Proptech has come a long way in the last two decades, becoming a robust sector that encompasses far more than online real estate listings, smart-home devices, and platforms to streamline exchanges between renters and property owners.

Pre-COVID, there were tailwinds. In 2019, 528 funding deals closed in the proptech sector — that’s an average of almost 1.5 a day, for perspective. The total value was $31.6 billion.

While the forecast calls for headwinds and more friction in the next year or so, dealmaking hasn’t dried up. In the last few weeks, for example, funding has been announced for:

• Different ($4.6 million Series A), an Australian property management platform

• Noah ($150 million), a San-Francisco-based company for equity-sharing contracts among homeowners

• SensorFlow ($8.3 million Series A+), a Singapore-based wireless room automation and energy management company

• Josh.ai ($11 million Series A), a Denver-based maker of high-end smart home systems

It’s not going to be all puppies and rainbows, of course. There’s no doubt that we’ve entered a challenging period for start-ups in the space. Those that don’t have strong balance sheets may face difficult decisions, including reducing expenses and/or putting themselves up for sale.

Those that are able to wait until the headwinds lessen are likely to see more favorable terms (with the exception of companies addressing immediate needs related to social distancing, for which opportunity is rife now). And demonstrating resilience — being able to operate at a high level through this challenge — will make them more attractive.

We are hopeful the pain in proptech will be brief, because the fundamental need for it remains. Real estate is a big, robust industry that needs technology. Period.