Exploring How Pinhome Digitizes the Comprehensive Property Ecosystem
Currently, the proptech ecosystem in Indonesia is not yet fully digital. The existing players are still only a property search portal, even though it is only one of the long processes in finding the ideal residence.
In practice, buying a house in Indonesia is generally difficult because it is closely related to the issue of growth inequality between young people’s income and the desired house price.
However, according to the results of a survey published by Goodwater, as many as 28 percent of Indonesians are planning to buy property in the next 1-2 years.
The next highest position is held by those who answered in the next five years by 25% of respondents and will then buy over the next five years by 14%.
It is projected that 150 million young people are in their productive age and they are property consumers for the first time untouched by current proptech players.
Pinhome tried to answer this need by releasing a consumer application in early October as part of the company’s efforts to digitize the property ecosystem.
Rely on Innovative Features
The features embedded in the application cover all the problems experienced by property seekers in Indonesia. Dara explained, from an internal survey conducted by the company, respondents answered that when they wanted to look for property, there were three complaints that were generally felt.
Namely, it is difficult to find the right and reliable information, do not know a fair price in the market, and hesitate to choose the most suitable payment method.
Then, when they have found a home option, again find three issues. Namely, property information is not complete, accurate, and representative; it is often difficult to contact property sellers; and the selection options still don’t match the preferences.
Issues resurfaced when they decided to buy property. Namely, lack of knowledge about mortgages, many unknown costs, and sometimes not getting information on the development of pivot projects. The Pinhome application is equipped with a series of advantages, one of which is a guide to buying property.
Users will be guided in determining the ideal budget and property, contacting agents, payment options, conducting property visits, mortgage guidance, determining price estimates, preparing important documents, starting transactions, to the handover process all in one application.
There is also the PIN value which is the range of values / prices of a house, apartment or other residential property on the market according to Pinhome. Thus, consumers can get an idea of the price when they want to buy or sell a house.
Consumers Can Get to Know the Range of Property to be Purchased
Dara gave an example, applying for a mortgage usually takes a long time because consumers usually have limitations in finding the best mortgage offer recommendations from financial institutions.
Even when they get it, banks usually require consumers to pass the pre-qualification stage to determine whether they are eligible for a mortgage.
However, in the Pinhome application, at least consumers can find out the range of properties they can afford and what the installment range is, as well as recommendations for one or two Pinhome partner banks in less than 1 minute.
The recommendation is taken from the algorithm of the consumer profile. “Even though the bank’s recommendation is ultimately the consumer’s decision, at least the recommendation can make consumers make the best decision.”
After that, when applying for a mortgage, agents are usually assisted. The Pinhomeapplication allows consumers to monitor until it is approved.
According to an internal Pinhome survey, mortgages are still the belle of the younger generation in buying their dream home.
As many as 78% have a bank mortgage method, 12% choose the cash method (hard cash, cash in stages), and 9% use multifinance mortgages. Because of the importance of the mortgage program for homeowners, Pinhome also opens up opportunities for mortgage refinancing.
Currently, Pinhome has partnered with 50 financial institutions, ranging from banks and multi-finance companies that consumers can choose from.