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Did you envision how technology could revolutionize the real estate industry as much as the banking industry, to create fintech and education to generate edtech? Two young Argentinians are answering this question to improve property acquisitions and boost the proptech sector in the region.
Franco Forte and Lucas Díaz They founded Mudafy, a property buying platform that aims to simplify and streamline the whole process of buying and selling a property. The aim is to make transactions easier, more reliable and more transparent. All thanks to the contribution that technology makes in every part of the process.
“It was a bit of knowing each other and getting some experience in the real estate world, and with the transition through two companies to Mudafy, one of the companies was a real estate management system and the other a real estate portal, a real challenge we saw was the experience of the end customers and the adoption of the technology by this sector. There it was a challenge to unite both parties in order to improve this experience and create Mudafy, ”says Franco in an interview in Spanish.
This Argentine proptech is present in two Latin American countries and uses CRM, ie its own system for customer management. It mixes the online environment with the offline environment and offers a team of specialized consultants who balance technology and the human factor.
The main goal of Mudafy is to improve the experience of buying and selling a property across Latin America. To do this, they are not only adding technology, but also redefining real estate operating processes.
“As a technology company, some of the characteristics that we by definition have in the way we work are almost a requirement in the real estate sector right now, and some of them may be a virtual tour. Nowadays, and largely due to the pandemic, it’s highly valued, not exposed to the virus to be, ”explains Franco.
Image: Mudafy via Instagram
What do you think the real estate market will look like after the pandemic?
“This is super interesting, you might think that what happened in other sectors was going backwards, but we saw that it didn’t and that is because the real estate industry has a real need People have to move, people have a child, they still need a room, people are getting divorced and maybe each of them needs a new home, “says Lucas.
The market will be activated after the quarantine, but the key for them was virtual tours.
“We’re doing the first part with the virtual tours. At the end of the day, before making the decision, the person wants to go to the property and see what the pressure is on the walls. Check that they’re real as this transaction is nominal.” That’s how important silver is and emotions have to make sure there is no risk, so we observe that there were two months after the quarantine where it slowed down a lot and now everything is reactivating, especially in Mexico, “says Lucas.
It is mentioned that interest rates now have an important effect. Lucas says they are at all-time lows so the market is getting a lot of liquidity and that doesn’t even have the impact it may have economically.
“Mexico is the second largest country in all of Latin America. Obviously this makes it extremely attractive and again the real estate market is too active. So it was the ideal place to open Mudafy, ”says Franco.
Currently, Franco and Lucas are observing that the real estate sector is very active. It stopped for a short time when social distancing began and when the pandemic began. Today, however, they are watching it quite actively and indeed there are demand values for property searches, either for sale or for purchase.
“Today the demand for search queries on Google or on the Internet is higher than before the quarantine. We see him as very active in the market, but I make it clear that interest rates have a lot to do with it, ”explains Franco.
In collaboration with several real estate companies in the country, Mudafy starts operations in Mexico City. In the catalog there are 5 mayor’s offices: Miguel Hidalgo, Benito Juárez, Álvaro Obregón, Cuauhtémoc and Cuajimalpa. They were based on the demand and density within the colonies. On average, they chose these alliances, a key point for their landing on the CDMX.
“In terms of alliances with more than 200 real estate agencies, in which there are all types, whether prestigious but also small and medium-sized, in order to reach more public, we are the perfect ally because we have a lot of access to people who are looking for properties and we’re working together to find a home for that person, “adds Franco.
The differentiator of this platform is that its value proposition is to provide a better experience for users. In this way, any interaction does not cause complications for customers, as they understand that transactions generate a lot of emotions. From the first moment they try to understand that not only can they consult a property if they like it, but also see what their real need is, cover it through their search, give more options and advise them which ones Investing considering its the best is resources and interests first and foremost.
“Technology helps make the process a lot more efficient as virtual tours mean you don’t have to walk straight to the property and spend half an hour or 40 minutes in traffic. They allow you to discard the ones you don’t like, by watching them online. You can add many of the solutions that are included. You can offer advice on mortgage, tax, home insurance and a whole real estate ecosystem, “says Lucas.
Franco exemplified that when you search the Internet, there is a 50% chance that they will reply to you and a 50% chance that you will not reply. You may have to call again the next day with that in mind, the person who knows this property will ensure that they will be in touch with you in less than 10 minutes within the hours of attracting attention and analyzing what is going on in a timely manner You are looking for. Investigate properties that are similar to those of your interest. It’s an immediate and effective experience, in a very easy way for them.
“Today we are in both CDMX and Buenos Aires. In the second part there is all of the technology part, the vast majority of our team, and then everything that would be the commercial part of CDMX,” says Lucas.
Compared to the traditional real estate experience, however, this is so that each consultant works in parallel and provides services from the acquisition of the contract to the completion of the transaction. It is similar to a production line where a person specializes in that first contact to outline and understand the client’s needs.
“It may be a person who specializes in giving the visit, showing the property properly, explaining the positive features to you and with whom you have to be careful and know how to bargain to get the price. We also have the legal advisor who is the closing of the deal and the most administrative part, which is one of the most critical parts of buying a property, ”explains Lucas.
There are very important elements to knowing how to choose the right property for you. One of the properties is water pressure. To check that it comes out right, there are endless options on social networks where tips seem basic, but really are important to consider when looking to purchase a property. They emphasize that often the information is not that accessible, and this is the time when a real estate advisor should take action to recommend the transactions or steps to follow in order to identify the good opportunities and get the most out of them.
“We are very focused on continuing to grow in Mexico. I believe the next step would be to continue growing around it and eventually cover all of Latin America. So we will evaluate all of these countries to achieve the goal,” concludes Franco.