The real estate industry is changing. There are new trends and strategies emerging day by day. Proptech is becoming more popular in the property industry as it solves some of the issues. Due to this reason, there are new startups emerging to connect property owners, buyers, and industry specialists. However, if you got an idea that solves a problem in the property market, before launching your proptech startup below are some of the things that are worth knowing.
Evaluate your idea and do feasibility study
In order to validate your idea, it is good to spend some time on feasibility studies. Proptech startups are emerging. However, it is not a good strategy to launch your proptech startup simply because it is the current trend. If you have a really great idea and if you think that gives solution for an existing problem, it is best to think again before you move forward.
For example, In Australia, there are established proptech companies which help solve industry issues with the latest technology. From checking the property price to managing a property, there are new apps and software which add value to the property industry. Therefore you have to compete with such established Australian Proptech companies if you launch your startup there. If you have a great idea and if you are based in Australia it is worth validating your idea before launching your proptech startup.
Consider business sustainability & trends
Business sustainability is important considering long-term success. Therefore, evaluate the market conditions and find out a specific niche that you can tap on although your main goal is launching your proptech startup. Environmental sustainability and green products not only support your business sustainability but also everyone. Therefore, it is wise to focus on how you can integrate green efforts with property search. For example, solar energy is one of the best ways to save money from utility bills. It is also renewable energy where there are no carbon footprints. Therefore, you can support properties that have installed solar panels with specific marketing features through your apps. When you promote how to save with solar, then you can help homeowners to understand more about solar energy and how they can contribute to society by using renewable energy. On the other hand, by having a featured category for green properties, you can easily contribute to the sustainability goals that the whole world needs to achieve. In return, these efforts will help your business success l as well with growing demand.
Know your costs
During your feasibility study period, you can also check the cost of launching your startup. Your launching cost may not be that much compared to the marketing cost and its operating costs. Therefore think of all expenses and how you are going to earn in your startup launch. When you don’t consider this, the startup may fail in few months after launching.
Research on your competition
It is important to understand your market including its competitors before you launch your proptech startup. When you know what kind of competition you have to face with your proptech solution then it is easy to plan the next step.
These are some tips to help you with your proptech startup launching. If you got a great idea, start planning your next step until you launch your new proptech startup!