New York has always been America’s center for innovation. Our city attracts the best and brightest in every industry and capturing that entrepreneurial spirit has been key to the New York’s success for generations.
Fittingly, more and more real estate tech startups are finding their feet in New York City and introducing new solutions to longtime challenges. This is good for our industry – these innovators are truly making a difference.
In fact, during the month of August 2018, during the typically slow summer period in venture activity, NYC Startup founders reportedly managed to drive massive investment into the NYC tech ecosystem. According to AlleyWatch, from August 1st to the 22nd, NYC startups collectively raised in excess of $2 billion, which makes August the highest monthly total for NYC startup funding.
REBNY understands that the future of real estate is with technology, and that is why we are hosting the PropTech Challenge. Building on last year’s #REBNYTech Hackathon, which brought together 200 of the industry’s most innovative minds, the ongoing PropTech Challenge promotes the discovery of solution for real estate’s most pressing obstacles.
Our PropTech Challenge is being hosted by Devpost, a platform that helps engineers participate in software competitions and find jobs. And thanks to Devpost, the physical limitations of a traditional hackathon have been removed, allowing software developers from all over the world to tackle New York real estate’s biggest issues.
Participants are actively working across four categories – Blockchain, Operations & Maintenance, Brokerage, and Architecture Engineering Construction (AEC) & Development – as either individuals or in a team of up to five people. Competing for a prize of $50,000, they will submit their solutions by October 16th to be reviewed by a judging panel comprised of REBNY members, industry experts, and sponsors.
In order to ensure their proposals are viable, applicants must produce submissions that include a revenue model, marketing plan, and security considerations. The top three finalists in each category will present a five-minute demonstration of their solution at the PropTech Challenge Demo Day on November 8, during New York Real Estate Tech Week 2018, at Rudin Management Company’s 41 Madison Avenue in New York City.
There is a great appetite for innovation that supports our industry’s goals for producing more housing, ensuring the quality and resiliency of our building stock, and upholding the highest ethical standards for brokering real estate transactions.
The PropTech Challenge will help in advancing New York’s dominant position as the destination for real estate tech. The challenge will also encourage the development of innovative answers for the unique issues faced by the New York real estate market.
The sponsors for the PropTech Challenge are: Platinum Sponsors Newmark Knight Frank and Rudin Management Company, Inc.; Gold Sponsors Suffolk Construction, NYSERDA, and JP Morgan Chase & Co.; along with Challenge Round Sponsors Brookfield Property Partners, The Durst Organization, Fisher Brothers, Jamestown, Lendlease, Oxford Property Group, Related Companies, Rockefeller Group, Silverstein Properties, SL Green Realty Corp., Taconic Investment Partners, and Vornado Realty Trust.
Those interested in the #PropTechChallenge should visit proptechchallenge.com to learn more and register to participate.
In Other REBNY News:
REBNY Residential Brokerage Division Members: Don’t forget to deliver your submissions and nominations for our annual Residential Deal of the Year Awards by Friday, September 14. Late submissions will not be considered. REBNY members are encouraged to submit their best re-sales, new development sales, and rental transactions for the Deal of the Year Contest. Members may also nominate their outstanding colleagues for The Residential Agent of the Year Award, The Henry Forster Award for Lifetime Achievement, and The Residential Rookie of the Year Award.
All awards will be presented at the 30th Annual Residential Brokerage Deal of the Year Charity and Awards Gala on Tuesday, October 30 at the Plaza Hotel. Buy your tickets now! Email ResidentialBrokerage@rebny.com to purchase a table of 10 at a discounted rate and/or to learn about gala sponsorship opportunities. Individual tickets may be purchased at go.rebny.com/RESDOY18. Event proceeds support the REBNY Member in Need Fund, which provides grants to residential agents who have experienced unexpected illness or financial hardship. We look forward to celebrating our 30th on the 30th with you!
Emily McLaughlin from the Institute for Market Transformation will discuss the financial and environmental costs of investing in green infrastructure, and how real estate professionals play a key role in promoting the City’s energy efficiency standards on Thursday, September 20 from 8:30 to 11:00 a.m. Join us at the REBNY Mendik Education Center for this FREE training, “Gain Competitive Advantage: Brokering High Performance Buildings.” The NYC Mayor’s Office of Sustainability and NYSERDA will be on hand to provide additional background information. Register today at go.rebny.com/GreenBrokers.