7 minute read
October 26, 2020
Separating Real Estate Value from Location with Tom Selva of Mayordomo Smart Points
This article originally appeared on www.buildingproptech.com, a retired blog where I interviewed proptech founders on how they were building and growing their businesses.
Mayordomo Smart Points is working to separate building value from its location by creating "Smart Points" that enable building owners to easily provide amenities and services to the building's residents. We spoke with CEO Tom Selva to find out how he's thinking about building and growing his company.
Hey Tom! How did you end up working in PropTech?
My first job was as a field engineer for the United Nations and I went on to work in Zero Carbon Cities, the world's first SpacePort, and leading the Innovation Engineering for the second generation of Apple Stores under Norman Foster.
I was always fascinated by the interaction between users and buildings. It's significance to make it more homely or more productive and engaging was always a measure of investment in convenience and technology.
A successful Proptech improves user's experience in either or both of these directions, and I wanted to create something that could deliver both at an unprecedented level.
What problem are you working to solve with Mayordomo?
For as long as we can remember we’ve been valuing property based on location, location, location. We are now moving towards user-focused value, where a user will want to live, work, or shop in your building if you offer enough value. The most innovative buildings create their own demand, they attract their own footfall, they make users want to come back.
A Smart Point is a single point of pick up which today receives products from every single shop in the world, and is connected to every single delivery courier, worldwide. In addition it provides every user of the building with over 220 different services, such as dry cleaning, flowers, pharmaceuticals, supermarket deliveries, even mobile phone and car repairs, all with 24 hour turnaround service, all day, all week.
The convenience of not having to travel to the shop, or meet the courier, at no additional cost, has added huge value to tenants on their day to day, and means buildings with a Smart Point are the most amenity rich and connected buildings in any city.
How is Mayordomo financed?
We raised €5 Million initially.
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What is Mayordomo's growth strategy?
Our award as World Proptech of the Year 2020 has shown the potential for our system outside Europe (where we are positioned as the most complete and dependable smart locker service).
Growth towards Eastern Europe and America will continue throughout 2021, where we expect our business model to vary towards adding more value to local shops and reducing the CO2 footprint of deliveries.
What tactics have you tested for growing your user base and revenue? What has been most effective?
Collaborative Game Theory. When the interests of the property, the building administrator, and the user are aligned, growing our client and user base is simple.
The foundations of trust allow the exchange of data that allow us to identify the specific service needs of the building's users, and negotiate better prices from our service partners.
What has been the hardest part of building, growing or monetizing Mayordomo?
Years of betting on a universal open-source approach, that today allows every single shop and courier to deliver for free to our Smart Point. We are the only technology of its kind that offers this.
With our high-risk friction-less strategy we have gained the trust and buy-in of all the major delivery couriers and service providers.
What insights about real estate and technology have you came to realize whilst building Mayordomo?
We must understand Proptech is saturated with management applications. There are 680 building maintenance apps, there are 950 user satisfaction apps, 1250 meeting room and space management apps. The proptech industry is saturated with trickle innovation and real disruptive solutions are few and far between.
You must stand out in order to disrupt the industry, a leap in design and development is required.
Today it has never been easier: we have a wealth of new technologies available to us, such as 5G and 6G, as well as a host of technologies offered to startups by the European Space Agency, for FREE!.
I would guarantee the following:
•The best engineering will prevail
• The best must offer universality and huge versatility
Where can we find out more about Mayordomo Smart Points and connect with you?
We have offices in Madrid, Barcelona, Lisbon, and Copenhagen, and representatives in 10 European cities. Please feel free to reach out to us via www.mayordomo.io