Portfolio company IMMO explains to German newspaper WirtschaftsWoche how it helps financial giants to buy up apartments, refurbish, and rent them out.
“We are IMMO … and we are disrupting the real estate industry. […]”- This is how the fintech start-up IMMO Investment Technologies introduces itself to potential business partners and customers on the business networking platform LinkedIn. The company, founded in 2017, has specialized in the search for private residential properties as well as their purchase and the associated payment processing, which is carried out via appropriate asset managers. After renovation and furnishing, the purchased properties are rented out for profit: a business model that the experts at EU startups call “Living as a Service”. Since IMMO’s end customers are usually not private individuals looking for accommodation, but rather institutional investors and thus high earners, this has been criticized. Managing director Hans-Christian Zappel made the following statement: “As a rule, we are not the ones who offer the highest price.”