Hover | Proptech Talk Thursday #6
Welcome to my new PropTech Talk Thursday series to take a look and provide my candid thoughts on new Proptech businesses. These could range from products to companies leveraging technology to improve all facets of real estate. The Real Estate industry is one of the slowest to adopt technology but there are many opportunities along with money chasing these opportunities. Do you want to transform smartphone photos of any property into an accurate 3D model? Let me introduce you to Hover.
Based in San Francisco, CA, Hover has raised more than $87M in funding to date backed by prominent investors like Google Ventures, Menlo Ventures, and Home Depot.
So why create a 3D model of the home in the first place?
They have 3 main target markets.
1) Homeowners can be able to easily visualize their home, get accurate estimates from contractors, and be on the same page with contractors/insurance adjusters
2) Contractors are able to use this technology to measure more accurately and faster, and design and provide better estimates.
3) Last but not least are the adjusters.
Home insurance adjusters can settle claims faster, lower costs with greater accuracy, and also start collecting the data of all of their policies to track homes in a level they have never done before. I’ve heard of companies that take satellite images to be able to share that information with insurance companies to be able to give more accurate quotes but also recommendations. It’s better to take care of or even replace a roof than trying to repair the damages after a roof leaks.
This company takes it to another level by being able to do a 3D scan of an exterior home. When I sell homes, we use a tool like Matterport which creates a dollhouse view for the interior but this is a convenient way for the exterior. It is incredible to see that using pictures from smartphones, that there is the technology already involved to 3D map homes. This is an incredible amount of insight for homeowners, contractors, but is the most interesting from a business of the insurance providers.
It is always more cost effective for insurance providers to be able to see things and repair things than having problems. So now that insurance companies has all this data, they can work collectively with homeowners to reduce costs and possible major repairs.
So what do you think? Are you OK with insurance companies being able to have so much data of your home? Would this help you with any major renovation or restoration projects?
If you are tired of renting in the Bay Area, are a home owner looking to do a trade up for a bigger home, or are wanting to sell your home for top dollar, I would love to connect!
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Born and raised in the Bay Area, I spent 11 years as an Enterprise Sales Manager before becoming the Tech Realtor of the Bay Area. Having the background as a homeowner, investor, and renovator, I leverage data and insights to help my clients gain a competitive advantage with their real estate journey. Communication and knowledge is key so as long as I'm awake, you will get a reply from me! I have helped 31 families YTD for over $40MM in delighted transactions and I look forward to help you too.