InovaReal: Pioneering Digital Real Estate
JW
JW
Pioneering Digital Real Estate - InovaReal
Meet the visionaries behind InovaReal, Lukas and Martin, who embarked on a journey to transform the real estate landscape by creating the world’s first non-exclusive app for global digital real estate transactions. In an exclusive interview for our InovaReal podcast, they share the genesis of their groundbreaking app, its key functions, and their ambitious goals for revolutionizing the way we buy, sell, and rent properties.
From childhood ventures to digital real estate
Lukas, an entrepreneur since the age of six, and Martin, a keen observer of client needs, joined forces around three years ago. Frustrated by the flaws and misunderstandings in the real estate process, they envisioned InovaReal—a platform that would streamline and digitize the entire real estate journey.
The core idea behind InovaReal is the digitalization and globalization of the real estate process—from renting to selling. Lukas and Martin recognized the need for a platform that transcends borders, providing users with a seamless and transparent experience, regardless of their location. Thus, they set out to develop a truly global digital real estate platform.
One of InovaReal's key missions is to ensure that tenant-landlord relations are as smooth as possible. Lukas and Martin aimed to make the process transparent from the first interaction. The app features a chat function, taking over the protocol from the initial conversation to post-signing. This digital trail ensures accountability and quick resolution of any issues. It also saves a lot of time for both parties and makes the whole process a lot easier.
Revolutionizing renting: Starting with the tenant in mind
Recognizing the challenges in renting, InovaReal starts its journey with a focus on simplifying the rental process. Offering rental apartments is a lot easier to handle from the legal point of view and there are considerably more people searching for an apartment for rent than for purchase. Later on, the platform will also offer apartments for sale, which have the potential to be an interesting investment opportunity. The app's smart features aim to make legal aspects easier to handle, especially for those who frequently change cities and homes. The platform addresses the pain points of tenants, making agreements more accessible and legally straightforward, even when renting abroad and not knowing the legal situation in that country. InovaReal wants to simplify that process by presenting real estate offers from landlords and sellers in different countries on a single app, and providing knowledge on the legal aspects of real estate transactions in these countries.
Testing waters in Slovakia, the Czech Republic, and Middle East
InovaReal is gearing up for its launch in Slovakia and the Czech Republic. The main reason for a soft launch in smaller countries was to gauge user reactions in small markets first, before entering large markets, like Germany, that are currently in a difficult state. They have a partner in Dubai and the team is already establishing collaborations in the UAE and GCC, recognizing the hunger for digital solutions in these markets. Lukas and Martin see the potential to bridge gaps between regions, offering a one-stop platform for users worldwide.
The key functions of the digital real estate app and game-changers for users
InovaReal introduces a novel approach to tenant-landlord relationships with an in-app recommendation system. Like Google's star rating model, users can rate each other, based on their experiences, making it easier to secure desirable apartments and trustworthy tenants.
Martin sheds light on the app's key features that make this process secure and legally sound. The verification process of landlords or companies that offer apartments involves real-time facial scans, identity verification, in compliance with EU regulations. This ensures that users are dealing with genuine sellers and prevents scams. InovaReal also places a strong emphasis on user privacy and data protection, following specific regulations and adhering to German standards. The team has a dedicated safer solutions team to ensure the highest standards of data security.
Digital real estate app for the 2020s and beyond: Affordable pricing models and additional services
Initially, there will be a free version of the app, so users can try the features and give feedback on what is missing or can be improved. InovaReal offers a range of subscription packages, from basic to premium, catering to users' diverse needs. Lukas and Martin emphasize affordability, with costs ranging from 20€ to 100€ per month. Landlords will be able to choose between the basic, premium or diamond package, depending on how many apartments they want to offer and what kind of reach they would like to achieve in the countries they operate in. InovaReal will not work on commission, so no matter how expensive the apartment is that you want to offer, you pay the same monthly subscription price as everybody else. This price includes a spot for your apartment to be shown. Overall, the aim of the app is to give you more visibility.
The app will also explore sponsorship and advertising opportunities, providing a holistic platform for users' needs. Next to the key features of the app itself, InovaReal will provide several other services. The company has signed a collaboration with the insurance company UNIQA in Slovakia and is in talks with some of the big bank groups in other countries. They can provide insurance and financing for users, while InovaReal can focus on their core business as integrators. Other services for apartments will be considered as well, like certified locksmiths and plumbers, which will be advertised and promoted on the app. This will save users time because they don’t have to search for someone they can trust, when they need instant help. InovaReal already did that for them.
Looking ahead: Making digital real estate simple, everywhere
As InovaReal takes its first steps into the market, Lukas and Martin's vision extends beyond being just a real estate app. They aspire to simplify the entire real estate process, making it accessible, transparent, and efficient for users globally. With digitalization as their guiding light, InovaReal promises to be a beacon of change in the world of real estate.
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