CRE Tech: 5 Top Proptech Companies To Have on Your Radar in 2024

In recent years, the number and variety of proptech tools available to commercial real estate (CRE) professionals have multiplied, seemingly exponentially. And with so many new solutions on the market, it can be difficult to discern which ones best meet your needs.

With that in mind, we’ve picked out a handful of tools we think really add value in the busy world of real estate.

It’s worth pointing out that this is by no means an exhaustive list. But for savvy CRE professionals looking to streamline their workflow in 2024, these five proptech solutions are a great starting point, and certainly well worth having on your radar.

1.  Placer.ai

For those working in sectors like retail and restaurants, Placer.ai is a valuable tool for figuring out foot traffic and demographic trends around a property.

Their platform also allows users to analyze consumer behavior and other factors that can make or break a location for a potential tenant. For example, figuring out the peak foot traffic times, or how long visitors tend to linger.

The Placer team also anticipates adding additional data in the future that will allow users to look at upcoming construction projects and even crime statistics for a given location.

Adding to the platform’s utility is Placer’s ambitious partnership strategy, such as their recent integration with Finance Lobby, which aims to give brokers and lenders all the tools they need for truly data-driven deal-making.

2.   CompStak

Another tool aimed at streamlining dealmaking with data is CompStak. Using their platform, real estate professionals can quickly compare a property with other assets in the market and tap into a host of other sleek capabilities.

The full suite of options listed for their recent CompStak One offering includes: Lease comps, sale comps, loan data, property information, and analytics. The platform also delves into fine-scale detail for individual properties; down to the number of floors they have, when last they were renovated, and the building’s parking ratio.

These capabilities, in combination with Compstak’s data on rent trends, and comprehensive leasing data, make the platform a great “one-stop shop” for property information.

3.   Buildout

If managing every aspect of your brokerage’s workflow in one place sounds like exactly what you’re looking for in a proptech tool, then Buildout is definitely worth a look.

Their comprehensive platform covers everything from prospecting to customer relationship management, marketing, and transaction management. The whole offering is built around a “start to finish” approach to workflows and assists brokers with alerts when specific dates or tasks are coming up – making it that much easier to track the status of deals in progress and close them faster.

The company also recently launched a CRE Tech Maturity Model, to help brokerages get to grips with formulating a tech adoption strategy. Which could certainly add some solid value for brokers struggling to decide which tools they need.

4.   AvidXchange

Fintech platform AvidXchange has a straightforward value proposition: Do away with the paperwork associated with your accounts payable system.

By automating payments, the platform makes it easy for brokerages and property managers to keep track of invoices, pay suppliers, and ensure everything stays compliant. Their software is also designed to work with several popular property management and accounting platforms, making it simple to integrate into existing systems.

They also offer TimberScan, a dedicated solution for the construction crowd, that includes cost reporting and analytics capabilities and makes keeping track of development costs a much smoother proposition.

5.   Matterport

A slight departure from the platform-based solutions above, but still firmly rooted in the digital realm is Matterport.

Matterport’s unique camera and software tech allows CRE professionals to recreate any property virtually, either by buying their own camera equipment or by paying for it as a service.

Those recreated properties, or digital twins, can then be used as part of CRE marketing, to allow prospects to virtually walk through every inch of a building and view it in three dimensions. The company is also in the process of rolling out AI enhancements to this service, including automated room-by-room measurements, and the capability to instantly switch between, and customize, 3D and 2D layouts of a property.

All of which adds up to a very interesting proposition for CRE professionals, and certainly one you should be taking notice of as clients come to expect greater digitization from the industry.

SOCIAL: Which new proptech tools have crossed your radar this year? And which are you planning to try out in 2024?