Home Sweet Home at Your Fingertips

Woody Tong | 9 Sep 2022

Home Sweet Home at Your Fingertips

For most ordinary people, the biggest investment in life is their home. In Hong Kong, where almost everybody is a property expert, however, there has been a lingering industry pain point affecting many homeowners for decades, i.e., the quality of renovation work. Because of the nature and history of the renovation industry, which is hard to standardize and highly depends on the renovation workers' individual capabilities, there are many disputes and arguments between the buy and sell sides. And the stake is often high.

Ideal life at Your Fingertips

Like many of my friends, I came across this issue when I got married in my early 30s. I bought my first property and engaged a renovation company to make my dream home. The service fee was high, however, service quality was poor. It was a painful experience to communicate with the renovation team to deliver what I really wanted at a reasonable cost.

Before I started my own company, I was an investment banker. Having served many companies and entrepreneurs to raise funds for their business kingdoms, I have long dreamed of building my own company which I am proud of.?

Therefore, with the initial help of my friends and family, I started CoDECO, a tech-enabled renovation platform matching property owners with quality contractors and designers. Since 2013, our team has completed over 3,300 renovation projects with a total project value of over HKD700 million.

It was never an easy journey. There was a challenging period when my co-founders and I were not paid any salary for more than a year. I am so grateful that my co-founders and I share the same vision and motivation, i.e., to help fellow Hong Kong homeowners have their property renovated easily, efficiently and economically.

End-to-end Renovation Consultancy Empowered by Technology

Here is how it works. Firstly, potential customers download our mobile app. They can browse our case studies for renovation and design ideas and use our online cost estimation tool to formulate their budget.

Secondly, our tech platform will connect the customers with the right renovation consultant according to their needs and budgets. With CoDECO's established database of over 150 teams of partnered contractors, renovation companies, and interior design companies, we can pair up buyers and sellers in an efficient manner. Our team will provide value-add consulting services according to the client’s specific needs.

Thirdly, after pairing, our renovation consultant will provide the customer with the contractor's profile and portfolio, arranging for them to visit the customer's flat and discuss the renovation details.

One thing differentiating CoDECO from other service providers is that we strive to provide a standardized service. In renovation, disputes always arise from verbal requirements which are ambiguous and subjective. With our team of highly experienced renovation service providers, we understand the client's needs better and provide them with a transparent quotation before formal engagement.

Fourthly, after the customer signs the contract, CoDECO will purchase insurance for the project and collect the security deposit on behalf of the contractor. We act as a professional middleman and project manager to help customers monitor the renovation progress by controlling the project fund delivery to the renovation consultants. We provide a 100% completion guarantee for all renovation works.

Hong Kong is a Good Market with Untapped Potential

We aim to establish a fair, transparent, and practical protocol for the renovation industry in Hong Kong so that all stakeholders can benefit. In 2020, CoDECO pioneered by co-issuing the "Hong Kong Renovation Guideline" together with Hong Kong Arbitration Society and Hong Kong Building Inspection Association. After the "Hong Kong Renovation Guideline" publication and its pilot adoption, disputed cases decreased by 70%, and 97% of projects were delivered on time. In response to the industry's support and constructive suggestions, we recently issued an updated version in August this year.

COVID-19 forcing many people to work from home generates significant market demands for home renovation. Our business in 2021 increased more than 50% year-on-year. We always believe Hong Kong is an excellent market with much-untapped potential. Our goal is to provide the best renovation experience, ultimately reinvent it, and consolidate the market with technology and innovative ideas.

The Author

Woody Tong is the Co-Founder & CEO of 好師傅 CoDECO Technology Limited, a renovation service platform established since 2013 having completed more than 3,300 renovation projects in Hong Kong with a total project value of over HKD700 million.

Company website: https://codeco.hk/en/

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Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official position of Proptech Institute, including its directors, employees and affiliates.

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