how has the journey been?

Our journey has been very exciting. We started Propstack in June 2013, raised angel funding and covered data in Mumbai. We raised our Series A of USD$3.10m in June 2015 from Daily Mail Group (DMGI) with minority participation by Real Capital Analytics (RCA). We are now present in the top seven cities in India and cover 100% of all investible commercial buildings in the country. Our clients are funds, corporates, Developers, brokers and high-net wealths.

Did you have any previous startup experience?

Yes, two of the co-founders ran a boutique real estate advisory business while the third co-founder ran an online residential group buying firm for couple of years prior to starting Propstack.

What have been the biggest learnings in terms of starting your own business?

Personally my fear of failure was easily outweighed by my hope and expectation for success. Professionally, commercial real estate has been a slow adopter of technology. That said, it’s been an exciting journey thus far and I am loving it. We’re at a nascent stage of intersection of CRE and technology in India and it has its own unpredictability. When we find a solution to a specific problem, we are adding value to our business as well as the industry.

How have you found the challenge of hiring staff as you grow?

We’ve had hiring challenges especially for specific functions like sales and senior tech talent who can quickly grasp the CRE tech industry. As a young company, it’s important for us to not only find talent with the right skill sets but also find them at the right cost.

What is the business model?

We are a SAAS platform and our business model is subscription based.

Can you give more details on how your clients use the data – is it mainly for acquisition due diligence? Rental benchmarking?

Propstack conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information in India. Our suite of online services enables clients to analyse, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities.

Propstack covers the commercial real estate hubs of Mumbai, Pune, Bangalore, Chennai, NCR, Hyderabad and Kolkata. Propstack’s online service provides subscribers access to a diverse range of commercial real estate information: detailed building information, analytics, client stacking, availability/vacancy, transaction details and trends – catering to all Commercial real estate research requirements.

We are proud to serve a wide variety of professionals working in corporates, funds, rating agencies, brokers, owners, developers and vendors. Propstack is relevant to anyone who has a professional interest in commercial real estate.

Who are your competitors in India or globally?

Our platform is globally scalable and some of our products are customized to India centric requirements. In the current form, we are not aware of any other company in the world that offers a similar tech platform. That said, there are a few companies that currently offer products similar to ours. Exceligent, Costar and Compstak are some of them. We offer real time data and analytics covering supply, demand and vacancies at a macro and micro level. Propsense, which is our analytical engine is one of its kind globally. Our COMPS data are abstracted sale and lease information from registered agreements with the Government of India. It’s important to note that these are registered/verified data and not crowd sourced or based on ‘hearsay’.

How similar are you to Compstak in the US?

Propstack and Compstak are neither competitors, nor similar. As mentioned on www.propstack.com, we provide all kinds of data on Indian commercial real estate which includes verified rent and sale transaction data. Some points to highlight:

  1. Propstack’s philosophy is to provide transactions based on verified sources
  2. Propstack solely focuses on office assets
  3. Propstack additionally provides real estate intelligence in terms of research and analytics to paid subscribers
  4. Access to data at Propstack is paid because of the premium nature of the data

Your data is from government registered leases – does that mean all commercial leases are registered with the government? Is that the only source of verified information?

Yes all commercial leases need to be registered with the government to make it ‘legal and valid’ and that is the only source of verified information. We are the largest repository of this information after the Government of India.

Do you have expansion plans beyond India?

Yes, we are currently beta testing data for 2 other countries in Asia Pacific. While our tech platform is scalable globally, we would like to stabilize our India operations prior to expanding overseas.

Does your data verification approach mean you can only expand to certain countries? Eg. In Singapore leases are confidential.

No, it does not limit our expansion plans. We are well aware of potential country specific challenges and have concluded that our platform and technology is scalable. I’d prefer to not get into specifics at this stage.

Do you plan to raise more capital?

Yes we are planning a Series B round in the next 6-9 months.

How would you describe the evolution of proptech in India?

India may be a notch below the US but a notch above Europe. Also, I believe that residential tech is more evolved in India than CRE Tech. While we have seen significant funding into a few residential tech companies, CRE tech has been slow to get off the ground. That said, with the imminent introduction of REITS and few other policies by the government, we expect CRE tech to catch up soon.

Propstack video overview link.