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Building a real estate startup

  1. WHAT’S UP IN REAL ESTATE By Mathias Pastor, Director at The Family
  2. Why does it matter? 1. It’s the single biggest asset class 2. It’s the most important consumption category for most people
  3. What opportunities are there? 1. Reshaping the asset class 2. Enhancing the consumer experience 3. Construction & Housing Services
  4. Some weird things about the asset class 1. Binary ownership 2. Illiquidity 3. Net Worth Concentration 4. Yields aren’t maximised
  5. Net Worth Composition per decile (France)
  6. Net Worth Composition per OoM (US)
  8. The Buyer/Seller/Landlord/Renter Consumer Experiences are all awful 1. Low barriers to entry + no product differentiation => no customer loyalty 2. Very small take rate builds misalignment between homeowners/tenants and agents
  9. Average Consumption Expenditure (US)
  11. Construction & Housing/RE Services need some shaking up too.. 1. Construction costs have exploded & too few homes are being built 2. Maintenance services are fragmented, expensive & unreliable, with shrinking supplies
  14. Tomorrow, real estate agencies will be caring, transparent & responsive
  15. Today’s real estate agents have a lot of software ● Build on a old stack ● Not so easy to use ● Often outdated
  16. Today’s real estate agent rely on web-portal for marketing CREATE AD Multicast software
  17. Today’s real estate agents have more and more constraints ● ALUR law 2014 (-25% for rental agency fees) ● GDPR (€ 400,000 fine for a Real Estate agency) ● Rent control in Paris
  18. Today’s real estate agents equation BAD SOFTWARE + PORTAL DEPENDENCY + LAW CONSTRAINTS = SLOW SERVICE
  19. What being “SLOW” means ● Less time talking to customers ● Bad customers reviews ● High churn ● High cost of operations
  20. What being “SLOW” means *source 68% of french people have a bad image of real estate agents*
  21. Tomorrow, real estate agencies will build their own software
  22. Why building your own software ? ● Dogfooding (using your own product) ● Automation ● Being data-driven
  23. Tomorrow’s real estate agent equation GREAT PRODUCT + DATA DRIVEN + AGILE PROCESS = FAST SERVICE
  24. Being FAST is not just a feature ● You have time to take care of customers => Good customer reviews ● You can be responsive to customer’ requests ● You are proud of your work => transparency
  25. LouerAgile is fast by design We first focus on tenants by creating the fastest alert system for Real Estate
  26. 3 years later 1 out of 3 tenants use LouerAgile to rent an apartment in Paris
  27. Today's tenant is tomorrow's landlord
  28. Now we’re building a “just move-in” experience ● High quality ads with Virtual-tour and Google Street-View ● Online-application ● Electronic-signature for leasing agreement
  29. We automate a lot of things ● Application process ● Leasing agreement generation ● Rental payment ● No physical visit
  30. Which means more revenue for landlords x4 faster to lease an apartment better tenants qualification less unpaid rents
  31. @marclebel
  32. Improving real estate agent's day to day 8 Jan. 2020
  33. 1. Introduction What is Proprioo ?
  34. - Born from a personal experience - A few months later I met them while trying to sell my apartment !
  35. 41 Broker’s don’t deliver Lack of transparency Lack of reactivity High prices average com of 4.87% in Paris
  36. 42 Broker’s don’t deliver 68 % of the French population has a negative opinion on real estate agents
  37. 43 They saw a huge opportunity 1 million transactions per year just in France
  38. 44
  39. 45 Current scale & numbers 100Recruitments 1000+Properties sold 10 millions €Saved in commission by our clients 26 millions €Raised
  40. 2. How product helps us improve our agent’s day to day
  41. 47 Our Product Allows our agents to handle more customers while ensuring higher standards of service Improves our customer experience Helps our agents to focus on their productivity
  42. 48 Feature showcase It allows our buyers to book a viewing at any time of the day It naturally optimizes our agent’s calendar One feature I want to showcase today
  43. 49 Feature showcase Let’s take a given agent with a few viewings in his calendar Two apartments: 75002 & 75011
  44. 50 Feature showcase best slots to visit 75011 best slots to visit 75002
  45. 51
  46. 52 Some advices Experiment with low tech solutions first Industrialize when you have strong convictions it will bring value Embrace adoption and trust or it won’t succeed
  47. 53 simple reliable efficient
  48. How to adapt your product to the real estate reality ? The Family - January 8th, 2020
  49. Our reality 10%38% vs. Other industries Real Estate
  50. Our reality Culture of restricted network (RICS, etc.)
  51. Our reality Complex & diverse decision making units
  52. Product
  53. Product Keep It Short & Simple
  54. We rise by lifting others
  55. Website Youtube Startupfood Insta Welcome2TheFamily Apple Podcast The Family Events The Family Meetups THAT’S ALL FOLKS TALK TO PEOPLE YOU DON’T KNOW