The boundaries of proptech are blurring. With Toss, Karrot, and even financial education platform Wolbu (short for "Salaried Rich") entering the fray, Korea's real estate platform market is expanding rapidly.
According to industry sources on the 15th, financial, community, and education platforms are increasingly launching real estate services. Since regulatory tightening and policy volatility intensified after October last year, real estate information has shifted from "information searched when needed" to "content consumed constantly."
Real Estate Services Emerge as Killer Content
Wolbu, which started as a financial education platform, recently launched "Sell My Home" as a beta service following its buyer-focused brokerage service "Find My Home." The company is building an ecosystem where users can handle their entire decision-making process within the platform, having also introduced "Wolbu Eum," a real estate transaction contract service. The company says the contract conversion rate for Find My Home exceeds 50%, demonstrating how users acquired through educational content convert into actual transaction customers.
Financial platform Toss has been offering a "Find a Home Within My Budget" service since February, recommending properties and upgrade options by region based on users' budgets. The company appears to be expanding beyond housing loans into diverse real estate content.
Karrot, whose real estate transaction service launched in the second half of last year has become a major feature, represents a case of expanding real estate into "local lifestyle content" by combining neighborhood-based community data with property listings. Recently, the platform has been strengthening transaction data in the apartment segment beyond non-apartment properties. A Karrot spokesperson said, "Real estate is content with strong consumer demand, so it's naturally gaining traction."
"Netflix-Level Engagement" — Longer Dwell Times Reshape Revenue Models
According to Mobile Index, the average monthly active users (MAU) across major proptech apps (Zigbang, Hogangnono, Dabang, Asil, KB Real Estate) reached 5.6 million in the first quarter, up more than 4% from 5.36 million in the same period last year. Average user dwell time also increased during this period.
Hogangnono, an apartment transaction price platform, saw its average monthly usage time per user reach 26.8 minutes in Q1, up more than 10% from 24.3 minutes in the same period last year. The increase is attributed to features that allow users to share policy and local information through community functions, beyond just price data. Zigbang, which operates Hogangnono, said, "Dwell time based on page views increased 88% year-on-year last month. User exploration has deepened as content sharing real living experiences combines with AI-based personalized analysis."
As user dwell time increases, platform revenue models are also changing rapidly. Zigbang shifted its business structure this year from brokerage-focused to advertising-focused. Presale advertising revenue surged approximately 970% last year. Since longer dwell time directly translates to targeted advertising revenue, advertising revenue growth is expected to accelerate this year.
Potential for Real Estate-Centered Super Apps
This trend is also evident overseas. Zillow, a leading U.S. real estate platform, has built an integrated service combining loans and insurance beyond property listings, while local-based transaction platform Nextdoor has connected community data to real estate advertising revenue. An industry official noted, "If real estate brokerage and information services represent proptech 1.0, there's strong potential for evolution into super apps that connect finance, community, and education platforms centered on real estate."