He's back! Nima Wedlake, Managing Director at ThomVest Ventures, about the current state of Proptech and the themes he is tracking for 2024. We focused on an essay Nima penned, covering several topics including control point software, AI's impact on construction productivity, and the rise of home services businesses. 

Nima discusses the challenges and opportunities in scaling tech-enabled service businesses and the potential of AI in the construction industry. The conversation also touches on the impact of COVID-19 on real estate tech investments and the future of venture capital in the space. We also explore the role of real estate agents in a changing market and the impact of technology on the industry (spoiler: uncertainty exists, but so will the agent). 

More about Nima and Thomvest Ventures
Nima has published his 2024 proptech themes and would love to discuss them with you. Here is the link to the full report: https://blog.thomvest.com/real-estate-technology-themes-were-tracking-in-2024-124a5280c3dd

Below is a very quick overview of the three key themes that will play a dominant role in 2024 for Nima.

1. “Control point” software businesses in real estate: These crucial systems are core to how businesses operate and are difficult to displace. Three strategies for new entrants to compete in this space include targeting new customer segments, building value around existing control points, and selling complete tasks or processes instead of just software tools.
2. AI’s impact on construction productivity: There is growing excitement around startups focused on using AI in various aspects of construction, from pre-development analysis and permitting automation to design cycle shortening and physical robot automation on construction sites.
3. Residential real estate in a post-NAR world: Following the NAR settlement on residential real estate, lower commissions may lead to agents seeking efficiency measures and could pose challenges for existing real estate companies, while also creating opportunities for innovation and competition in the industry.

Nima Wedlake is a Managing Director at Thomvest Ventures, focusing on investment opportunities across the real estate & financial technology verticals. He spearheaded Thomvest’s investments in Baselane, Blend, Glide (acquired by Compass), Keyway, Maxwell, Mynd, Obie, Pine & Tala. 

Thomvest Ventures is a San Francisco-based $750M evergreen venture capital fund by Peter Thomson (Thomson Reuters). 

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