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PropTech: The Future of Real Estate
By Pete Flint, Managing Partner, NFX & Founder, Trulia
2
Market Context
NFX 2
3NFX 3
RE:THE LARGESTASSET CLASSIN THE US
$31.8 trillion
Total value of residential
real estate in the US
$80 billion
Annual US residential
real estate brokerage
commissions
$485 billion
Annual residential US
rental payments
$15 trillion
Estimated value of US
commercial real estate
Source: Zillow, NAR, Savills, Morgan Stanley, Real Trends
INSTITUTIONAL $ ENABLING NEW MODELS
NFX 4
Large increase of institutional
real estate capital since 2008
has enabled innovative models.
2009 2017
$800BN
$400BN
Source: PREQIN
5NFX 5
HISTORICAL SUCCESSOF PROPTECH
~$8B Mkt Cap
Launched 2006
>$2B Valuation
Launched 2013
$3.5B Acquisition
Launched 2005
>$4B Valuation
Launched 2012
$1.5B Mkt Cap
Launched 2004
~$1B Mkt Cap
Launched 2007
6
Investment Focus 1:
Alternative Consumer
Transaction Platforms
NFX 6
CONSUMER CONTROL ENABLES STARTUPS
NFX 7
Source: 2017 NAR Home Buyers Survey
8%
11%
15%
24% 24%
29%
32%
36% 37%
40% 42% 43% 43% 44%
51% 51%
2001
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
% Buyers That Found The Home They Purchased Online
As transactions are initiated
online, new consumer centric
transactional platforms
emerge
‘05-’15:InformationRevolution ’15:TransactionRevolution
CONSUMER EXPERIENCE IS TERRIBLE
NFX 8
commission
+
titlecosts
+
originationfees
≈
Frustration with process:
Enormous costs
to transaction:
$20,000
4.3
months to buy
2.8
months to sell
Source: Zillow, NAR, Real Trends
Home SellingHome Buying
EXAMPLE ALT TRANSACTION COMPANIES
NFX Confidential 9
NFXOctober2017
10
InvestmentFocus 2:
Alt. Living
NFX Confidential 10
CONSUMER HABITS HAVE CHANGED
NFX Confidential 11
Median
age at first
marriage
Source:US Census
CONSUMER HABITS HAVE CHANGED
NFX Confidential 12
Number of household members
Source: Zillow 2015 First Time Home Buyer Survey
1975
2.6
Medianyears renting
2015
6
1975
3
2015
2
HOUSING STOCK IS STATIC & AGING
NFX Confidential 13
Median Age of
Owner-
Occupied
Housing
Source:2005-2016AmericanCommunitySurveyEstimates
Age (years)
Short Term RentalCo-Living
EXAMPLES OF ALT. LIVING STARTUPS
NFX Confidential 14
15
Investment Focus 3:
Construction, Management
& Maintenance
NFX Confidential 15
16NFX Confidential 16
MANAGEMENT & MAINTENANCE IS ENORMOUS
$336 billion
HomeDepot+ Lowe’s
MktCap
$340 billion
Annual spendon
homeimprovement
$251 billion
HVAC market2023
>$1 trillion
Annual USconstructionspend
Source: Harvard2018 Study, USCensus, Markets &Markets
17NFX Confidential 17
Additional Opportunities
ADDITIONAL OPPORTUNITIES BEING EXPLORED
NFX Confidential 18
Internationalmarkets –
Exportingconceptstofitlocal markets
Commercialreal estate –
Enormousmarket,complex industrydynamics
Blockchain–
Opportunitiestochangehowthisasset classis valuedandtransferred.
Transportation –
Automationandtransportationnetworkschangeourphysicalspace.
1
4
3
2
PropTech: The Future of Real Estate

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PropTech: The Future of Real Estate

  • 1. PropTech: The Future of Real Estate By Pete Flint, Managing Partner, NFX & Founder, Trulia
  • 3. 3NFX 3 RE:THE LARGESTASSET CLASSIN THE US $31.8 trillion Total value of residential real estate in the US $80 billion Annual US residential real estate brokerage commissions $485 billion Annual residential US rental payments $15 trillion Estimated value of US commercial real estate Source: Zillow, NAR, Savills, Morgan Stanley, Real Trends
  • 4. INSTITUTIONAL $ ENABLING NEW MODELS NFX 4 Large increase of institutional real estate capital since 2008 has enabled innovative models. 2009 2017 $800BN $400BN Source: PREQIN
  • 5. 5NFX 5 HISTORICAL SUCCESSOF PROPTECH ~$8B Mkt Cap Launched 2006 >$2B Valuation Launched 2013 $3.5B Acquisition Launched 2005 >$4B Valuation Launched 2012 $1.5B Mkt Cap Launched 2004 ~$1B Mkt Cap Launched 2007
  • 6. 6 Investment Focus 1: Alternative Consumer Transaction Platforms NFX 6
  • 7. CONSUMER CONTROL ENABLES STARTUPS NFX 7 Source: 2017 NAR Home Buyers Survey 8% 11% 15% 24% 24% 29% 32% 36% 37% 40% 42% 43% 43% 44% 51% 51% 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 % Buyers That Found The Home They Purchased Online As transactions are initiated online, new consumer centric transactional platforms emerge ‘05-’15:InformationRevolution ’15:TransactionRevolution
  • 8. CONSUMER EXPERIENCE IS TERRIBLE NFX 8 commission + titlecosts + originationfees ≈ Frustration with process: Enormous costs to transaction: $20,000 4.3 months to buy 2.8 months to sell Source: Zillow, NAR, Real Trends
  • 9. Home SellingHome Buying EXAMPLE ALT TRANSACTION COMPANIES NFX Confidential 9 NFXOctober2017
  • 11. CONSUMER HABITS HAVE CHANGED NFX Confidential 11 Median age at first marriage Source:US Census
  • 12. CONSUMER HABITS HAVE CHANGED NFX Confidential 12 Number of household members Source: Zillow 2015 First Time Home Buyer Survey 1975 2.6 Medianyears renting 2015 6 1975 3 2015 2
  • 13. HOUSING STOCK IS STATIC & AGING NFX Confidential 13 Median Age of Owner- Occupied Housing Source:2005-2016AmericanCommunitySurveyEstimates Age (years)
  • 14. Short Term RentalCo-Living EXAMPLES OF ALT. LIVING STARTUPS NFX Confidential 14
  • 15. 15 Investment Focus 3: Construction, Management & Maintenance NFX Confidential 15
  • 16. 16NFX Confidential 16 MANAGEMENT & MAINTENANCE IS ENORMOUS $336 billion HomeDepot+ Lowe’s MktCap $340 billion Annual spendon homeimprovement $251 billion HVAC market2023 >$1 trillion Annual USconstructionspend Source: Harvard2018 Study, USCensus, Markets &Markets
  • 18. ADDITIONAL OPPORTUNITIES BEING EXPLORED NFX Confidential 18 Internationalmarkets – Exportingconceptstofitlocal markets Commercialreal estate – Enormousmarket,complex industrydynamics Blockchain– Opportunitiestochangehowthisasset classis valuedandtransferred. Transportation – Automationandtransportationnetworkschangeourphysicalspace. 1 4 3 2