Introduction
Magicbricks, a division of Times Internet Limited, a wholly owned subsidiary of Bennett, Coleman & Co. Ltd is a website that provides a common platform for property buyers & sellers to locate properties of interest in India, and source information about all property-related issues. The business model of Magicbricks involves its business plan, revenue model, competitors, SWOT Analysis and many more.
Apart from buying, selling & renting properties in India, users have access to the following services as well:
- Buyer’s Guide, a real estate eBook that covers all the essential steps and stages entailed in property buying and contains answers, quick tips, and expert advice on what to look for and how to manage property buying.
- PropIndex is a tool by Magicbricks which empowers property seekers and investors with detailed information on the movement of residential apartment prices and supply of properties in India for some major cities & has been adding more cities on a regular basis as well.
- News section of Magicbricks “Property Pulse” includes property news, home loans concerns, legal & taxation issues, expert opinion and analysis of property trends.
Magicbricks started with 5,000 brokers and 25,000 listings in 2006, with the objective to ease the process of buying, selling, renting properties in India. The real estate industry was predicted to grow at a rate as high as 30 per cent then and the platform saw an opportunity to assist buyers and sellers with a dedicated real estate marketplace and become a trusted advisor.
Business Plan
They have got the same business model.
- Their source of revenue includes charges for listing a particular property. This way is better than free listing.
- MagicBricks charges the person advertising an amount for a premium listing of the advertisement for particular products.
- There are various properties at MagicBricks. For them, they highlight the properties with different colours.
- The company provides very good locality information with the actual locality photographs.
The Magicbricks design is based on strict exploration, distinct product developments, and creativity which the users have ratified. In a trial to serve the users, captions on the Magicbricks portal are often developed, analyzed, and promoted.
Revenue model
- “Advertisements” is a very common word. Everybody has come through it once, twice, thrice or more than that. It collects money from the banners as well. Of course, it’s an online portal.
- It also collects money from the searches made. It provides a hell lot of facilities to its users.
- Details are already mentioned above. It also provides a feature. It is the luxury section of the website. Personalized services like the Vaastu, Astrology is also involved within it. Hence people need not waste money after these aspects. And the company earns in this way.
- Space selling or Media Deals, Traffic on the site is also leveraged by the firm. Banner space is sold to big players who want to promote their brand to the audience who explore the website. For massive construction programs, they also do earn promotion fees. So, they promote your estate for payment and then receive potential leads from buyers.
- Property listings website Magicbricks has extended thirty crores from its parent company, Times Internet Ltd. The firm will utilize this budget for brand-building enterprises. Product advancement and seller improvement activities will take place soon. The firm says that it notices itself playing a much more significant role as a consumer. With this capital, more effort will be put into the forum.
Competitors
Some of the examples of competitors of Magicbricks is:
- 99acres.com
- Makaan.com
- Housing.com
- Sulekha.com
- Indiaproperty.com
- commonfloor.com
- OLX Homes
- Quickr Homes
- Homes247.in
SWOT Analysis
Strengths
- Well known premium property listing real estate brand
- Wide range of premium listing packages
- Advantages of ready-to-move-in homes
- 3rd highest revenue among real estate portals around the world
- Customized solutions as per our requirements
Weaknesses
- No verification system for agents
- Not enough photos of property
- Not enough features in silver package (₹5277)
- Not giving verify badge in silver package (₹5277)
- Expensive membership plans than others
Opportunities
- Add a feature or service of verification system for agents and property.
- Good response/review after buying the package
- Add more location/cities for property listing
- Add property exchange program
- Add the feature of auto detect location when anybody opens the website.
Threats
- Fake agents
- Fake location update by agent
- Other competitors.
- Any other real estate portals
Conclusion
Magicbricks is an online forum for both estate buyers as well as sellers. The corporation is a division of Times Internet Limited. It’s a fully-owned assistant of Bennett, Coleman & Co. Ltd. It also gives all kinds of sources and information about all property-related matters.
