Is it important for a software company to win industry accolades and prizes to be a winner?
Recently I replied to a large discussion on Linkedin about the value of companies receiving awards and whether it was worthwhile to try to compete, or if the awards themselves had any validity. My response was to give as a case study InventoryBase, co-founded by Steve Rad & James Taylor.
It is common knowledge that some years ago Steve and James became our number 3 client (we are now at 136!) and we are huge advocates of their work. But what is not so commonly known is that whilst they have won multiple awards over the years including the 21st annual ESTAS, where they won the ‘Best in Sector for Inventories’ – all of their multiple awards are based upon the fact that they have for many years kept their heads down and focused on designing and providing the very best software in their sector.
It has not been an overnight success, no its greatness is a cumulation of self-reinvestment, reacting to the needs of its users, and now it has become the most trusted platform for property reporting across the UK. It has some stellar figures; Over 2,000 registered users, over 6,000,000 property reports completed, 500,000,000 plus images captured and processed, 20,000,000 issues reported and tracked, 5,000,000 minutes of audio recorded and over 1,000,000 minutes of video uploaded.
So going back to my opening question, do awards have value? InventoryBase is a leading property technology company that specializes in property inventory and inspection software. It is designed to meet the needs of landlords, property managers, letting agents, Inventory Clerks and surveyors, the platform simplifies the creation of detailed property reports, inspections, and audits. Could it have got to this position without peer recognition? well yes, but it would have taken longer. Also external validation helps in growing new customers.
And this is the key thing, at its core, InventoryBase enables users to efficiently produce comprehensive property inventory reports, helping track property conditions at every stage of a tenancy. The platform supports a wide range of inspections, including check-ins, check-outs, mid-term property reviews, and detailed condition assessments. By automating report generation through customizable templates, voice dictation, and seamless integration of photos and videos, the software ensures accuracy and consistency while saving significant time.
Now I have worked with various Proptechs over the last eight years, each with their own niche and plan to execute their Saas. Usually efficiency, cost cutting and the eradication of paper led and legacy systems are in that mix. But often property technology companies can not see the wood for the trees.
In contrast what Steve & James set out to do is have an armoury to tangibly enhance productivity, with a suite of advanced scheduling tools, allowing users to organize inspections, synchronize calendars, and set reminders for field staff. The platform also integrates with other property management systems, enabling streamlined workflows and easy sharing of data across teams.
Recognizing the evolving needs of the property market, it offers live and remote inspection capabilities. This feature allows tenants or third-party contractors to conduct inspections remotely, reducing logistical challenges while maintaining transparency and accountability. Simplifying processes for professionals and minimizes disputes over property damage and tenancy agreements.
Evey month I undertake around 40-hours of private research and analysis, looking at all UK proptechs in all sectors, from the built environment ESG etc, the hot topics through to the PRS. Recently I looked at over 1,400 companies, starting with a list of 980 I began in 2020, I pruned it to those who had not exited or ceased trading, added to it the new companies, then I looked at what they were solving and their MRR, burn rate, annual accounts and funding if applicable etc.
Now to my knowledge no one actually does an annual awards ceremony based upon solid proptech companies with superbly engineered software (not ‘vapourware’) who have growing revenue and proven market fit. Perhaps in 2025 I might set up the Proptech-PR awards, but even if I do not InventoryBase would definitely be League Division one, and in the top three.
Their long journey illustrates that excellence rarely comes in the first decade of a software company’s genesis, but once it hits its tipping point huge profitable growth akin to the mythical hockey stick curve will result.
Andrew Stanton Founder & Editor of 'PROPTECH-X' where his insights, connections, analysis and commentary on proptech and real estate are based on writing 1.3M words annually. Plus meeting 1,000 Proptech founders, critiquing 400 decks and having had 130 clients as CEO of 'PROPTECH-PR', a consultancy for Proptech founders seeking growth and exit strategies. He also acts as an advisory for major global real estate companies on sales, acquisitions, market positioning & operations. With 100K followers & readers, he is the 'Proptech Realestate Influencer.'
