We have exciting news – flatimo is among the finalists in the “Startup of the Year” category of the prestigious Forbes Business Awards! Although we did not win first place, the recognition from Forbes among 20 innovative candidates is a significant validation of our mission and the need for transformation of the real estate market in Bulgaria.
The problem we are solving
The property market in Sofia is going through an unprecedented period. Rents are reaching historic highs – an average of 565 euros for a one-bedroom apartment and 852 euros for a three-bedroom apartment (for 2024). At the same time, 35% of the listings on the largest traditional platforms are fake or expired, but are kept online for the purpose of collecting data (phone numbers) from potential customers. With high levels of demand and correspondingly high asking prices, transparency and efficiency of the process become even more critical.
Our research shows that the traditional model for renting and buying and selling properties has long since fallen short of modern needs:
- 68% of Bulgarians believe that brokers' commissions are too high compared to the quality of the service;
- Over 1,500 agencies and thousands of brokers contribute to a fragmented market with inconsistent quality of brokerage service;
- The lack of technological advancement and digitalization slows down transactions;
- Insufficient regulation of the brokerage profession leads to problems with trust in traditional agencies.
Our solution: Digitalization and transparency and favorable conditions
flatimo is the first Bulgarian online platform for renting, letting and buying and selling properties without a broker. Instead of relying on outdated and vicious practices, we offer a fully optimized and digitalized process that aims to eliminate stress and inefficiency.
- Problem: Numerous fruitless inspections and unnecessary phone calls from various brokers, respectively a waste of landlords' time.
- Solution: Simplified digital process, through online booking of viewings and digital contracts. Fast rental of apartments (on average up to 3 viewings), thanks to 100% real ads with an exact address that lead to truly interested tenants.
- Problem: High commissions with unjustified expectations.
- Solution: The most favorable conditions on the market, as only landlords pay a commission - only 40% of the value of one month's rent. Tenants pay absolutely nothing, which contributes to the attractiveness of the ad for more candidates, and the owner is calm that he received a quality service at a fair price.
- Problem: Unscrupulous and dishonest tenants, respectively increased costs for repair activities.
- Solution: Clear, optimized work processes and a team of experts. Each prospective tenant is carefully vetted against the landlord's requirements. From the initial contact, through the filming, evaluation and listing of the property, to the finalization of the contract - our team of specialists provides not separate services, but a single, optimized and flawlessly working system that aims to protect the interests of property owners.
The results speak for themselves.
In just one year, over 200 satisfied clients have trusted flatimo, and one of our proudest achievements from the optimized work process is the successful reduction by 15% in the number of inspections required to rent an apartment.
But the most important assessment comes from our clients. Landlords say they are impressed by the speed with which they are able to rent out their properties, while tenants appreciate the credibility of the listings and the time saved from unnecessary phone calls and empty viewings.
The market in numbers: Why change is imperative
Sofia real estate market statistics reveal why flatimo's alternative approach is so necessary:
- The average price per square meter for rent has reached 10.98 euros (for 2024), which represents a significant increase compared to previous periods.
- Demand significantly exceeds supply, especially in the lower price segment (600-1000 BGN);
- One third of the homes in the capital remain uninhabited, despite the property boom.
In such an environment, our model allows for faster and more efficient connection of owners and tenants, under conditions that are fair to both parties.
Our vision
In a world where digitalization is transforming entire industries, the real estate market in Bulgaria remains anchored in decades-old practices. We believe that finding a new home or renting out a property should be filled with excitement and ease, not stress and worry.
The recognition from Forbes confirms that we are on the right track. It gives voice to our mission to offer a fairer, more transparent and efficient model in the market.
In the coming months, we will be introducing a number of new solutions and conveniences that will make our customers' experience even more seamless and enjoyable. Stay tuned for more information about these exciting innovations very soon.
If you are a property owner or looking for a rental property in Sofia, visit flatimo.bg and discover how we can make the process easier, faster and significantly cheaper for you.
