Prague duo turns flat renovations into a 900 million crown business

Tomáš Bumbálek and David Smička are the founders of the Czech company ReFlips, which buys, renovates and resells real estate. Today their portfolio includes seven rental buildings in Prague and more than a hundred flats with total sales exceeding 900 million crowns, and the two partners have now turned their years of experience into a dedicated AI app, ReFlips.ai.

Before going into business together, Bumbálek worked in banking, where he handled property valuations and got to grips with financing development projects and managing risk. Smička, meanwhile, spent fourteen years in trade, technology, marketing and branding, running his own agency that helped more than 120 companies and startups grow. "When we met, it was immediately clear that we wanted to combine real-estate practice with smart renovation, a sound strategy and technology," Smička recalls.

The team has hundreds of successful "re-flips" — renovated and resold properties — behind it. According to Bumbálek, most renovations involve a complete overhaul: old wiring, risers, heating, windows and plaster are all replaced, and floor plans are redrawn to match modern living standards. To keep control over material quality, the partners even opened their own showroom, Ceramica House, in Prague's Strašnice district, supplying flats with Italian tiles and large-format ceramics.

Beyond the renovation work itself, the entrepreneurs decided to share what they had learned: they run one-day workshops and have built a private business community, EliteAcademy, for active real-estate investors. Now they have packaged all of that know-how into the ReFlips.ai app — a kind of personal "property mentor" that lives on a smartphone.

The AI-powered service proactively reminds users of the steps they need to take and keeps track of the right order of work: it tells them when it's time to call in an electrician or a bricklayer so renovation stages follow a logical sequence, and warns in advance about typical mistakes that, on the Czech market, usually end up costing tens of thousands of crowns. The app explains complex legal and market terms, helps with the purchase contract, the land registry, taxes and VAT, and advises on how to write a sale listing and set up effective marketing. The system talks to users through a voice clone of Tomáš Bumbálek himself, and is built on RAG technology and a vector database filled with hundreds of pages of documents and records drawn from the company's real-world practice.