Makaan.com Successfully Facilitates 25,000 Transactions Under Marketplace Model
Backed by News Corp, the online realty platform Makaan.com has facilitated over 25,000 transactions (buy-sell and rent) in over one and a half years after it moved from classified platform to a marketplace. Of the total transactions, nearly 60 per cent have been reported from renting while the remaining 40 per cent is from buy-sell.
The marketplace model was first formed by Singpaore-based Elara Technologies real estate platform PropTiger.com in 2011 and was, in May 2015, acquired by Makaan.com and later by Housing.com in January 2017. The three entities together today are India’s largest full-service, online-to-offline real estate platform.
A year after Elara acquired Makaan.com, the new business model was launched that offers free and unrestricted number of listings to sellers/brokers, helping it to attract over 15,000 active sellers with more than 8.5 lakh properties listing on its platform.
"We are very excited about Makaan.com. It has a revolutionary business model that goes beyond lead generation. It has the potential to disrupt the online real estate industry," Dhruv Agarwala, the CEO of PropTiger, Housing and Makaan, was reported as saying in a PTI report.
According to Group Chief Product and Technology Officer, Housing-PropTiger-Makaan Ravi Bhushan, when the brand moved from a classified platform to a marketplace in mid-2016, the entire focus was on creating an alignment between homeseeker, seller, and the platform. With no entry barriers for sellers, the brand wanted to ensure maximum option for homebuyers.
Elaborating about the platform, he said, Makaan.com is now based on the success-fee model under which brokers share some part of their revenue after completing the transactions from the leads generated on the platform.
For buy-sell of properties in the secondary market, Makaan.com charges Rs 8,000-Rs 15,000 per transaction depending on the location. For renting, the platform charges Rs 3,000-Rs 6,000 per transaction.
"Disclosing transaction helps sellers get business and branding furthermore on the platform. Given the fairness in pricing, sellers find this model an incentive to list quality properties and get a more extensive reach without paying upfront," he added.
With credible listings data and real-time intelligence on property search, Bhushan said, Makaan.com has become a preferred choice for consumers looking to rent, buy or sell a home.
Each agent on Makaan.com is rated by the consumer on the basis of his/her experience adding that this self-regulating mechanism ensures that only sellers with quality listings and high ratings get promoted on the platform to help home seekers in their decision making.
With inputs from Housing News