NEW YORK — Real estate will face a reckoning over the next 10 years as technology finally disrupts the industry in a big way, said the Trulia co-founder.

NEW YORK — Real estate will face a reckoning over the next 10 years as technology finally disrupts the industry in a big way, Trulia co-founder Pete Flint told attendees at Inman Connect New York on Friday during his Capital Connect keynote.

“There’s a technology tsunami coming in,” Flint said. “A lot of low-lying areas have been covered — media, communications, information. This nonstop technology tsunami is moving higher and higher and higher into operations, into brokerages, into franchises, into physical real estate, and it’s frankly unstoppable.”

Flint, now an investor with the venture firm NFX, spoke with Wired senior writer Erin Griffith about his experience building and exiting Trulia, his thoughts on real estate tech investing and how he expects the industry to transform drastically over the next decade.

“It’s a slow-moving industry. There’s a 10-year window here. But the majority of traditional real estate companies will die,” Flint said.

While the decade after Trulia’s founding in 2005 was about revolutionizing the search process, Flint said, technology is now targeting the real estate transaction.

Consumers are realizing that real estate is behind the curve compared to most other industries, and they’re not sure what value the big companies bring anymore, according to Flint.

“Consumers have had enough,” Flint said. “They’ve seen transformation in hospitality, in retail, in all these other industries, and they’re saying, ‘Where’s the transformation in real estate?’”

Real estate has fallen behind on the technology front due to the industry’s structure, Flint said. The franchise model and agents’ employment as independent contractors makes it hard for big companies to evolve. At the same time, there hasn’t been one single leader in real estate to lead the charge on technological advancement.

Consumers can’t differentiate between Keller Williams and Re/Max, but they do know the difference between Compass and Opendoor. Only startups have been able to try new models, Flint said.

“The companies are realizing that it’s often easier to start a new company and change from a blank sheet of paper than it is to change an existing company,” Flint said.

Through NFX, Flint is now investing in tech and software companies that work in the real estate industry. Flint left Trulia’s board six months ago after staying on to help manage the transition when Trulia was acquired by Zillow in 2015.

The $150 million fund is pitching investors its thesis around network effects: the idea that a product gets better for all users the more users it gains.

And it’s not just real estate that’s facing the late-stage tech disruption Flint is predicting. “Early-stage venture capital will be transformed by technology in the same way Wall Street’s been transformed,” Flint said.

Email Emma Hinchliffe

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×