Magicbricks rolls out 'Know Your Tenant (KYT)', a Tech-Driven Solution to solve challenges faced by landlords
Hyderabad, June 6, 2023 - Magicbricks, the leading real estate platform, rolls out Know Your Tenant (KYT), aimed at revolutionizing the home rental process through the power of cutting-edge technology.
Traditionally, the search for an ideal tenant has been a time-consuming and labor-intensive endeavor, often leading to uncomfortable face-to-face interactions where landlords may decline rental opportunities based on socio-economic preferences. However, with the introduction of the KYT feature, Magicbricks aims to streamline this process, minimizing time wastage and maximizing efficiency through an intuitive and user-friendly interface.
KYT facilitates seamless conversations between landlords and potential tenants through chat windows integrated within the Magicbricks platform. This feature maintains the privacy of both parties by not sharing contact information unless mutually agreed upon, ensuring a secure and confidential exchange. By enabling relevant and informed discussions, KYT significantly reduces the risk of leasing to unreliable or unsuitable tenants, fostering more successful tenant-landlord matches.
Commenting on the launch of Know Your Tenant, Rohit Manghnani, Chief Product Officer at Magicbricks, emphasized the significance of this groundbreaking solution in the context of increasing demand and evolving macro trends. He stated, "According to Magicbricks’ latest Rent Update, between January and March 2023, rent demand across India increased 7.3% QoQ and 3.3% YoY and is expected to persist. The introduction of the Know Your Tenant (KYT) feature is aimed at supporting landlords in their decision-making process by taking into account their preferences.”
Talking about the customer-response, Rohit further elaborated “KYT is now seamlessly integrated into the Magicbricks platform, as a free tool for homeowners who list their properties for rent. KYT has already yielded significant advantages, with landlords and tenants experiencing a remarkable 37% reduction in the time required for the rental process. Moreover, it holds the potential to enhance the matching of suitable tenants with landlords by more than 20%. This is a reflection of our commitment to serve our customers in a more efficient and effective manner and further solidifies Magicbricks' position as an industry leader in real estate innovation.”