In this week’s Entrepreneurs Feature, we shine the spotlight on the founders of Averspace, which Singapore’s first blockchain-enabled, peer-to-peer real estate app. It enables users on both ends to have more control over the transaction of property through automated agreements and e-signatures — Security isn’t a problem as its service is built on blockchain.
Averspace’s on a mission to simplify real estate transactions as traditionally, this domain tends to be heavy in terms of documentation. With the Averspace app, homeowners are now able to sell their property on a peer-to-peer basis, with far more convenient agreement settlements as everything is done online; even the negotiation.
Let’s find out from Ivan Lim, Founder of Averspace, on how the idea of Averspace came to fruition, their biggest lessons as start-up founders and why did they join our BLOCK71 Community!
What is Averspace? And who makes up Averspace?
Averspace is a proptech company that focuses on simplifying real estate transactions for everyone. We allow for users to search-and-list, negotiate, and transact seamlessly on our platform. Averspace is a community made up of homeowners and home seekers, and driven by a small but passionate team of diverse yet complementary skillsets.
Did the idea of Averspace come from a personal pain, or was it just a problem you saw was not answered to?
Yes, I personally experienced the gaps in the real estate market when I was looking to sell my own apartment. The salesperson that I had engaged did not provide the level of service expected and I felt there should be a viable alternative for buyers and sellers who wish to transact on their own. While researching this idea, I came across many homeowners with similar views and I knew there was a real need for this in the market.
As a P2P app, how did you break through the chicken-egg problem for your case? In the context of Sellers-Buyers, who did you target first?
It was lots of hard work. We started by first targeting homeowners. It helped that the Singapore property market was going through a lull period and many homeowners were looking for other alternatives to save money and list their properties.
As a founder what are the biggest lessons you have learnt so far?
Constantly validate your idea, prioritize your actions to grow your business and be prepared to change and adapt along the way. Also, stay healthy and exercise to build your endurance- you’re gonna need it!
Why did you join the BLOCK71 Community?
We were looking for a community of like-minded entrepreneurs and found the BLOCK71 community very suitable. The co-working space at NUS Enterprise gives us access to many events such at Kopi Chat and Founder’s Fridays which opens up a community of founders to meet, synergize, and collaborate.
Is there a startup founder or a startup that inspires you, that you think we should interview for our next entrepreneurs feature?
Nicki Ramsay of CardUp. We came from similar professional backgrounds in the finance industry and she has built a strong franchise for her business by applying her understanding of the industry.
Lastly, do you have any shout out to the community?
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