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Real estate is the slowest-moving industry on earth. Brokers, landlords, and agents have used the same workflow for 40 years and 'this is how we've always done it' will kill 90% of proptech ideas regardless of how good the product is. Distribution is the entire game.
The buyer in proptech is rarely the user. Landlords pay, tenants use. Brokerages pay, agents use. Most proptech founders build for the user and never get past procurement. Map the org chart before you map features.
Transaction volume is everything but each transaction is huge and infrequent. A consumer might use a proptech tool 3 times in a decade. You either own the broker (B2B SaaS, recurring) or you own data + ads (Zillow model, hard to bootstrap).