Property portal Magicbricks has announced magnificent gains in increasing supply of listings on its platform. Fresh properties added on the portal have elevated up to over 60,000 daily, being added across over 16,000 localities in India, the company reported. The upsurge has been attributed to its strategy and methodical approach. It has aggressive geographical footprint expansion to penetrate deeper into the tier I cities and expand into tier II and tier III cities as well. According to the company, its efforts at bringing indirect owners as well as new types of sellers have paid off. As a consequence, of which, the portal currently has over 30% of its overall listings by direct owners. Further, it is seeing fresh supply being posted by banks, by resident welfare associations (RWAs) and societies, from co-living and coworking partners as well as from non-resident Indians (NRIs). Many of these listings are unique to Magicbricks.
Magicbricks is also a part of Bennett, Coleman, and Company. Ltd, which is said to publish The Economic Times
The company reported that around 60% of direct owner listings, comprising over 2 lakh such listings, were exclusively posted only on Magicbricks by these individual owners. The company attributed its extensive distribution reach, brand pull, and its consistent track record of delivering results for sellers as factors that contributed to building this stock of exclusively posted listings.
They have invested in product and technology bandwidth, as well as deployed significant manpower, to extensively source listings. The edge that we’ve built on the supply side is directly helping the business. They want to continue in investing in education and bringing various property sellers online and helping them sell or rent out their property. With an unmatched stock of listings, buyers need not look further for their property search,” said Sudhir Pai, CEO, Magicbricks.
Magicbricks ‘s profit is tremendous.