The Middleman

Spacestock’s growth based on providing a more efficient property brokerage service.

- Ardian Wibisono

The Indonesian property sector is huge and has enormous potential, thanks to the country’s population size and growing economy. In the residential sector alone, the government states that this year there is a backlog of more than 11 million families that do not own a home, which is fueling stable demand for property in the country. One of the sectors that benefits from this growing demand is the brokerage business.

Brokerage firms mostly operate in very conventional ways, matching buyer and seller, renter and owner, and providing consultations for both. For the past several years, the internet has made the process more efficient. Now, there are many online marketplaces for property, as well as property listings websites. Spacestock, which is an online property brokerage startup, sees an opportunity to grow its business by making the process even more efficient and transparent.

“People tend to spend most of their income for property, yet we believe the customer is still being underserved. All this time they’ve received a poor service, that is what we are trying to improve,” says Leonard Hartono, founder and CEO of Spacestock.