BuiltMind brings a dynamic pricing model and helps developers and cities
Czech-Slovak startup BuiltMind continues to grow. The method of objective valuation of real estate by Martin Decký and Peter Kanoš took second place in the startup competition of the world's largest real estate conference, MIPIM. After the success of the competition, BuiltMind enters the US market by participating in the Newchip capital fund accelerator. The startup has recently established cooperation with cities, which it helps to objectively value real estate owned by them. This year, BuiltMind added the development company Cresco, one of the largest companies in the field in Slovakia, to its client portfolio this year.
In January of last year, the Czech-Slovak proptech startup BuiltMind brought a new real estate pricing methodology to the development market. Martin Decký and Peter Kanoš, friends from the studios, used their experience gained during their studies at CTU, Harvard and from the business bootcamp at MIT University when designing the online platform. For more than a year with their platform, they have been providing clients with tools to automate a process that until now developers had to do very slowly and manually. Already at the end of last year, the startup BuiltMind got its first investor. It became the Czech venture capital fund Nation 1, which supported the startup in its early stages with an acceleration investment of five million crowns with the promise of another 18 million crowns for expansion in the event of the entry of foreign investors.
Data and dynamic pricing
By combining internal data from client Google Analytics, public data from development companies, general market price trends, information in the media, but also from many macroeconomic indicators, BuiltMind can objectively price real estate. Thanks to this procedure, BuiltMind is capable of a dynamic way of pricing even with regard to the current development of the economy. Thanks to advanced artificial intelligence, it can automatically and flexibly react to market changes. To collect the most up-to-date data, BuiltMind also cooperates with data providers, from whom it obtains, for example, information on the history of prices in a given location. When pricing, developers can therefore take into account all input parameters, so the resulting valuation of the property is not just a standardized tabular output, but rather reflects the specific local context. By pricing real estate using traditional methods, according to BuiltMind estimates, developers were missing out on 8% of potential profits.
The online environment of the platform offered by BuiltMind can be used not only for planning new construction, but also for the valuation of existing properties. Cities with which BuiltMind works closely can benefit from objective pricing to a large extent. In this way, cities will learn the exact value of the real estate they own, or they can plan the reconstruction or construction of new buildings much more precisely. The software provided by BuiltMind can simulate a building of any configuration and purpose, taking into account the location of its construction. This helps to objectively define the cost of current and future development and further planning of the project.