The same piece of land had different prices depending on who was appraising it. Information was abundant but scattered. Appraisals, brokerage, trading, and finance operated in separate spheres.
Kim Beom-jin, CEO of Value Map, who worked as a real estate appraiser, witnessed this problem in the field.
“Information asymmetry and fragmentation, and the lack of effective tools were serious.”
That's why he created Value Map. It was a real estate information platform that efficiently connected online and offline channels through technology and networks.
Text, music, and algorithms
CEO Kim Beom-jin has enjoyed writing since childhood. During his college years, he composed songs and lyrics for a band. His creative nature aligned well with service planning. As a real estate appraiser, he gained experience in a variety of fields, including real estate appraisal, brokerage, transactions, finance, development, execution, management, and consulting.
“I saw firsthand that the domestic real estate service market is biased and fragmented.”
Each sector relied on outdated methods and practices, and technology adoption was low. Early in his career, he worked as an IT planner, developing a real estate management system and an automated appraisal report creation program. After much trial and error, in 2017, he developed an algorithm that accurately maps the actual transaction prices of land and buildings to their addresses, launching Value Map. As users gained traction, the company's foundation was established, and investment followed.
Platform or direct transaction?
2019 marks a critical juncture: should we move to a platform or adopt a direct purchasing and selling approach, similar to the US's i-buying model?
He chose a platform. By increasing the number of brokerage members, he aimed to become a Korean version of Zillow or Opendoor, and he sought to develop the iBuying model into an investment platform by applying it to the domestic small and medium-sized land market. In 2022, he secured Series A funding from Altsfair and others. During this period, CEO Kim Beom-jin evolved from a "service planner" to an "algorithm planner." A key achievement is the AI-powered automated real estate appraisal model.
The crisis struck in 2023. The real estate downturn made it difficult to realistically implement the small- and medium-sized land and building i-buying model. The investment market also froze. In 2024, a drastic change in business model was made.
"We converted the previously free Value Map to a paid service and developed the ADR algorithm, a real estate bond valuation solution utilizing the AVM algorithm."
In response to demographic changes, we also launched OpenSpace, a modular-based land and building crypto-tech service. In line with the government's 2023 STO (Securities Token Offering) initiative, we signed agreements with KB Securities, Mirae Asset Securities, and Korea Investment & Securities.
“It was a time of extreme change, both personally and professionally.”
Amidst the changes, CEO Kim Beom-jin redefined Value Map's identity and technology development direction.
First, we've clarified the platform's identity. Online and offline are not in conflict, but rather in harmony and coexistence. Value Map is evolving into an integrated service where information, listings, experts, owners, and loans are organically linked.
Second, we aim to become a fundamental data hub for the real estate transaction market. We are currently working to integrate various distribution channels and information into a single SaaS platform.
Properly displaying land information
“What is the real value defined by the value map?”
CEO Kim Beom-jin's answer was clear.
"The word 'land' cannot be omitted from the word 'real estate.' Land is an industry that provides the spatial elements necessary for a society's economic activities, such as production and manufacturing. Adding the keyword 'investment' to this definition can bias or distort the service."
ValueMap first surpassed 400,000 monthly active users in 2019 and recently grew to 600,000. This is because it provides objective land information to individuals and businesses who use land in real life, rather than as an investment vehicle.
"Platforms, data, and AI are tools for providing excellent customer service. The core value we seek to deliver to our customers is to provide the best information related to land and building transactions, with the best UI and UX."
ValueMap calculates and displays market prices monthly. It categorizes massive transaction data to derive market prices. It reflects real-time market prices on unique land data, taking into account land size, shape, and usage conditions.
“The key is building AI models that work properly even when the data isn't normal or can't be served by the supplied data.”
It is explained that it should be possible to compare the value of land with abnormalities in the supply data and prepare a value report for the land appraisal statement.
"Society can't be perfect, but land valuation requires technology that accurately sets up real-world data. ValueMap is a company with a reliable technological approach."
Proptech's Survival Strategy in the Midwinter
He is experiencing rapid changes in the proptech market.
"There's a saying that when money is gone, you can tell who's been managing poorly. Companies that have established a survival system in a market with limited liquidity are more likely to make significant strides later on."
Proptech is a challenging industry to begin with. However, thanks to the hard work of proptech startups with a clear mission and vision to improve the existing market's problems, the digital transformation of the real estate market has progressed significantly over the past decade.
"I believe that proptech will truly shine from 2026 onward, influenced by new AI advancements such as LLM."
CEO Kim Beom-jin clarified the position of the value map.
"While we must continue to strive for practical service, Value Map influences the asset values of many users, including actual transaction prices, market prices, and properties for sale. Many people use Value Map when making decisions. This has given us a sense of social responsibility."
Fairness and trust are ValueMap's core assets and the foundation for its growth. ValueMap aims to become the most utilized tool in society, now and in the next three years.
Value Map's mission is to provide real estate information consumers with the information they need quickly and easily, real estate owners with a means to easily communicate with the market and manage their assets, and brokers with tools to attract clients easily and affordably.
"Value Map, which currently provides market prices, comparisons, and recommendations, will evolve into a service that assists buyers, brokers, and sellers in brokering (trading) transactions."
CEO Kim Beom-jin envisions the future of AI brokerage. Brokerage will begin with listing descriptions, comparisons, and recommendations, eventually evolving into a service that assists with transactions.
"While it's expected that there will be significant changes to the existing brokerage fee-based service structure, AI technology is advancing rapidly, making it difficult to make any rash predictions."
What CEO Kim Beom-jin is creating is a world of uncluttered, well-organized information. It's a marketplace where anyone can easily access accurate data on land and buildings.
In today's challenging proptech market, only companies that operate on sound principles and can sustain themselves will seize the next opportunity. CEO Kim Beom-jin and Value Map are diligently preparing for this. Rapidly updated market prices, accurate valuations analyzed by AI, and intuitive interfaces—this is the new map Value Map is drawing for real estate transactions.
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