Japan PropTech Co.,Ltd.
4054・Growth Market・Information & Communication
Business
Nihon Information Create Co., Ltd. upholds the corporate philosophy of "creating true value that connects people, the future, and digital technology, and contributing to society." Targeting real estate management companies and brokerage firms as its primary customers, the company provides SaaS-based cloud services structured around two pillars: "Brokerage Solutions," which support the entire brokerage workflow from property sourcing to customer acquisition, applications, and contracts, and "Management Solutions," which cover the full scope of rental property management operations. With a community-based consulting system spanning 28 locations nationwide, the company leverages a network of approximately 56,000 real estate brokerage businesses as its foundation to promote DX across the entire real estate industry. It listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in July 2020.
Business Model
Revenue is divided into initial revenue (license fees and setup fees at the time of implementation) and running revenue (monthly usage fees and maintenance fees). In FY2025 (ended June 2025), running revenue maintained high growth, with brokerage solutions reaching ¥1,926 million (up 23.0% year on year) and management solutions reaching ¥2,020 million (up 22.3% year on year). Approximately 78% of total revenue is composed of stock-type (recurring) revenue, forming a structure in which monthly subscription fees accumulate steadily due to a low and stable monthly churn rate of 0.4%. The company aims to increase per-customer revenue through upselling and cross-selling to existing customers.
Company Strengths
The monthly churn rate at the end of FY2025 (ending June 2025) remained as low as 0.4%, as data linkage synergies across the one-stop service lineup raise customers' switching costs. As a result, recurring revenue accounts for approximately 78% of total revenue, forming a stable financial foundation.
The company covers the entire real estate business workflow, from property sourcing (ReaPro BB) to customer acquisition (WebManagerPro／Property Data Linkage), electronic contracts, leasing management (Chintai Kakumei), and the tenant/owner apps. Data linkage across services enhances convenience and creates a structure that discourages switching to competitors.
The company operates 28 locations nationwide (as of June 30, 2025), from Hokkaido to Kagoshima, with sales consultants providing proposals and support through on-site visits. Advice tailored to region-specific customs and prompt on-site response in emergencies contribute to higher customer satisfaction, serving as a differentiating factor from competitors.
ENVALITH's Perspective
Performance Trend
Revenue expanded roughly 1.9x over four fiscal years, from ¥2,618 million in FY2021 to ¥5,075 million in FY2025. Operating profit declined to ¥330 million in FY2023 but then recovered sharply to ¥710 million in FY2024 and ¥1,004 million in FY2025, with the full-year forecast for FY2026 set at ¥1,200 million (up 19.5% year on year). For the cumulative nine months of the third quarter of FY2026 (ending June 2026), the company recorded revenue of ¥3,818 million, operating profit of ¥432 million, ordinary profit of ¥504 million, and quarterly net profit of ¥350 million. Year-on-year comparison is not possible due to the transition to a non-consolidated basis following the corporate merger. As an external factor, sustained high-level demand for IT investment—driven by the chronic labor shortage in the real estate industry—continues to serve as a tailwind, with the accumulation of recurring (stock-type) revenue driving improvement in profit margins. There has been no revision to the earnings forecast, and Q4 results will be the key focus for achieving the full-year target.
Growth Strategy
Pursuing sustainable growth along three axes: expansion of brokerage MRR, deepening of management solution share, and utilization of AI/data
Centered on the inter-agent property distribution services ReaPro and ReaPro BB, the company is promoting cross-selling to peripheral services such as customer acquisition, electronic contracts, and CRM. Monthly usage fees from paying customers have accumulated steadily, reaching ¥1,479 million on a cumulative basis for the third quarter. The adoption of a usage-based billing model is also designed to allow revenue to automatically accumulate as usage expands.
In addition to acquiring new customers for the flagship product Chintai Kakumei, the company is actively rolling out version-up proposals for Chintai Kakumei 11, released in August 2025, to existing customers. While maintaining a low and stable churn rate, the company aims to raise customer unit prices through option additions and upselling. Cumulative management solutions revenue for the third quarter reached ¥2,267 million.
Through AI-driven services such as Owner Proposal AI Robo II, the company supports the automation of communication between tenants and owners. It aims to capture demand for automation and sophistication of business processes leveraging technological innovations, including generative AI, and to leverage this into providing options to existing customers and acquiring new customers. The transfer of software-in-progress to the main software account is underway, and the monetization of development investment is progressing.
Last updated: July 17, 2026