On Thursday, the Real Estate Board of New York (REBNY) announced they will be launching a “proptech challenge” where real estate startups around the world can compete for $50,000 in prize money.

The challenge will allow startups to compete virtually in the hackathon before finalists fly to New York for a Demo Day.

“The PropTech Challenge leverages the wealth of worldwide technology talent,” REBNY Chairman Bill Rudin said in a statement. “The series aims to drive innovation and collaboration to address the diverse needs of New York City’s real estate market. New York City has always been the place where innovators want to make their mark.”

The challenge is now open for registrants across four categories: blockchain, operations and maintenance, commercial brokerage and architecture engineering construction, and development. Entrants must submit a video and written presentation, including their concept and business plan, by Oct. 16.

Demo Day, for the three PropTech Challenge finalists in each category, will take place at Rudin Management Company’s 41 Madison Ave. on Nov. 8, during New York Real Estate Tech Week.

“There is a great appetite for innovation that supports our industry’s goals for producing more housing, ensuring the quality and resiliency of our building stock, and upholding the highest ethical standards for brokering real estate transactions.” REBNY President John Banks said in a statement.

Email Emma Hinchliffe

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