1. Startups

Proptech Rentfix Platform Starts Expansion to Singapore

Already has more than 3000 users and 55 number of property owner partners

Rentfix comes as property technology platform(proptech) since 2017. This year they are determined to expand their business scope to Singapore. Currently the Rentfix.sg site is accessible for users there. To DailySocial Rentfix CEO Effendy Tanuwidjaja revealed that the site and its application provide a digital platform equipped with online services dedicated agents for residential and commercial property categories.

Until now, Rentfix claims to have more than 3000 users and 55 tenants and buyers partners. At the end of 2020, Rentfix launched the "Rentfix Sale and Purchase" feature. This buying and selling business was launched due to the large number of requests from users who want to own a residence in an easy way and process.

"There are still many rented properties on the market but they are not occupied and left empty. For example, the warehouse has been rented for many years but is empty. Rentfix sees this opportunity, we transform the empty property spaces through a digital platform," said Effendy.

Currently, Rentfix has not received funding from investors. The company is still trying to focus on optimizing the value of rental transactions and buying and selling property in order to increase occupancy to continue to get results.

Business model and monetization strategy

business model implemented by Rentfix consists of two types, namely the rental business and buying and selling property. For lease transactions, the platform only takes about 1% of each successful transaction. Then for buying and selling they provide convenience and attractive transaction offers for consumers in buying property.

"For example, to own a house, consumers only need to spend Rp. 500 thousand to be able to reserve the desired property. This business model is also supported by our monetization strategy, which is to provide solutions in property sales for potential partners," said Effendy.

Rentfix also offers business strategy marketing which consists of cooperation as Regular Partners and Priority Partners which are intended to further support the success of partners in marketing rental properties and property sales.

Mentioned what distinguishes Rentfix from other similar platforms that offer the same service, it is stated that they position themselves more as a service E-commerce property. The goal is to create a technology-based transaction process, so that the entire process can be completely done online; from booking, payment, to rental agreement.

"Even if there is a canceled property purchase transaction, Rentfix can return the funds (refundable) already paid by the buyer. Interestingly, Rentfix provides property installation services for free forever for the people of Indonesia in marketing their properties on Rentfix. Every property registered with Rentfix can reach all parts of Indonesia," said Effendy.

Pandemic and Rentfix business

More Coverage:

During the pandemic, many property owners marketed their units for rent on the Rentfix platform. One of the reasons is, property will remain a need that is sought and needed by the community. Rentfix noted that during Q1 2020, there was a surge in demand from the warehousing rental segment. The demand for warehousing in the commercial category is higher than in other categories. During the pandemic there is also more demand for rentals in warehousing types along with increasing demand in retail online.

On the other hand, rental of residences and places of business in the residential category experienced a slowdown in demand. The focus of prospective tenants is mostly to fill short-term needs. During the first quarter there were at least 500 new listings registered on the platform per month.

"Therefore, in the midst of an uncertain situation like today, the digital economy has a very important role. People will continue to rely on and need property technology companies for various housing needs in a pandemic situation like today," said Effendy.

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