Magicbricks, a leading name in the real estate sector, is significantly reshaping the industry landscape through advanced technology and artificial intelligence. In an exclusive interview official Head of Technology at Magicbricks, the platform’s transformative impact on the real estate market is unveiled. With a focus on innovative tools and user-centric software, Magicbricks is redefining the way small businesses, brokers, and builders operate in a competitive environment.
Magicbricks’ vision for its Software-as-a-Service (SaaS) offerings is centred around empowering small and medium-sized businesses (SMBs) in real estate. The platform’s suite of SaaS solutions is designed to enhance operational efficiency, productivity, and customer engagement. Key innovations include Agent Suite and Travel Time Search, as well as the introduction of India’s first Real Estate Experience Centre in Mumbai in 2016. Recent tools like ReadPro, PropVideo, and WhatsApp ChatBot further streamline processes and enhance data-driven decision-making, setting new industry standards.
PropWorth has been a standout success, earning accolades for its remarkable accuracy in property valuations. With precision rates around 97-98%, PropWorth has become a reliable tool for buyers, sellers, and investors. The tool covers approximately 70,000 projects and 5,500 localities across 30 cities, offering comprehensive valuation services. Its sophisticated algorithm, trained on extensive data sets, ensures reliable property estimates, making it an invaluable resource for real estate transactions. Magicbricks is leveraging AI and machine learning to enhance its offerings. The Right Bank Recommendation Engine, for instance, uses AI to match users with optimal home loan partners, while the Know Your Tenant (KYT) feature facilitates secure tenant-landlord interactions, reducing tenant reliability issues by over 20%. Additionally, the AI-powered Project Market Scanner (PMS) boosts lead-to-impression ratios by 82% through optimised content.
Developing AI tools presents challenges, primarily related to data accuracy and quality. Magicbricks has addressed these through innovative data acquisition and processing techniques, resulting in AI models that provide precise property valuations and recommendations. These advancements benefit users by offering reliable insights and facilitating informed decision-making. The ReadPro CRM platform has significantly transformed broker engagement. By enabling brokers to track and follow up on leads meticulously, ReadPro enhances productivity and transparency. Features like source-wise lead performance reports and team productivity metrics empower brokers to make data-driven decisions, improving their success in a competitive market. Looking ahead, Magicbricks anticipates that AI, along with augmented reality (AR) and virtual reality (VR), will continue to reshape the real estate sector. As these technologies become more accessible, they will offer immersive property experiences and streamline the buying and selling process, enhancing efficiency and customer satisfaction.
