Magicbricks, a leading real estate platform, has introduced the Know Your Tenant (KYT) feature, aimed at revolutionizing the home renting process through advanced technology. KYT reduces the time spent by tenants and landlords by 37% and enhances the match between tenants and landlords by over 20%. The feature simplifies communication, ensures privacy, and facilitates informed discussions, leading to successful matches. With increasing rental demand in India, KYT assists landlords in making well-informed decisions based on their preferences. The implementation of KYT has resulted in significant benefits, demonstrating Magicbricks' commitment to efficiency and effectiveness in the real estate industry.
Magicbricks, the pioneering housing platform for real estate, introduces Know Your Tenant (KYT), which intends to transform the process of home renting by leveraging advanced, cutting-edge technology. According to the company, KYT can decrease the amount of time tenants and landlords spend by 37 percent and has the capability to enhance the match between tenants and landlords by over 20 percent.
In the past, finding the perfect tenant was a tiresome and arduous process that often-involved awkward face-to-face encounters where landlords could sometimes turn down potential renters based on socio-economic biases. Nonetheless, Magicbricks' KYT feature was developed to simplify this process, reducing time and enhancing efficiency through a simple and user-friendly platform.
KYT enables effortless communication between property owners and prospective renters by incorporating chat interfaces within the Magicbricks platform. This function guarantees a confidential and secure exchange by only disclosing contact information when mutually authorized, protecting the privacy of both parties. KYT reduces the possibility of leasing to unreliable or unsuitable tenants by facilitating informed and pertinent discussions, leading to more successful matches between landlords and tenants.
Rohit Manghnani, the Chief Product Officer at Magicbricks, highlighted the importance of Know Your Tenant in today's scenario of growing demand and changing macro trends. He called it a pioneering solution with great potential. He indicated that Magicbricks' most recent rent update showed a 7.3 percent quarter-on-quarter and 3.3 percent year-on-year increase in rental demand across India from January to March 2023, and this trend is projected to continue. The implementation of the KYT attribute intends to assist landlords in making well-informed decisions by factoring in their inclinations.
Rohit explained further about the response received from customers, stating that KYT has been successfully incorporated into the Magicbricks platform, serving as a complimentary feature for property owners who wish to enlist their properties for rent. The utilization of KYT has resulted in significant benefits, as both landlords and tenants have observed a noteworthy decrease of 37 percent in the duration of the rental process. Shortly after launching Project Market Scanner (PMS), its AI-driven marketing solution, Magicbricks made this announcement.
In addition, KYT has the capacity to improve the pairing of appropriate renters and property owners by over 20 percent. This statement demonstrates our dedication to aiding our clients with increased efficiency and effectiveness, thereby reinforcing Magicbricks' status as a leading innovator in the real estate industry.
Magicbricks.com is a sophisticated real estate website that offers exceptional services and innovative online features to a worldwide audience. Magicbricks, which was founded by Times Group in 2006, has rapidly ascended to become the top-ranking real estate website in India. Magicbricks is renowned for its globally recognized real estate exhibitions, among other features.
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