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Contxto – Proptech Mudafy has its eyes on its next prize: the real estate market in Mexico. And with that in mind, the Argentine startup plans to expand into this Latam country in coming weeks, according to a recent announcement. This marks the first foreign country the YC grad enters.
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Among its other feature-related developments, the proptech recently developed and launched an algorithm that gives users an estimated value on a piece of property. The system calculates this value based on similar real estate postings on websites.
Although its founders have more features planned for their real estate platform.
Mudafy moves to Mexico
After Brazil, Latin America’s largest real estate market is Mexico. Many startups within the region tend to expand into this latter country not only because of its size though.
The fact that it’s the largest Spanish-speaking market also helps startups soft-land because there’s no language barrier with which to contend. As a result, developing a network of contacts and tweaking a product is much easier.
These may be just a few reasons for which a proptech like Mudafy chooses Mexico as its first foreign market.
And despite its expansion plans, the startup won’t be letting its grip on the Argentine market go either. Mudafy also intends to continue to add realtors to its platform in the coming months.
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To facilitate the real estate lifecycle, the startup also wants to add new features to its platform for buying and selling properties. Primarily, by adding a booking feature so property seekers can book an appointment with a realtor to see a property.
Speaking of in-person appointments…
Coronavirus and real estate
No doubt the ongoing pandemic is dampening the real estate market. Mexican proptech Homie, expects a 20 to 30 percent fall for traditional real estate businesses due to the decline of in-person visits.
Note that I said “traditional,” because digital solutions may have a slight advantage over their brick-and-mortar counterparts. And that’s because many proptechs like Mudafy offer virtual tours so potential buyers can see a property without having to leave their residence.
But this advantage is only slight.
As the economy inevitably heads towards a slowdown—that’s only been worsened by the pandemic—the real estate industry is the first to take the hit.
With less money in one’s pocket, property shopping just isn’t a priority.
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