Redfin sells $110M stake to VC firm
The Real Deal
Redfin just got a $110 million shot in the arm from an influential backer, as the discount brokerage looks to ride out economic turmoil caused by coronavirus.
Latest Trends and Insights in Real Estate Technology
Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
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The Future of CRE is Tech – An Interview with CRETech’s Michael Beckerman
ARETAILSPACE
Real estate innovates in the physical world. Tech innovates in the digital world. To Michael Beckerman, they’re the same.
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Just released! The Future Workplace special report, as featured in The Times
FUTURE PropTech
The Future Workplace special report, published in The Times, explores the importance of workplaces that look after and trust their employees. It looks at how tech has made communication easier but might be making you lonelier at work, how repurposing unused shops can bring talent to towns in need of new business, if the WeWork model is working, and more! Download the full 20 page report today.
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TOMORROW AT 10AM EDT: [Webinar] The Impact Of COVID-19 on the CRE Industry
Smarking
Description: Join Smarking tomorrow, 3/31 at 10am EDT: Navigating through the ambiguity from a parking data view. Featuring Peter Opoku of LaSalle Investments and Rodolfo Pena of Macerich, hosted by Dr. Wen Sang, CEO of Smarking. Bringing together our community for an open conversation on navigating through the unknown, day by day, with a data approach. Register to join: https://register.gotowebinar.com/register/5981991273204797708…
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Knotel Slashes Nearly Half of Workforce
The Real Deal
Flex office company Knotel slashed its 400-person workforce by half, as the coronavirus pandemic has drained the unicorn startup’s membership base.
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WeWork Says Virus Will Hamper Ability to Hit 2020 Targets
Bloomberg
WeWork says it doesn’t expect to hit its 2020 financial targets as it grapples with the coronavirus outbreak. The impact of the virus “will likely have a negative impact” on the company, including on forward-looking information that it previously disclosed, Chief Executive Officer Sandeep Mathrani and Executive Chairman Marcelo Claure wrote in a letter to bondholders on Thursday that was obtained by Bloomberg. …
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Hotel Giant Oyo Looks to Rewrite Contracts That Fueled Its Rise
Wall Street Journal
Oyo Hotels and Homes, which built itself into the world’s second-biggest hotel chain by total number of rooms, is phasing out an important tool that fueled its rise.
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Redfin execs tighten belt and give agents a boost
The Real Deal
Agents at real estate brokerage Redfin are getting a reprieve and the CEO is forsaking compensation in light of the coronavirus pandemic. Glenn Kelman, the CEO of Redfin, said he will give up pay for the remainder of the year, according to a report in Inman. Agents at his company will get an increase in their fixed pay to make up for the drop-off in transactions. The members of its board also agreed to forego cash payments for their services, and all employees at the company’s headquarters will …
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Proptech Startup Sees Big Spike In Interest As Americans Turn To Their Homes For Cash
Bisnow
Proptech startup Noah has seen a massive spike in homeowners contacting it about releasing equity from their homes as a result of the impact of the novel coronavirus. The company, which this week rebranded from previous name Patch Homes, said that although it is too early to provide an exact figure, it has seen an increase of around 600% in the past week of homeowners seeking an estimate of their home value.
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Pi Labs launches its first remote business accelerator cohort
Property Week
The fund is hosting five startups in its intensive 15-week pre-seed programme, which has been running since 2015. The venture capital fund gives the firms funding and connects them with experts, strategic advice, and prepares them to scale their business.
