Proptech Then and Now: Insights and Advice from Founder Caren Maio
Mar 27, 2024
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Caren Maio, proptech expert, shares insights on differentiating startups in today's tech-savvy real estate market. She discusses common mistakes of real estate tech companies, advice for entrepreneurs, and the fundraising environment. Her practical insights are valuable for product leaders in any tech startup.
Founders must differentiate startups by problem-solving, product execution, and customer experience.
PropTech entrepreneurs must prioritize integrated solutions and understand property operators' needs to stand out.
Deep dives
Adapting to Changing Operator Mindsets in PropTech
Operators and owners are increasingly skeptical of PropTech point solution tools due to cost, operational impact, and long-term sustainability. Entrepreneurs like Karen emphasize the importance of understanding property operators' needs and demonstrating clear value propositions to stand out in a saturated market.
Navigating the Overwhelming PropTech Landscape
Operators and owners face a surge in PropTech solutions, leading to challenges in selecting and integrating technologies. Some opt to consolidate solutions, while others focus on staffing up innovation teams to manage the influx. The smartest operators prioritize integrated solutions that solve on-site and corporate challenges.
Impact of Capital Influx on PropTech Ecosystem
Significant capital inflow into PropTech has transformed the industry landscape, enabling growth and innovation. However, Karen highlights the need for entrepreneurs to critically evaluate the source and amount of capital they raise to align with long-term business goals. While increased attention on PropTech is beneficial, funding redundant or unsustainable solutions remains a concern.
Lessons Learned and Future Endeavors in PropTech
Karen Mayo emphasizes the vital importance of deep customer empathy and collaborative product development in creating successful PropTech solutions. Drawing from experiences at Funnel and Moved, she stresses the significance of building diverse, empathetic teams and avoiding 'solution-centric' approaches. Reflecting on past ventures, Karen prepares to launch a new PropTech endeavor with a focus on customer-driven innovation and team culture.
In 2011, without any real estate experience, Caren Maio co-founded Funnel and scaled it to become one of the leading multifamily marketing platforms in the real estate ecosystem today. Since then, she’s been an entrepreneur-in-residence at Camber Creek and President at Moved. She’s dedicated herself throughout her career to mentoring other proptech startups and is now a highly sought-after advisor in the space.
Caren brings a unique perspective to the Thesis Driven Leader Series. She has been in proptech for about as long as there’s been a thing called proptech. But much has changed since she got her start over a decade ago; for example, many of the most sophisticated real estate owners have teams dedicated to sourcing and identifying great tech. But that makes it more important than ever that founders differentiate their startups from other offerings in the problem they’re solving, their product execution, marketing / sales and customer experience.
Caren also discusses the biggest mistakes she sees real estate tech companies make, including advice for proptech entrepreneurs just getting started. We talk about the fundraising environment as well as the pitfalls of starting a company in New York City.
Caren is clearly a product person at heart and, along with real estate operators and entrepreneurs, product leaders at any tech start will find her insights practical, valuable and probably inspiring, too.