In only a matter of years, Texas has rapidly attracted the attention of the tech industry. The Los Angeles Times even speculated that Austin had the potential to become the new Silicon Valley, following news that Tesla’s headquarters were moving to the Lone Star State.
That news followed new census data showing that California has started to lose people, largely due to untenable housing costs in that state, while the much-more affordable real estate market in Texas continues to draw new people from around the country.
Texas has what some are calling a “housing affordability advantage.” While population growth has put a strain on a housing market that’s usually much more affordable than coastal metropolitan areas, its market-friendly development regulations mean the state has a chance to hold on to its reputation for affordability.
The confluence of a booming real estate market and tech industry has inevitably transformed Texas into a hub for real estate technology. Leading the way are several companies that are changing the way real estate transactions work.
Nobul
Nobul is a Canadian-based company, but Texas came early in its expansion into the U.S. Nobul is a third-party platform for homebuyers and sellers looking to find a real estate agent. The marketplace gives consumers more information about potential agents than ever before, including verified reviews and even information about agents’ past transactions. It’s turned the tables on the relationship buyers and sellers have with their agents.
Talking about the company’s expansion into Texas, Founder and CEO Regan McGee explained the philosophy at the heart of Nobul. He shared with KRLD that, “If you’re a homebuyer or seller, you can pay lower fees, get better service, and it’s all done with the accountability of a tech company that’s designed to be consumer-centric right from the beginning.”
Homeward
Austin-based company Homeward is the answer to a common problem people run into when they decide to move. Homebuyers typically have to sell the home they already own before they have their down payment or the finances to qualify for another mortgage and buy their new home.
That puts them in a situation where they have to rush to find a new place to live, which may not be conducive to finding the absolute best place for them.
Homeward lends credit based on the existing home, allowing buyers to make all-cash offers on the property of their choice at their own pace.
RealSavvy
RealSavvy is an Austin-based company that helps realtors build custom websites and CRMs that help them capture leads and work with their clients. It’s an agent-facing software service, but it also has features such as allowing buyers to pin home listings on their personal boards and share their listing preferences with anyone involved in their search for a new home.
In Texas, the confluence of a rising tech industry and a robust real estate market has resulted in an abundance of tech companies working in real estate.
