Technology

Magicbricks.com switches gears, launches new services that enhance its role beyond property listings marketplace

Magicbricks.com today announced the launch of several, innovative services aimed to help a consumer in his property buying cycle. These new services would bring in transparency, decision-support and personalised human assistance to a property related decision.

Part of the latest offerings – PropWorth, Advice, Magicbricks Forum and MB Premium are all set to make home buying process a hassle free and a fruitful experience.

Mr. Sudhir Pai, CEO – Magicbricks.com said, “We’ve built MB into India’s largest and most successful property marketplace. We’re happy that consumers  now choose MB as the first port of call when they initiate a property transaction. However, the opportunity in this business is well beyond solving the listing discovery problem. We’ve now launched a bunch of products that help a consumer at different stages of the buying process”

Details of few new services:

  • PropWorth – PropWorth aims at becoming the de-facto price benchmark app for all buyers/sellers & Agents across the country before finalizing any property transaction. People with no intention to buy/sell property can also use it to figure out worth of their, neighbour’s or relative’s property. Basically, PropWorth can be used to know the right price of any property anywhere.
  • Advice – The objective of the new section is to handhold users at every stage of the buying cycle thus helping them take an informed decision and not emotional ones. The four new products launched under the Advice section are:
  • Buy vs. Rent Calculator – Buy vs. Rent calculator is a financial tool targeted at those customers who are not finance wizards but have a fair appreciation of finance. The calculator tells a customer that if he were to stay in the same city in a rented apartment, would he be better off buying a house or keep staying in the same rented apartment
  • Smart Search – Smart Search is a tool which comes in handy in the pre-discovery phase. Basis inputs, the tool shows list of localities one should start their search with along with other pre-computed values such as current rates, demand of the locality, supply of the locality, how developed the locality is, what kind of growth the locality has been experiencing, rental yields and returns the locality has been witnessing
  • Compare projects/localities – This product is targeted for the shortlist stage. As per inputs, the tool shows details such as project rank, liveability index, highlights of the project, annual rental yields, price trends, project reviews, locality reviews and ratings
  • Rate Change Calculator – This product is targeted for post deal closure stage. This tool tells you that if interest rates change or you were to shift your loan from one bank to another, how it will impact your cash flows
  • MB Forum – A new dedicated place to get your queries answered from industry experts where people can join for free and stay updated on latest discussion through e mail. It has dedicated discussion group pages for every project and locality classified into relevant segments such as Project Approvals, Price & ROI, Construction Quality, Possession Related etc.
  • MB Premium – MB Premium is a paid service that any user can avail. The assisted service aims at giving services like photo shoot for the property, refined questions from the prospects, maximised property search, listings of the property etc. to name a few.

Further, Mr Pai added, “Each of these services uniquely addresses specific pain areas in the buying cycle of a consumer. The aim behind the launch of PropWorth, Advice, Forum and MB Premium is to improve each of these steps of the home buying experience. From a transparent price-discovery of a property, to having a forum to discuss property queries to offering premium personalised paid services, we believe such initiatives empower the customers to make better informed decisions.”

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