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It is a difficult task to find the ‘dream home’ in major cities of Korea including the capital Seoul as prices skyrocket year-on-year. The rental market is quite tight with limited options as per one’s choice. So how does one find the best rental property in Korea?
Korean startup Zigbang Co. Ltd.’s app is the number one place for all those looking for a rental property in Korea. In a country with constrained urban spaces and limited real-estate properties, the ZigBang app is helping millions find the perfect rental home or office.
The Zigbang app saves the consumers from unnecessary visits to several real-estate agents or scanning through tons of properties, as it is a one-stop-shop for rental real-estate. Whether you want to rent a studio apartment, a two-room apartment, a villa, or an upscale office, Zigbang has you covered. Launched in 2012, the Zigbang app is Korea’s biggest and most used mobile and web platform for rental property search. The real estate app shows thousands of real estate listings and has over 6 million active users.
How to use Zigbang ?
It is quite easy to use Zigbang, the only drawback being it is still in Korean, so might be difficult for expats and non-Koreans. However, it’s easy to use interface on mobile and web platform helps the user navigate through various properties easily.
- Download the Zigbang App on your phone or use the web platform.
- Click on the type of home you’re looking for – studio, apartment, villa, office, etc
- Chose If you want to search by area or train station. If you can’t type in Korean, you can copy & paste the area into the search box or use your current location.
- Zigbang app will share a list of the places available in that area. You can click to the top right corner to filter your search. There are filters like for a subway station, area, price, house layout, etc.
- Once you have liked a place you can send a message or call the agent and arrange for a site visit.
- And if you find the place perfect on your visit, simply sign a contract. You will have to pay a deposit for the place, which in Korea is quite high compared to other countries.
- Be careful even while using Zigbang app and make sure all documents you sign are genuine and do not share financial information before a deal has been sealed.
- If you don’t like a particular property or find the landlord fishy, then you can report it to the Zigbang app about it.
Easy to navigate and filter properties
What makes the app a must-have for all Korean home seekers is the fast pace houses move in the country and its high deposits. Users can expect to pay between 5000000-10000000 won (about $4500 to $9000) for studio apartments and higher deposits for two-room houses and villas.
Also, homes in Korea move at a pretty fast pace, meaning many agents will only agree to show you the house if you’re moving in in the next 2-3 weeks. The app allows users to view and compare the deposit and rent requirements of thousands of houses and make an appointment with the agent in just a few seconds. The app has easy to use filters which users allows users to set specific search criteria in navigating the thousands of home listings on the site.
Customers can set up custom searches by specifying the house’s geographical position, area, price, and layout. The listings come with photo slides of the home showing vivid images of the studio, one-bedroom, and two-bedroom apartments. If you’re not a fan of physical visits, you can take a 3D -walk through the house using its VR home tour services. The VR service will give you a richer sense of the quality of life in your new home by adding furniture to the house during virtual staging. The startup also provides commercial platforms through Nemo operated by SugarHill and office space on its Zigbang app.
Zigbang’s clean feedback policy
Going home shopping on the app is entirely safe due to Zingbang’s clean campaign and clean feedback policy. In 2014 Zingbang started a clean campaign and false inventory out-project to remove all inaccurate listings on the app. The startup reviews each image of every listing and the agent’s background to ensure only legitimate houses are posted on the site.
It also gives its users an option to add their images of the homes listed; thus, the homes you find from the site are real and guaranteed agents. If you get baited despite these measures, the startup has an elaborate compensation system that returns your money and cleaning tools.
A peek into real-estate trends in Korea
Zigbang also helps understand the real estate market in Korea with its research study and surveys. A recently released report on South Korea’s housing market by Zigbang showed that the total sales transactions in 2020 had crossed the 300 trillion won (about $270 billion) mark for the first time overabundant liquidity and low-interest rates. The report, based on the data of real transaction prices of houses, showed the sales volume reached an all-time high of 360.8 trillion won ($328.6 billion) in value in 2020, up from 246.2 trillion won in 2019.
The app also indicates the prices and trends in different cities and regions like Seoul, Gangnam, Gyeonggi Province, etc. As per the recently released report, home transaction sales in 2020, Seoul reached 92.46 trillion won, Busan 28.13 trillion won, Incheon 19.9 trillion won, and Daegu 18.64 trillion won. Jeju also saw a 660-billion-won year-on-year increase in home transaction sales.
Achievements and future expectations
The Zingbang app has gained a lot of accolades since its creation. The app won the 2014 Korea mobile app award, 2015 Best of the best brand awards, and is recognized as the 1st-ranked real estate app in Korea. The startup has made highlights for all the right reasons, with the Ministry of Small Startups and SMEs naming it as one of the next Korean unicorns.
Currently, the startup has a valuation of more than $ 246.5 million and has acquired and founded numerous startups such as SugarHill, Breeze Investments, HogangNoNo, and Woozoo expand its services. The startup is set to expand its commercial property sector using SugarHill’s Nemo. It has already launched a concierge, Zingbang Lounge, and my home service to ease user-agent communication and move with more plans underway to increase its usefulness.
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