MHub started in 2015 with 3 people, a simple idea and no funding.
They saw a problem that they had to solve in the Malaysian real estate industry: the long and arduous real estate transaction process.
For example, there was little or no real-time visibility of data related to project details, listings of unit availability, buyer creditworthiness, and financing options.
At the same time, buyers, real estate agents, property developers, bankers and lawyers would communicate manually.
This meant a typical sales process could take 6-9 months, which was too long.
What MHub can offer now is a family of client software and services that facilitate end-to-end real estate transactions and connect everyone involved in the process.
"At its base, MHub digitizes the entire manual process using various apps for different stakeholders to make security faster and easier," co-founder Jason Ding told Vulcan Post.
"With this holistic approach, we have effectively shortened the process from 9 months to 1 month."
You need to show numbers
The starting point for customers are real estate developers who focus on the B2B market.
"Unlike traditional real estate portals, which often have outdated or duplicate listings, developers use MHub as a single source of truth," said Jason.
MHub's 50-strong team working behind the scenes / Photo credit: MHub
To date, the platform has almost 700 projects with a total of 170,000 units.
"We recorded bookings for 64,000 units with a total sales and purchase agreement (SPA) value of RM93 billion."
Over 80 developers of various sizes who sell locally and globally trust MHub. Jason added, "We work with nearly 90 law firms, 2,000 bankers and 4,000 real estate agents."
On the other end, they have about 10,000 users.
One app wasn't enough
The whole problem of a lengthy buying process seems to have existed for years. Then why didn't the main actors involved have taken a lot of initiative to speed up the process themselves?
Jason replied, "It is true that while real estate is the largest asset class in the world, it is also one of the slowest-moving technologies. That's because there are many different parties in a highly multi-regulated industry."
"There have been a lot of initiatives, but usually it has only focused on one aspect of the journey when a holistic approach is required."
Instead of creating a single app, MHub has therefore created a suite of 10 apps to operate and connect important players.
MHubs suite of apps / Photo credit: MHub
“We also believe that the initiative needs to be driven by a neutral party and not by developers or banks. This position enables widespread acceptance so that everyone only focuses on their part of the value chain, ”added Jason.
There is no doubt that COVID-19 has also accelerated its rollout and MHub's revenue increased 3.5 times in the first half of 2020 compared to the same period last year.
They have some exciting plans in the pipeline, but their main focus right now is improving their suite of apps for a better user experience first.
Over the next 5 years they aim to be the standard for all property sales transactions in Southeast Asia. There are 5 SEA countries on their map, starting with Indonesia and Thailand in the second quarter of 2021.
Strategies to increase your formula for success
When Jason thought about their journey so far, he had to blame MaGIC for having played an important role in it.
2 years after starting MHub, they realized they didn't know much about building a scalable tech startup.
When they heard that MaGIC was accepting applications for the Global Accelerator Program (GAP), they didn't hesitate to apply.
"It has helped us investigate areas that we didn't even know we didn't know. I'm especially happy to connect with other startups that have been through the same things that we have been through at different stages "Said Jason.
As alumnus, you had the opportunity to take part in various industry-related events, to be speakers and to look after new entrepreneurs.
For further growth, MHub is looking into collecting donations.
"We have a formula for success and believe that now is the best time to grow deep and wide to better serve our user groups," Jason told Vulcan Post.
They were recently supported by the global VC 500 startups and will run an ECF campaign on PitchIN to raise 3 million RM.
This would be their second campaign on pitIN after successfully increasing their target amount in 2019.
The funds would be used to improve MHub's current apps, expand the team, and promote marketing efforts to raise awareness of their solutions.
- You can find out more about MHub here.
- More Proptech articles can be found here.
Featured image source: (L-R) Joshua Ong, Quek Wee Siong, Jason Ding and Jon Saw, co-founders of MHub