Tapu is our investment in the real estate space. It’s an online marketplace connecting real estate buyers and sellers in a live auction environment. We invested in the company together with Earlybird’s Digital East Fund and angel investors Can Yucaoglu, Seha Ozgur, and Banu Kucukel.
Buyers on Tapu browse properties online and can visit the properties they’re interested in offline. However, the bidding and payment of the service fee to participate in the auction (this service fee is refunded to all participants but the auction winner) take place fully online. This is a big convenience for both buyers and sellers over traditional online real estate marketplaces where properties are listed online but the negotiation and down-payment take place offline. The full final payment takes place offline in both models.
Tapu’s second core benefit is its auction model. The fact that a market mechanism rather than an individual negotiation is used to determine the price of the property makes the price converge to its market value much faster. This process can take months in the absence of an auction environment.
Tapu’s founder Emre Ersahin recently spoke about the company and its value proposition to Emlakwebtv. I couldn’t embed the video from the article directly onto this page so you’ll need to visit this link to check it out. It’s 8 minutes long and in Turkish.