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06/07/2021

Startup XIXO is ambitious to change the game in the field of real estate

The market has become accustomed to concepts such as virtual reality technology, augmented reality, or virtual tour 360 degrees… for online real estate transactions. Moreover, blockchain, big data will reshape the real estate industry with concepts such as trading platforms, smart contracts, joint real estate investment, etc. 

Instead of Livestream selling clothes, food … Now people also sell real estate. The MC talked quickly about the house with its utilities and prices. Due to the requirement to limit exposure, real estate businesses have invested heavily in technology. Never before have consumers imagined the scene, being able to sit at home, see every corner of an apartment with virtual reality technology, augmented reality, virtual 360-degree tour, and single closure if desired. 

Of course, there are different comments, “Even on black and white, you can still argue with mortar, how can you buy a house through Livestream. It’s a lot of money” – one person commented. 

These doubts are part of the real estate market problem in the buying and selling segment. Mr. Truong Thanh – CEO and founder of the startup XIXO has memorized similar issues after decades of working. There are also many problems with construction. When a person wants to build a house, they have to make dozens of phone calls to survey and advise, from materials to design and construction. Finally, the whole project is handed over to the construction party and in the heart of worry, the project is completed on time, the quality is guaranteed. Many investors hand over money to contractors, until the handover date, the work is only half done? Many parties hand over the house on time but the quality is not guaranteed?

“It is the story of how to operate a complex process between many parties from the owner, the contractor, the construction, the material supplier, the bank, the insurance, the maintenance unit….” – Mr. Truong Thanh said and believes that technology is the only way to solve this problem. 

As one of the pioneering startups applying technology to solve the market’s problems, XIXO’s philosophy is to follow the process of forming real estate, from the time it is an empty land to the time it is put into use. 

Construction technology in the 4.0 era

The construction of real estate is a long process, requiring complicated paperwork and procedures from the application for a construction permit to the design, selection of construction unit, materials, and supervision construction process… XIXO digitizes this entire process so that insiders don’t have to travel too much, providing a common platform connecting all parties.

According to Mr. Truong Thanh, with personal preferences, they only need a few hours on the platform of XIXO to choose the design, construction materials, and construction unit.

“Users go to the website, make requirements and estimated budgets, XIXO will take care of the rest. Even if they need to buy insurance or get a loan from a bank, they will be consulted”, said Truong Thanh. 

Users of XIXO are not only individuals but also contractors and construction units. This startup believes that it is possible to open a vibrant “construction market” with the participation of all parties to ensure the construction and transaction process of real estate from selling, leasing to supplying materials construction, architects, construction supervisors, banks, insurance, even legal consultants… 

XIXO wants to be an ‘Uber real estate’ – the exchange does not need to own any construction workers or contractors. Its mission is to connect and create game rules for all parties to participate and benefit from. Customers get the house they want, construction units and contractors have more access channels to serve customers. Even the construction contractors can exchange construction materials or excess labor….during the construction process. 

Explaining how XIXO operates, Mr. Truong Thanh said: “XIXO built a fulfillment center responsible for the quality of each brick in the construction of each house. Blockchain technology will create smart contracts that guarantee the interests of all parties involved. The contractor who completes the first payment is paid there, avoiding delays and fraud. The certifications are completed by the center’s staff. If the schedule is slow or the quality is not guaranteed, the contractor will be fined according to regulations. That gives the investor peace of mind and the construction site is responsible for ensuring the work.” 

Not stopping there, a data center was built to analyze and score the best service providers, to suggest to customers. The contractor can manage the operation of the construction unit, coordinating each party according to the process, avoiding overlap. When a customer requires a guarantee or a bank loan, the bank also relies on this data to assess the value of the property and make a loan – instead of the current determination, which is mainly based on market price. 

With data that is guaranteed to be completed and updated by the center, stakeholders can observe every project process, easily trace the origin of each brick, and installed equipment used just by entering an ID code. Even at the stage when the house is put into use, the smart home story will be brought to a “new level” by XIXO for the maintenance process. The artificial intelligence system will analyze and give warnings about the maintenance time of the equipment in the house, avoiding the situation of “knowing to fix it”. 

Thanks to that, a person anywhere, at home or abroad, can build and trade real estate. The story of a person in the US, hiring an architect in France and a contractor in Hanoi, doing construction in Phu Quoc will no longer be fiction. “That will help the liquidity of real estate increase, by stimulating buyers willing to invest, not hesitate to build if real estate is in another city,” added Mr. Thanh. 

With technologies being deployed and perfected, XIXO has shown that a new game in this market is being formed to maximize its potential at a cheaper cost.

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