TSUKURUBA Inc. (2978) Stock Price

Tsukuruba is a company that operates a distribution platform called "cowcamo," which specializes in used and renovated homes. The company runs an online media service for property information, conducts sales brokerage through its own agents, offers renovation services including fixed-price packages, and develops and sells proprietary products.

The company's primary customers are homebuyers considering renovation, property sellers, and real estate businesses, with a membership base of approximately 550,000 people. Tsukuruba's revenue comes mainly from brokerage commissions on sales, renovation referral fees, and sales of proprietary products. The company does not generate advertising revenue.

The business is characterized by integrating the entire used home distribution market by combining technology and design. The company streamlines operations through a dedicated app with customer management and chat functions, as well as business support systems. It leverages accumulated customer, property, and transaction data to support renovation planning and sales, thereby expanding property supply and revenue opportunities.

The company aims for autonomous growth in the used and renovated housing market, leveraging cowcamo as its core platform and a user base of approximately 550,000 members. Its target is to grow gross profit through increased transaction volume and revenue per transaction. Recent figures show plans to increase gross profit from brokerage and ancillary services from approximately 2.49 billion yen in 2024 to approximately 2.90 billion yen in 2025. The target market—the greater Tokyo area's used condominium market—is estimated at approximately 8 trillion yen, and the company aims to strengthen its presence in this expanding market.

The company prioritizes design capabilities and technology as key investment areas, focusing on media content and compelling property presentations through photography and coverage, as well as improving agent productivity through customer management and operational support systems. Specifically, the company is advancing proprietary assessment and planning tools, customer database utilization, property selection and article production support systems, and customer management tools for agents that enable proposal support and response automation. These efforts differentiate the company from competitors by enhancing profitability of brokerage fees and proprietary products.

The company seeks to develop new markets by expanding its service area within the greater Tokyo region and strengthening partnerships with property suppliers. Its initiatives include expanding planning and development support services for sellers and resellers, cross-selling proprietary branded products, and deploying agent operational models to partners to increase property supply and revenue streams. For user acquisition, the company prioritizes digital advertising efficiency while considering mass media such as television based on cost-effectiveness analysis.

The company positions technological innovation as core to its competitive advantage, investing in hiring engineers and data analysts to strengthen its development capabilities. Specific measures include automating marketing, property assessment and selection, content creation support, and customer response and agent assignment through system development to improve sales productivity. By treating accumulated property, customer, and design data as valuable assets, the company aims to create market opportunities through appropriate price formation and increased replacement frequency.