My internship is for a real estate startup called SafeJibsa. This startup is working on developing an online real estate service aimed at preventing real estate fraud called jeonse fraud, which is specific to the South Korean housing market.

Jeonse fraud is a consequence of the jeonse, or key-money system that many rental properties operate under within the country, where a tenant pays a lump sum of money (up to 80 percent of a home’s value) to a landlord in exchange for a 2-3 year lease. Instead of earning income via monthly rent payments, the landlord instead makes money off the interest on the deposit. The trouble comes if the landlord goes bankrupt, as many use the deposit money to purchase other properties or for personal use. In that case, many tenants are left without getting their deposit back.

SafeJibsa aims to create an online space that shows tenants a ‘safety report’ on landlords and properties. The company is also launching a contract checking service, where anyone can scan a photo of a contract, and the service will tell the user whether or not it is safe or not.

Additionally, an AI ‘Safety Butler’ will be part of the service. The AI will assist users in their home search.

My job is to do marketing for the startup. I’m currently researching which aspect of the service should be released in English first: the house search feature, a report service feature, or the contract feature.

Although I have only worked for two days, my impression is that you need an incredibly strong work ethic to work in any industry throughout South Korea. I was the second person to leave on my first day and I did so at 6:40 PM. I think that says a fair amount about South Korean work culture. You definitely need to be passionate about your work.

To work for any startup, I think adaptability is a key strength. The team is small and people need to work together in order to succeed. It is also important to note that they are often on a tight deadline due to funding concerns, which makes working under pressure another key skill.

This is only my second day, but I’m looking forward to the future. I will absolutely have to learn Korean. I’m planning on going home tonight and doing just that.

— Sydney