Five things you should know about the future of property technology: part three

8th February 2018

Eurolink is committed to ensuring that its software, Veco™, reflects the latest property market innovation while keeping you up to speed with how new market trends might impact your business.

In line with this, we’ve been exploring a new property research report, Proptech 3.0: the future of real estate, by professor Andrew Baum, visiting professor of management practice at the University of Oxford’s Said Business School.

Welcome to the third article in our series in which we outline which residential property categories are attracting seed funding and how to go about researching your own new business idea.

According to CB Insights, a technology intelligence platform, the top residential property categories to have successfully raised funding include:

  • listing and search services
  • mortgage technology
  • marketplaces
  • investment/crowdfunding

Do you have a business start-up idea up your sleeve, or perhaps something on which you’re already working? Perhaps you’re at the stage where you need to develop the idea further.

Here’s how:

  1. Consider your options

Do you really want to start up your own business? Are you at a stage in your life which allows you to dedicate fully your time and patience to a new initiative? Do you have the funds to commit to your venture? This step is the most important and could make or break the future success of your venture if you’re not completely honest with yourself and your state of readiness.

  1. Brainstorm your idea

You may well have identified a gap in the market that you believe you can fill, or you may be at the initial stages of developing an idea. Whichever stage you’re at, your friends can prove a great source of inspiration for further developing your plan, particularly those who’ve recently experienced first hand the aspect of the property market in which you’re interested in establishing yourself.

Business acquaintances can also provide useful food for thought, but ensure they’re trustworthy and without a hidden agenda that may cloud their judgment.

Organised events, including roundtables, seminars and workshops, are another consideration, such as those offered by the British Library’s Business and IP Centre.

  1. Conduct a customer survey

Customer opinion is invaluable when assessing the efficiency of the property market, but it’s important to poll a sufficient number of people to ensure you get a balanced view of how things are really working, or not as the case may be.

Consider market research polls such as SurveyMonkey for your research.

  1. Review your technology

Your technology partner will prove key if you’re developing a Proptech start-up, so how does yours currently fare? Does it offer a consultative approach? Can you talk openly and confidentially with your account manager about your initial plans and future development? Start by having an initial chat with your account manager to ascertain their appetite for supporting your new venture, as this will help determine whether you have in place the right partner with which to move forward.

  1. Write a business plan

A successful business plan will demonstrate an in-depth knowledge of your target market, a concise and jargon-free description of your product or service and exactly how you plan to deliver it, including details of your funding source(s). There are numerous online resources to help you write your business plan, including the government’s business support pages.

For further information on how to identify and review your software system requirements, contact info@eurolink.co