Having established itself as a leading full-stack real estate service provider during its 17-year-long journey, Magicbricks has now set its sights on expanding the home loan segment. The company is poised to collaborate with more financial institutions and digitize the entire home loan process in a bid to establish one of the largest home lending channel partner networks in the country.
Their ambitious goal? To achieve a 5X growth within the next 1-2 years.
Talking about their plans, Sudhir Pai, CEO of Magicbricks, says, “We identified various requirements in a customer’s journey such as dependable expert advice, legal expertise, and easy access to home loans, and in 2019, embarked on a strategic journey to diversify our service offerings. The year 2020 marked a watershed moment, as the pandemic accelerated digitalization and customers increasingly favored the convenience of services accessible at the click of a button. In this rapidly-evolving landscape, real estate was no exception, and the momentum of digitization gained even more traction.”
With an extensive portfolio of offerings that includes home loans, expert advisory services, interior design, moving and packing solutions, and vastu consultations, Magicbricks claims to have now become a one-stop destination for all aspects of the property journey.
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Magicbricks continues to stay ahead of the curve by harnessing technology to understand and cater to customer behavior, providing highly personalized solutions. One notable innovation is the ‘Know Your Tenant’ feature, which facilitates seamless communication between landlords and potential tenants through integrated chat windows. This feature led to a remarkable 37% reduction in the time required for the rental process. Its success prompted Magicbricks to extend this feature to property buyers and sellers, not just limited to rentals.
In 2023, the company unveiled ‘Project Market Scanner’ (PMS), a tool powered by sophisticated algorithms and data analytics. PMS personalizes and automates property search results in real time, efficiently connecting potential buyers with properties that match their preferences. This advancement has boosted the lead-to-impression ratio by an impressive 82% and expanded the platform’s reach by 65%.
Pai emphasizes the significance of Poptech in shaping the industry, saying, “Proptech is at the forefront of technological advancements that continue to shape the industry and benefit stakeholders in the coming years. Tools like virtual reality property tours, video reviews, 3D immersions allow potential buyers and renters to explore properties remotely. Artificial intelligence (AI) is another game-changer. It enables market analysis powered by machine learning algorithms, which can predict trends, assess property values, and suggest optimal investment strategies. By harnessing big data and analytics tools, real estate professionals can accurately price properties, forecast market trends, and tailor marketing strategies. Adapting technological advancements helps open up opportunities in new markets, make informed decisions in real-time, and reduces risks and uncertainties in the market.”
Home loans play a pivotal role as value unlockers in residential real estate investments. A staggering 80% of residential properties are financed through these loans, underscoring their significance in facilitating homeownership and property acquisition. Recognizing this, Magicbricks has planned its growth expansion in this sector.
Pai reveals, “We have already partnered with 50+ financial institutions such as private and public banks and NBFCs to bring more options to our customers to choose the best home loan for them. In the next 1-2 years, we are aiming to grow our disbursed loans 5x as the home buying sentiment is strong, and we expect demand to continue increasing, especially with the upcoming auspicious festive season. We also aim to create one of the largest channel partner networks for home loans in the country by associating with CAs, builders, and brokers. And digitizing the entire home loan process for all stakeholders, which will not only reduce turnaround time drastically but also bring more transparency for all involved.”