Malaysian digital firm Catcha Group-backed home rental venture Instahome will launch its digital platform on Wednesday to introduce “a new way to rent a home”.
Instahome said, in a statement on Tuesday, that its end-to-end digital platform aims to provide a seamless home rental experience for tenants, agents, and landlords. “Tenants can manage their homes using the platform to pay rent, collect rewards, find maintenance services, and manage their relationship with the agents and landlords.”
The company was founded in September this year by Catcha Group co-founder and CEO Patrick Grove and Eric Tan, who was former chief of staff at Catcha, where he led the group’s investment team. “Built by a group of renters, Instahome is backed by Catcha Group, the operator and investor behind successful internet companies such as iProperty Group, iCar Asia, iflix, and Rev Asia,” the statement added.
Tan was formerly a founder of another Catcha-backed live-streaming app, VIP Live, in Indonesia, and also the Southeast Asia head at the London-based mobile app analytics startup, Reflection.io.
In a recent survey of 200 renters in Klang Valley, conducted by Instahome, 60 per cent said the quality of listing on existing property websites is their biggest frustration.
“Most renting experiences are plagued by fake and/or inaccurate listings, misleading photos, and a cumbersome and overly-manual process,” Instahome said, adding that it looks to leverage design and technology to help improve the home rental experience for tenants, agents, and landlords.
“On Instahome, we personally visit and check all of our homes before listing them on our platform,” said Tan, the firm’s CEO.
Additional key features of Instahome include 3D virtual tours, HD photos and videos of every listed home, and scheduling home visits on the platform.
“I am extremely excited to launch Instahome with an extremely passionate and talented founding team. Except for online property classifieds, the real estate industry has largely remained the same in the last 20 years. With our operating experience in iProperty, and extensive industry network we are very convinced that Instahome is the future of home rental,” Grove said.
Grove was the chairman and co-founder of iProperty Group, Southeast’s largest property website. iProperty Group was acquired by Rupert Murdoch’s REA Group for $532 million in 2015.