Multiple companies have launched in the last few months to give investors new access to real estate investing but insiders aren’t sure it is the best idea.
Market analysts, meanwhile, find this a dubious strategy in current market conditions. The pandemic-driven frenzy which drove up demand and lowered mortgage prices has started to cool, points out Gay Cororaton, a senior economist at the National Association of Realtors, who expects this to continue. If home ownership becomes more affordable, some potential customers may choose to purchase a full property, rather than invest in real estate assets.
Yet the founders of both LEX and Here suggest their offerings aren’t any riskier than, say, downloading Robinhood and pouring money into stocks with no guidance, or backing early-stage startups on crowdfunding sites. Plus, the users of these startups aren’t stuck with the physical asset at the end of the day.
There’s also definitely a demand. When LEX officially launched in November, it had 10,000 potential members on its waiting list. And commercial property landlords are showing strong interest in working with the platform, too. Here launches this week with more than 20,000 members waiting to invest. Vesta Equity, currently only available only to accredited investors, plans to open its platform to nonaccredited investors within the next 12 months.
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