PropTech
PropTech here covers the broader technology, services and consumer-facing platforms layered onto real estate - distinct from the pure real-estate-software category covered in the software parent sector (which is workflow and ERP software for owners, managers and brokers). Here the focus is on online residential brokerage, iBuying, mortgage technology, fractional ownership and real-estate investment marketplaces, single-family-rental platforms, and the consumer-facing app layer. The category absorbed over $30B of venture capital between 2018 and 2022 and lost a meaningful share of that value in the 2022-23 housing correction; Opendoor, Compass, Redfin, Zillow and Better.com all trade at fractions of peak valuations.
The sector spans online residential brokerage and iBuying, mortgage technology and digital lending, real estate investment marketplaces, single-family-rental and short-term-rental management, listings and portals, and home services and smart-home aggregation.
Revenue comes from brokerage commissions on home sales, gain-on-sale margin from iBuying, take rates and origination fees on mortgage transactions, recurring SaaS subscriptions to the agent and operator side, and listings advertising revenue.
PropTech is part of Industrial technology.
$36B
Global market size
64
Public companies
Key VC investors
Key strategic buyers
How PropTech companies monetize?
Proptech companies monetize through brokerage commissions, iBuying gain-on-sale and mortgage origination fees.
Brokerage commissions
Per-transaction commission revenue on home sales (typically 5-6% of sale price, split with the buyer's agent). The anchor line for Compass, Redfin and the listed brokerage cohort.
iBuying gain-on-sale
Margin between home purchase and resale price. Opendoor is the only listed scaled iBuyer left; Zillow Offers shut down in 2021 and Redfin Now in 2022.
Mortgage origination fees
Origination and brokerage fees on home loans. Better.com, Rocket Companies and the bank-owned digital mortgage operations sit here.
Listings advertising
Recurring advertising revenue from agents and lenders on listings portals. Zillow Premier Agent and Realtor.com's leads business are the reference lines.
Per-asset SaaS
Subscription revenue per unit, door or property managed. Mynd, Roofstock-portfolio operators and the SFR cohort sit here.
Marketplace take rates
Take rate on real-estate investment platforms (Cadre, Roofstock, Arrived). Volume-driven and sensitive to housing market sentiment.
PropTech valuations in May 2026
Public PropTech comps trade at 2.5x EV/Revenue. Median revenue multiple across PropTech M&A deals was 3.0x in the last 12 months. Median revenue multiple across PropTech VC rounds was 14x in the last 12 months.
2.5x
Median EV/Revenue as of May 2026 for public PropTech companies
9.0x
Rocket Companies is the highest valued public PropTech company based on EV/Revenue (excluding outliers)
3.0x
Median EV/Revenue across PropTech M&A deals in the last 12 months
14x
Median EV/Revenue across PropTech VC rounds in the last 12 months
PropTech market segments
Proptech spans online residential brokerage, iBuying and mortgage technology.
Online residential brokerage
Digital-first agent brokerages. Compass (NYSE: COMP), Redfin (NASDAQ: RDFN, acquired by Rocket Companies in 2025), and eXp World Holdings lead. Real Brokerage (NASDAQ: REAX) and Side compete on agent-first economics.
iBuying
Algorithmic home-purchase and resale platforms. Opendoor (NASDAQ: OPEN) is the only listed scaled survivor; Zillow Offers and Redfin Now both exited the category in 2021-22; Offerpad (NYSE: OPAD) remains as a smaller player.
Mortgage technology
Digital mortgage origination, brokerage and underwriting. Better.com (NASDAQ: BETR, traded down 95%+ from SPAC peak), Rocket Companies (NYSE: RKT, acquired Redfin and Mr. Cooper in 2025) and the bank-owned digital lenders lead.
Real estate investment marketplaces
Fractional and direct-deal platforms for retail and accredited investors. Cadre (acquired by Yieldstreet in 2024), Roofstock, Arrived (raised $25M Series A in 2023), Fundrise and CrowdStreet are the references.
SFR & short-term-rental management
Single-family-rental ownership platforms and short-term-rental property management. Mynd (acquired by Roofstock in 2023), Vacasa (sold to Casago in 2025 after going private), Evolve and AvantStay sit here.
Listings & portals
Consumer-facing search and listings platforms. Zillow (NASDAQ: Z), Realtor.com (Move, owned by News Corp), Trulia (inside Zillow) and Apartments.com (CoStar) are the established names; Homes.com (CoStar) launched 2024 and bought Super Bowl ad inventory to attack Zillow.
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Key PropTech KPIs to track
Revenue growth, gross margin, home transactions and loan origination volume are the metrics investors track in proptech.
| KPI | Definition |
|---|---|
| Revenue growth | Year-on-year revenue change. Tightly correlated with housing transaction volumes and mortgage rates for brokerage, mortgage and iBuying players. |
| Gross margin | Separates SaaS-led and listings businesses (60-80%) from iBuying (1-5%) and brokerage (typical 30-40% mix). The most-watched metric for valuation comparisons. |
| Home transactions | Homes purchased, sold or facilitated in the period. The unit-volume metric for brokerages and iBuyers. |
| Agent count | Active agents on the brokerage platform. Compass, eXp and Real publish this every quarter as the scale proxy. |
| Assets under management | Real estate AUM on investment marketplaces. The metric Cadre, Roofstock and Fundrise communicate. |
| Loan origination volume | Dollar value of mortgage loans originated in the period. The headline metric for Rocket, Better.com and the digital-lender cohort. |
| Adjusted EBITDA | Profitability proxy stripping out stock comp and one-offs. Opendoor and Compass publish this as the closest thing to operating earnings. |
| Cash runway | Months of operating cash at current burn. The most-watched metric for Better.com, the smaller iBuyers and the marketplace cohort given housing-cycle exposure. |
Main PropTech players globally
The most active proptech companies and category leaders globally.
| Company | HQ | Overview |
|---|---|---|
Zillow zillow.com |  Seattle | Listed on NASDAQ as Z and ZG. Largest US listings portal by traffic, with Premier Agent advertising as the anchor revenue line. Shut down Zillow Offers in late 2021 after a $400M+ inventory write-down. |
Opendoor opendoor.com | Tempe | Listed on NASDAQ as OPEN. Largest iBuyer in the US. Stock traded under $2 through 2023-24 versus $39 SPAC peak. Reset operations and cut over 35% of headcount in 2023. |
Compass compass.com | New York | Listed on NYSE as COMP. Tech-enabled residential brokerage with over 32,000 agents. Acquired Anywhere's @properties Christie's International Real Estate franchise rights in 2024. |
Redfin redfin.com | Seattle | Listed on NASDAQ as RDFN. Discount brokerage and listings portal. Rocket Companies announced acquisition of Redfin in March 2025 for $1.75B in stock as part of a broader housing-finance consolidation play. |
Better.com better.com | New York | Listed on NASDAQ as BETR via SPAC in 2023. Digital mortgage originator. Stock traded down over 97% from its de-SPAC opening. Cut over 80% of headcount across 2022-23. |
Rocket Companies rocketcompanies.com | Detroit | Listed on NYSE as RKT. Largest US digital mortgage originator. Announced acquisitions of Mr. Cooper (March 2025, $9.4B) and Redfin (March 2025, $1.75B), creating a vertically integrated home-finance platform. |
Cadre cadre.com | New York | Tech-enabled commercial real estate investment platform acquired by Yieldstreet in 2024 for an undisclosed amount. Founded by Jared Kushner; had raised over $130M before the acquisition. |
Roofstock roofstock.com | Oakland | Single-family-rental marketplace and asset management platform. Acquired Mynd Property Management in 2023. Last valued at $1.9B in early 2022; carried out staff cuts in 2022-23 as transaction volume fell. |
Mynd mynd.co | Oakland | SFR property management technology; merged into Roofstock in 2023. Manages tens of thousands of single-family rental units across US metros. |
Vacasa (Casago) vacasa.com | Portland | Short-term-rental property manager. Went public via SPAC in 2021 at $4.5B; sold to Casago in 2025 in a take-private deal at a fraction of peak valuation. Stock peaked above $30 and traded near $5 before the deal. |
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Key PropTech market trends
The Rocket-Mr. Cooper-Redfin combination, the NAR commission settlement and iBuying contraction are reshaping proptech right now.
Rocket-Mr. Cooper-Redfin combination
Rocket Companies announced $9.4B acquisition of Mr. Cooper and a separate $1.75B all-stock acquisition of Redfin in March 2025, creating a vertically integrated origination, servicing and brokerage platform. The largest consolidation in US housing finance since the Wells-Wachovia era. Dated March 2025.
NAR settlement and commission restructuring
The National Association of Realtors $418M antitrust settlement (approved November 2024) ended buyer-broker commissions being baked into the MLS listing. Compass, Redfin and eXp had to retool agent-economics models in 2024-25; the long-term commission structure is still settling. Dated November 2024.
iBuying contraction
Opendoor remains the only scaled listed iBuyer after Zillow Offers (2021), Redfin Now (2022) and Reali (2022) shut down. Opendoor's gross margin compressed sharply during the 2022-23 housing correction and only partially recovered in 2024 as transaction volumes normalised. Dated February 2025.
CoStar Homes.com competitive push
CoStar (NASDAQ: CSGP) launched Homes.com in 2024 with over $1B in 3-year marketing spend committed, including multiple 2024 Super Bowl ad spots, to challenge Zillow and Realtor.com in residential listings. Early traffic data is contested. Dated July 2024.
Short-term-rental regulatory pressure
New York City's Local Law 18, Barcelona's announced 10,000-licence cancellation by 2028, and tightening rules in Paris and Lisbon have compressed STR supply in major urban markets. Vacasa, Sonder and AvantStay all flagged regulatory exposure during 2024-25 restructurings. Dated June 2024.
Single-family-rental institutional consolidation
Invitation Homes, AMH and Tricon (acquired by Blackstone for $3.5B in 2024) continued to consolidate the institutional SFR market. Roofstock, Arrived and the marketplaces benefited from secondary-market liquidity demand even as transaction volumes softened. Dated May 2024.
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