Proptech Startup Tip 1 - Engage with future leads

You have a great idea? Nice! Reach out to real estate businesses ASAP to validate your idea and start to network with them! This step is very important. You might find your first clients out of these first interactions with the corporate world. Some might even take part in the first founding round of your company or outsource the development of special products/features to you.

Any question about fundraising? Ask them to other Proptech entrepreneurs in the Proptech Startup Network

The key rule at this stage is to develop features hand-in-hand with your first client. This will ensure you develop not only a user-friendly product but also a tool that will bring value to your target audience. In that sense, work with multiple clients in parallel to avoid developing a solution that is too specific. Make sure that your contracts will not restrict you and you will be able to leverage on these developments afterwards with your mass market product. Having spent months to develop a feature and not being able to use in future developments would be frustrating right?

Engaging with the corporate world also gives you the chance to gather a lot of insights about your customers’ attitudes and motivations. Especially focus on purchasing behaviors, consideration for your product and their average buying power for a given service or product feature. Once pricing is validated with these primary data and backed up with secondary data, your financial model will be perceived as more reliable by investors. What are your thoughts on the effectiveness of primary versus secondary data to convince investors?

Moreover, startups interacting with the target audience at an early-stage can better access market needs and therefore avoid any mistiming in their products launch.

As a conclusion, confronting the market as soon as possible will help you to refine your idea, globally improve your business model and the perceived quality of your MVP. There are several possibilities to ease the search of leads: Enroll your startup to an incubator or accelerator and/or subscribe to startup listings (The next article will provide you with further details on these points).

Looking for more content? Here is the NEXT PROPTECH TIP.

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