YourOwnROOM: Prabhat Kumar Tiwary on Revolutionizing Residential Property Management
After 20 years in the corporate trenches at giants like Wipro, HP, and Cognizant, Prabhat Kumar Tiwary decided to trade his corner office for the chaotic world of proptech. His mission? To fix the broken residential rental market in India. Through YourOwnROOM, Prabhat is creating a professionalized ecosystem that manages properties for owners and provides safe, high-quality housing for urban professionals.
Starting up in 2016, Prabhat identified a massive "trust gap" in cities like Bangalore. Homeowners were wary of tenants, and tenants were frustrated with unprofessional landlords and hidden costs. "Real estate is the largest asset class in India, yet residential rental management was completely unorganized," Prabhat explains. YourOwnROOM stepped in as the professional intermediary, handling everything from listing and tenant verification to maintenance and rent collection.
The 'Golden Age' of Renting
India is witnessing a significant shift in housing behavior. Urban professionals are prioritizing flexibility and lifestyle over early home ownership. "The current generation doesn't want to be tied down by a 20-year mortgage at age 25," says Prabhat. "They want the freedom to move for a better job or a better neighborhood. YourOwnROOM provides that flexibility without compromising on the quality of living."
Building Trust through Professionalism
The core of YourOwnROOM's success is its focus on the owner-tenant relationship. For owners, especially NRIs or those living in different cities, the platform offers peace of mind. They know their property is being maintained and their rent is coming in on time. For tenants, it means transparent contracts, digital payments, and reliable service. "We are not just a listing site; we are an asset management company," Prabhat emphasizes.
Managing over 1,000 properties requires a blend of high-tech and high-touch. While the platform automates payments and requests, a dedicated operations team ensures that physical property issues are resolved quickly. This operational excellence is what differentiates a long-term proptech player from a short-lived startup.
The Corporate-to-Founder Transition
Transitioning from a senior corporate role to a founder isn't just a career change; it's a personality overhaul. "In a job, you have a support system for everything. In a startup, you are the support system," Prabhat reflects. He believes that his 20 years of experience helped him build robust processes from day one, but he had to unlearn the "wait-for-approval" mindset of the corporate world.
He advises aspiring founders to be prepared for the "long game." Entrepreneurship is not a 100-meter sprint; it's a multi-year marathon. "You need to commit at least 3 to 5 years before you can even judge if your idea is working," he notes. "If you're looking for quick wins, a startup is the wrong place."
Prabhat's Advice for Proptech Founders
- Identify the Mismatch: Look for gaps where what the market wants is different from what is being offered.
- Focus on Operations: In real estate, technology is just the enabler. The real value is in the physical management of the asset.
- Build for the Long Term: Real estate cycles are long. Don't be swayed by short-term market fluctuations.
- Customer Empathy: Understand the pain points of both the owner (the asset holder) and the tenant (the user).
The Road Ahead
Despite the challenges posed by the pandemic, Prabhat remains incredibly optimistic about the Indian real estate market. As people return to offices and cities regain their momentum, the demand for professional property management is higher than ever. YourOwnROOM is now looking to expand its footprint and integrate more deeply with residential developers to provide 'managed living' as a standard feature of new projects.
YourOwnROOM Milestones
- Asset Management: Over 1,000+ properties currently under management.
- Market Focus: Deep presence in Bangalore and growing in other metros.
- Target Audience: Solving rental housing for thousands of urban professionals.
About the Guest
Prabhat Kumar Tiwary is the Founder and CEO of YourOwnROOM. With over two decades of experience in the IT industry, he has held leadership positions at Wipro, HP, and Cognizant. An alumnus of Stanford Graduate School of Business and BIT Mesra, Prabhat brings a wealth of knowledge in operations, strategy, and technology to the proptech sector. He is a frequent speaker on real estate trends and a mentor to early-stage entrepreneurs.
YourOwnROOM is a premier residential proptech company that offers end-to-end property management and rental solutions. By leveraging technology and a robust operational framework, the company ensures high rental yields for homeowners and seamless living experiences for tenants, making urban renting hassle-free and professional.