Is it possible to sell an apartment in just a few days? Tiko, a new Spanish PropTech company, claims to be able to do so thanks to the use of technology and strong financing. Its operation is very simple. Tiko applies technology to appraise the home and make an offer within 24 hours. Once accepted, PropTech performs a technical and legal inspection of the apartment, manages the transfer of the property and makes the payment in a few days. Subsequently, Tiko is responsible for reforming the homes and selling them in a period not exceeding 90 days. Its model is based on speed and volume, that is, it perceives small margins on a large volume of transactions.
The startup has obtained an initial financing of 35 million
Tiko has so far secured a financing of 35 million with the support of important investors such as Rocket Internet and Cabiedes. Part of this success is based on working hand in hand with existing players in the market, especially real estate agencies, from whom you buy real estate directly.
The Spanish PropTech is led by two great serial entrepreneurs: Ana Villanueva, at the national level, and Sina Afra, at the European level. The latter was chosen by the prestigious Wired magazine in 2016 in the Top 100 of the most influential people in technology in the world.
According to its founders, “Spaniards prefer to buy instead of rent. In fact, Madrid is the fifth market in Europe by number of transactions. However, selling an apartment here takes on average almost five months; we reduced it to just a few days ”.
Currently, the Tiko model has been successfully tested in Istanbul under the name of Evtiko. Spain is its shuttle to Europe, and Madrid the first Spanish region where it has been decided to launch the service. The choice of this community is due to three key criteria: high number of real estate transactions, low transaction cost and the existence of an opaque market, with great potential for improvement.
Tiko plans an expansion plan to 10 European cities in the next 3-5 years. Milan will be her next tft cheat sheet in early 2018.
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