Updated: May 26
Updated 5/25 My prediction for the defining word for proptech in 2021 is;
I have had conversations recently that range from the founders of pre-revenue startups to the CMO of a $2b + industry giant. I asked all of them what they predict for 2021. They all agreed that 2021 is going to be a crazy year for everyone from entrenched incumbents to a whole new group of startups, all hungry to find someone with enough fairy dust to create a new herd of Unicorns. Overall, the industry is buzzing big time. It has a familiar feel.
Bonus defining adjectives for 2021 (some of them brought to you by Captain Obvious) :
People are using that old familiar word again, and judging from some of the vaporware, "product road maps" and "minimum viable products" I’ve seen, things will get interesting. The funding rounds will flow like the chocolate fountain at a quinceanera.
2021 will be another year with amazing women taking the reigns of execution, and rightfully so. There are some amazing leaders out there that deserve their shot at meanigful leadership. Two-thirds of the executives I have spoken to within the last few months have been women of amazing distinction, including the CMO I referenced earlier in this article.
Mergers and Acquisitions
The acquisition train is going to continue to pick up steam. It’s a quicker path to execution for those that have the resources.
Update 1/14: Wav Group Adds M&A Advisory Division
Update 2/10: Zillow Acquires Showingtime.
Update 2/1: Fathom Subsidiary Intelliagent Acquires Naberly:
Update 2/19: Redfin Acquires RentPath
Update 3/17: Douglas Elliman Brokerage Acquires ReChat
Update 3/18: Black Knight acquires LOS from NexSpring Financial
Update 3/18: Spencer Rascoff's SPAC to take OfferPad public
Update 4/14: Co-Star Acquires Homes.com
Update: 5/11 Lone Wolf Acquires Lion Desk and Homespotter
Update 5/27: MLS Aligned Acquires Agent Inbox
A double-edged sword. The Biden administration has laid out a vision to create meaningful paths to homeownership that, if deployed properly, have merit. The other side of the sword is going to be the continued efforts of the government at different levels to hold the industry’s feet to the fire on a number of fronts. It has the potential to throw a wrench into the path of execution for some. Update 1/21 Great article from Sam DeBord on the MLS Marketplace.
MLS consolidation is going to gain momentum. NAR and CMLS will ramp up their efforts to educate and get the brokerage community involved in mitigating the obstacles that consolidation creates for the marketplace.
Leave a comment and share your best 2021 adjectives.