NYC Real Estate Tech Week is taking place in November, from the 11th through the 15th. All the details are here.
The MIPIM PropTech Summit, a collaboration between MIPIM and MetaProp NYC, is a big part of the programming during the week to unite key real estate decision makers from all sectors and technology companies to take their business to the next level and build the future of real estate.
Logistics:
Dates: November 12th and 13th
Venue: Metropolitan Pavilion & Altman Building (125 & 135 W 18th Street)
2019’s Theme: Matching user expectations
As part of the 2019 theme, ‘Matching User Expectations’, they are looking through two prisms: that of the user of the city (the citizen) and that of the user of the building (the occupier). Responding to individual user expectations is challenging. The first step is to understand the priorities of citizens and occupiers. Then, to identify the changes needed to improve services and to make them innovative, reactive, accessible and transparent.
Key questions are:
How do we align the short-term demands of users, and the fast-changing nature of technology, with the long-term strategies of the private and public sectors?
What does it mean to be user focused, to be customer centric?
How can proptech help the public and private sectors have a better understanding of the needs of users?
How can we build a strong user-centric differentiator strategy, to develop unique products for different users?
Here’s the entire agenda and the PDF program can be had here.
The New York-based Bowery Valuation has just announced Series A funding in the amount of $12 million to further its technology-powered real estate appraisal platform. According to the announcement, Bowery raised the capital from Builders VC, Camber Creek, Corigin Ventures, Fika Ventures, and Navitas Capital.
Bowery Valuation aims to fix the broken property appraisal system
Bowery Valuation makes technology that appraisers can use to streamline and make more effective their efforts. A mobile app, for instance, enables users to check off items without having to write down details. As ordinary as this function may sound, it’s surprising nobody else thought of creating tech before Bowery. This app even pulls data from the cloud so appraisers don’t have to surf to find it.
There’s also natural language capability that helps users generate reports. The company narrative says the technology-driven innovations “modernize the appraisal process,” and considering pencils and paper are still the “go to” tools of appraisers… Well, the best innovations are the simplest ones, and Bowery’s team seems to have reinvented the appraisal wheel. Jim Kim, General Partner of Builders VC, and lead investor offered this statement via BusinessWire:
“Bowery brings a whole new way of thinking around appraisals and efficiency when it comes to using technology in the antiquated world of real estate valuation. Builders VC is thrilled to be investing in this team and company, applying a modern mindset and technology to an outdated industry.”
Moving forward, Bowery Valuation is now rolling out a white-label version of the aforementioned app for customers and is expanding outside the company’s original licensing areas in the Eastern U.S. Bowery Valuation has moved out of New York, New Jersey, Pennsylvania, and Conneticut, into L.A. and Chicago, with other markets in coming into range. Co-founder Noah Isaacs, told reporters his company wants to be in either Los Angeles or Chicago in the next few months. Isaacs told reporters Bowery has tripled its customer base since March of 2018. Bowery Valuation is currently focused on multi-family and mixed-use assets, but the company has plans to expand to other commercial properties in 2019, according to Isaacs.
Isaacs and his childhood pal John Meadows, founded Bowery back in 2015 after the duo worked together at the same appraisal firm in New York. Bowery is based on the vast experience the two gleaned from working in the business, and improvements the founders knew would make a difference for appraisers. Joining the co-founders, Princeton economics wiz, Cesar Devers came aboard as CTO before the three got accepted to the startup accelerator MetaProp NYC.
In the past year alone, Bowery has raised a total of $17 million, tripled its client base, revenue, and headcount, and valued more than $3 billion in commercial real estate. Bowery is now working extensively with top-tier lenders and operating in New York, New Jersey,
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.