PropTech is a word you may have seen popping up from time to time. Certainly since the start of the pandemic, PropTech startups seem to be launching left, right and centre. If you didn’t already know, PropTech is a real estate movement that is helping develop more efficient systems that help meet new and ever-changing consumer habits.

Put simply, PropTech is optimising the way consumers research, rent, buy, sell, and manage properties online. It’s all about making things easier, both for the consumer and real estate agents. According to Pete Mugleston, Managing Director at Online Mortgage Advisor:

‘Renting, buying, and selling properties has traditionally been a very drawn-out process. Technological advancements are making these things more accessible than ever before. Consumers’ needs are being met more effectively, and work processes are being transformed for the better.’

This article will share some of the most talked about PropTech Startups in the UK. Let’s get started.

1. Orbital Witness

Orbital Witness is a PropTech company worth watching in 2023. Revolutionising the property market, Orbital Witness creates risk ratings for properties and land (much like a credit check) that detail the risk of purchase to all parties.

What Makes Orbital Witness Successful?

Orbital Witness uses advanced machine learning to develop an understanding of properties in the real estate market and the risks they may pose towards interested buyers. Orbital’s automated solutions remove the need for long hours and paperwork and instead create a space where online transactions can be fulfilled simply and transparently.

According to Orbital Witness:

‘The way we transact property is trapped in the past. Antiqued ways of working hold up everyone in the process, costs mount, and highly skilled people are stuck in a cycle of low-value paperwork.’

Orbital Witness provides lawyers and professionals with the technology they need to get the job done. It’s quick, it’s simple, and it’s paperless.

What Can We Learn from Orbital Witness?

Orbital Witness teaches us that just because it has been done for over one hundred years, that doesn’t mean it’s the best way. Orbital is passionate about utilising technological innovation to change the way we work. When they launched, they wanted to introduce the kind of technology that could help deliver results for clients in less time. And they have!

But they’re not stopping there. Orbital is more aware than most of how broken the property system is and they are committed to fixing it, one change at a time. Orbital is committed to replacing manual processes with automated solutions for an instant, expert, and reliable property risk rating that is not only supported by the data but also backed by insurance.

2. Ideal Flatmate

As described by Tom Gatzen, the co-founder of Ideal Flatmate, the prop-tech startup is like ‘Tinder for apartment renting.’ If that doesn’t tell you everything you need to know, I’m not sure what will. But seriously, Ideal Flatmate does what it says on the tin; it helps users find the perfect person to live with. Finding the ideal flatmate can be ridden with disaster. From the flatmate who always steals your food and never washes up, to the flatmate who is always behind on their bills, finding a great flatmate can feel like an impossible challenge. But, with the Ideal Flatmate prop-tech startup, the process couldn’t be easier.

What Makes Ideal Flatmate Successful?

Ideal Flatmate was created to make life easier for renters. In the words of co-founders, Tom and Rob:

‘choosing a flatshare is not just about choosing a property to live in. It’s about choosing a group of people to share part of your life with.’

What makes this startup successful is that it has combined the popular world of online dating with the necessary world of flatting. The idea of living with strangers is daunting for everyone (just like going on a blind date), so Bob and Rob thought, why not combine the two? Just like a dating site, you create a profile and the website’s algorithm matches you with others on the database who would be a good fit.

What Can We Learn from Ideal Flatmate?

Sometimes, the best ideas are those that keep things simple. Everyone wants to know about the people they live with. Nobody wants to go through the process of finding a place to live only to discover their flatmate is a total nightmare. Ideal Flatmate teaches us that when you use technology to simplify often complicated processes and meet peoples’ needs in the process, you are bound to succeed.

3. Housemates

Searching for the perfect student accommodation can be a challenging time that is full of uncertainty. Lydia Jones founded Housemates back in 2019 to help automate the process of getting students into accommodation. Housemates is an easy-to-use mobile platform that is completely free for property owners to sign up to. The platform allows property owners to advertise their available properties and students to browse, book, and secure their student accommodation with ease.

What Makes Housemates Successful?

Lydia Jones has taken the very common problem of finding student housing and created a solution. Most people have experienced the stressful rush of trying to find student accommodation in time for studies to commence. It’s busy, it’s stressful, it can be expensive, and sometimes you simply run out of time and have to compromise by living somewhere you don’t want to be.

Housemates lets you browse properties in your area of study, sort accommodations by price range and distance, and secure your accommodation in a matter of minutes. Just like ordering online, you can browse through the properties on offer, select the one you like, and make your payment. We can’t think of an easier way to secure student accommodation! Just like some of the other PropTech startups on this list, Housemates is successful because it keeps things simple and convenient. The platform meets the needs of its users and provides real value. It can’t get much better than that.

What Can We Learn from Housemates?

Housemates teaches us that technological innovation exists to simplify the complicated or stressful elements of daily life. We all know that looking for somewhere to live — especially student accommodation and especially when you’re on a deadline — is seriously stressful. Housemates exists to simplify the process. This online platform makes searching for properties accessible to everyone, whether they are browsing from abroad, from their parents’ house, or they can’t visit properties in person. Housemates is a true example of tech innovation that is bettering the human experience.

4. Coyote

Creating a property portfolio is one thing but managing it effectively is something else entirely. Coyote is a software platform that helps investment and property managers stay informed about their properties, any changes in the market, potential investment opportunities, and much more.

What Makes Coyote Successful?

When you are in the position of owning a portfolio of properties, you know how tricky it can be to stay on top of everything. Coyote has created a space where property managers and investors alike can view all of their properties and related data on a single system. This allows individuals to generate custom, format reports, and maximise efficiency in seconds. Say goodbye to the paperwork because all you need to manage your portfolio is Coyote.

What Can We Learn From Coyote?

Again, Coyote teaches us that processes can be simpler, more efficient, and support manageable workloads. Users can view live data, see all the information they need in one place, and make any changes or adjustments in real time. Coyote is helping individuals, investors, and companies manage their assets more efficiently than ever before.

Final Words

Just like many industries, PropTech utilised the COVID-19 pandemic to innovate and better the human experience. PropTech helped to meet changing customer demands and the challenges of remote working through technological innovation and it only continues to evolve. The future of PropTech is bright!

PropTech is helping to revolutionise the property industry, bringing about a transformation that could forever change the way we rent, buy, and sell properties. The PropTech companies above are just some of those leading the way.