Did the housing collapse spark a real estate tech revolution?

When the housing bubble burst in 2007, its effects were felt throughout the real estate industry. Some though, such as Joy Hou and Michael Mandel, turned it into an opportunity. Hou resigned from her job with Barclay's US Real Estate Capital Markets Group in 2008 to co-found a tech start up called Metis, an online platform that is designed to store information on properties and the deals that are made on them. It is set up to reduce the time spent on gathering last minute information from many sources to make that final decision on a deal. Instead, Metis keeps it all in one place so that the real estate professional can look at it when needed.

Michael Mandel launched Compstak in January of 2012 with a similar business model. Mandel hopes to use his business degree that focused in Entrepreneurship coupled with his five plus years as a broker at Grubb & Ellis to help with the new business.

Not every startup ends happily though. Former New York broker Jonas Rudofsky launched Mighty Maps in 2001. It showed information on New York's buildings on an interactive map, but Rudofsky had to close down the project in 2009 after it drained his resources.

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POSTED October 14 2013 1:55 PM

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