Tag: real estate business

YourOwnROOM Success Story – The Company Transforming Residential Real Estate

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by YourOwnROOM.

Searching for a new place to stay has always been a struggle for everyone. But now the times are changing and the days when you had to look for a broker and roam around the entire city to find a new home for yourself are going away.

Now, to help you with all this, PropTech (property technology) is driving transformation and efficiencies in residential real estate. PropTech is all the tech tools that help real estate brokers, developers, and agents fine-tune the way in which you buy, sell, rent, or manage a property.

YourOwnROOM is a PropTech residential real estate rental and property management company founded in 2016. It is an online platform where both tenants and owners can find and display places.

In this article, discover more about YourOwnROOM, its story, industry, founders and team, business and revenue model, and more.

YourOwnROOM – Company Highlights

Startup Name	YourOwnROOM
Headquarters	Bengaluru, Karnataka
Industry	Real Estate, PropTech
Founded	2016
Founder	Prabhat Kumar Tiwary, Sachin Joshi, Rewat Laxman
Revenue	Rs.10 crores (approx)
Website	yourownroom.com

YourOwnROOM – About
YourOwnROOM – Industry
YourOwnROOM – Founders and Team
YourOwnROOM – Startup Story
YourOwnROOM – Mission and Vision
YourOwnROOM – Name and Logo
YourOwnROOM – Product and USP
YourOwnROOM – Business and Revenue Model
YourOwnROOM – User Acquisition
YourOwnROOM – Challenges Faced
YourOwnROOM – Growth and Turnover
YourOwnROOM – Funding and Investors
YourOwnROOM – Awards and Recognitions
YourOwnROOM – Competitors
YourOwnROOM – Future Plans

YourOwnROOM – About

YourOwnROOM is a residential real estate PropTech rental and property management company. It was incorporated in February 2016. The PropTech platform enables onboarding and management of residential assets in multiple formats including co-living homes, alternate assets, and family homes.

YourOwnROOM – Industry

Residential RE Rental Market is $13.5 billion as per Primus Partners, 2020 and the Shared Living market is $6.4 billion with a penetration of only 2.5% with demand being fueled by migrant millennials moving to cities. Coliving, Student Housing and senior homes will be the new reality growth drivers. Demand will continue to be fueled by Migrant Millennials.

Real estate as a sector is the backbone of the Indian economy and its market size is expected to reach $1 trillion by 2030. Real Estate will grow to a $650 billion market size by 2025, growing at 19.5% CAGR, contributing to 13% of our country’s GDP and generating 75 million jobs, and almost 1/6th of this is going to be residential real estate.

The recently approved Model Tenancy Act will help bridge the trust deficit between tenants and landlords by clearly delineating their obligations and will eventually help unlock vacant houses across the country. It is a big step towards institutionalising Rental in India.

YourOwnROOM – Founders and Team

Prabhat Kumar Tiwary - Founder, CEO, and CMD of YourOwnROOM — Prabhat Kumar Tiwary – Founder, CEO, and CMD of YourOwnROOM

YourOwnROOM was founded by Prabhat Kumar Tiwary, along with Sachin Joshi and Rewat Laxman, with a deep interest in Entrepreneurship, Business and Technology.

Prabhat Kumar Tiwary is the CEO and Managing Director and drives growth. He is an alumnus of Stanford Business School. In addition, he is also the COO. Sanjay Singh is the Chief Operating Officer and Chief Technology Officer.

The total team size is about 25 across Bengaluru and Pune, with the bulk of the team based out of Bengaluru. YourOwnROOM has a very flat organisational structure where each team member has access to the founders and leadership team. YourOwnROOM has a mix of senior leaders, experienced team members, and freshers. About 60% of the team includes freshers from various colleges.

Advisors and Mentors

The team is extremely fortunate to have some very accomplished Industry leaders who have invested in them and provide strategic direction. This includes Ravi Chaturvedi from the US who is a former president of P&G, K Narasimha Murthy who is the co-founder of a health tech company based out of the US and Venkat Shiv Dasari, who is a senior executive for an MNC IT services company.

YourOwnROOM – Startup Story

“We initially started YourOwnROOM to solve the challenges faced by singles while looking for a decent place to live. However, what got us even more intrigued is the bigger picture” says Prabhat Kumar Tiwary, Founder,CEO, and CMD, YourOwnROOM.

YourOwnROOM’s core belief is that it will no longer be just about the Asset. The Real Value of the Asset will unfold when you apply a tech-based service wrapper on top of the Residential Asset and channel it to the right unmet demand. PropTech-based Rental and Property Management companies like them will play a critical role in the next 5 years in driving transformation and efficiencies in Residential real estate.

YourOwnROOM – Mission and Vision

YourOwnROOM’s vision statement says, “Our vision at YourOwnROOM is to deliver higher economic returns to our Residential Real Estate Property Owners over the Property Lifecycle using our Proptech-based Residential Rental & Property Management Solutions.”

YourOwnROOM – Name and Logo

YourOwnROOM Logo

YourOwnROOM considers tenants as their primary consumers with Homeowners, Developers, and Vendors as partners in delivering the services. The logo brings focus to 3 things – home at the epicentre, location, and vibrant colours which resonate with their young millennial tenants and homeowners.

YourOwnROOM – Product and USP

YourOwnROOM acts as a trusted custodian of residential assets for property owners and offers multi-year rental and property management services to them. It helps them get continuous cash flow, higher rental yields and higher capital appreciation from their residential assets. Their rental management services include finding KYC-verified tenants, drafting and executing rental agreements, move-ins, rental collection, service request management, renewals, and exit settlements.

Their property management services include property onboarding, offboarding, audits, maintenance, and project management across painting, interiors, and civil work. The company partners with PropCo companies and Developers as Asset Managers to increase the sales velocity, rental yields, and capital appreciation of their residential asset portfolio.

The company’s biggest differentiator is its prop-tech platform. It integrates their golden execution capabilities and helps them deliver better management for their Asset Owners and a better living experience for consumers. This provides it with the foundation to profitably scale its business across multiple cities and multiple residential asset formats.

YourOwnROOM – Business and Revenue Model

YourOwnROOM’s core business is automated and runs on its PropTech Platform which is also one of the startup’s biggest differentiators. In addition, it uses several tools to manage CRM, IVR, and Ticket Management. The startup has also built an integration with KYC systems and various payment gateways. YourOwnROOM also has an online method to sign agreements with its tenants, owners and vendors.

YourOwnROOM Revenue and Business Model involve 3 steps:

1. Onboard Property

It signs a 3-5 year MoU with owners to manage their property and rentals. With developers and propcos, it signs a 5-7 year MoU for the same.
YourOwnROOM onboards the property on its PropTech Platform and conducts quality assurance checks.
It gets into an arrangement with the owner and seeks 30-45 days to rent out the property to tenants.
YourOwnROOM assists the owner to onboard the property by conducting a quality check, helping with repairs, and helping procure furniture and appliances.

2. Onboard Tenant

YourOwnROOM actively scouts for suitable tenants, run marketing campaigns and organizes site visits.
It books a tenant and signs a rental Service Agreement. This is done between the tenant, owner, and YourOwnROOM
It then onboards the tenants into the property.

3. Engage Tenant and Asset

The tenant will pay a fixed rental to YourOwnROOM through the tech platform.
YourOwnROOM pays rent to the Owner minus its commission.
In addition, the tenant pays for admin and move-out charges and service requests (requests for repair work and other complaints) after 14 days.
YourOwnROOM manages service requests, audits, renewals, exits, and refills.
The owner and tenant interact with YourOwnROOM using the technology platform, which includes the interactive tenant and owner dashboards.

YourOwnROOM – User Acquisition

YourOwnROOM acquired its initial 100 tenants mainly through word of mouth, social media sales, and a strong direct sales team. Getting customers to buy their business model was key, as co-living in the early days was a developing concept with only a few options. The company’s initial inventory was of very high quality and located just 15 minutes from the business parks, which accelerated the sales process.

YourOwnROOM – Challenges Faced

“Most challenging part of our business was to build long term trust among our tenants and homeowners” says Prabhat Kumar Tiwary, Founder, CEO, and CMD, YourOwnROOM.

The real test of the business was to have repeat customers. For the first 2 years, YourOwnROOM focused heavily on picking the right asset, managing the same and servicing its tenants. This built great trust among tenants and homeowners which was key to building long-term associations. Today most homeowners sign over 5-year rental and property management contracts with YourOwnROOM.

YourOwnROOM – Growth and Turnover

The company’s Asset Under Management is 1 million square feet valued at over Rs. 400 crores ($50 million) spread across 500 properties in Bengaluru and Pune. YourOwnROOM’s annualised revenue run rate is about Rs. 10 crores. It is operationally profitable and will be EBITDA positive in the next 3-4 months. Post that, the company is looking for a multi-city expansion which will help fuel its growth.

YourOwnROOM – Funding and Investors

YourOwnROOM has raised a total funding of $1.3 Million from Angles in US and India.

Date	Stage	Amount	Investors
2019	Seed	$1.3 million	Angels – US and India

YourOwnROOM – Awards and Recognitions

YourOwnROOM received several awards. The most prominent ones are:

It was an honour for YourOwnROOM to get recognized by International Brand Equity in the India Properties Award – 2020 as the Best Coliving Company in South India. The award was felicitated by Senior Politician Tanveer Ahmed. Grabbing the award for best Coliving company in India in one of reputed India’s National Real Estate Awards platforms is proof of the credibility of the company.
Your Own Room Received ETNow Award 2019 for Excellence in Real Estate as the Company of the Year (Co-living Spaces). This is one of the most significant achievements for the company in Real Estate.
YourOwnROOM received Paul Writer’s 50 hottest Brand for 2019. YourOwnROOM was proud to share the stage with Brands like Swiggy, BYJU’S, BigBasket and the like.

YourOwnROOM – Competitors

The top competitors of YourOwnROOM are:

Colive
NestAway
NoBroker
Square Yards

YourOwnROOM – Future Plans

Over the last 6 years, they have built a well-established business model, growth, profitability, governance, and brand. This has stood the test of time, especially COVID. It also built a Proptech platform that will drive operational consistency and performance and allow them to profitably scale across cities, offerings, and asset formats.

Now it is all about growth and investments to fuel growth. On growth, the company’s approach is to:

Increase the sales penetration of rental and property management services in Bengaluru and Pune.
Offer Property Manager Tech Services to PropCos, Developers, and Channel Partners to exponentially scale.
Expand their presence in Hyderabad and Chennai.
Upgrade features and UX of Proptech Platform (Portal, Mobile App & BPE) and make it SaaS enabled for Property Managers to manage multiple asset formats.

To support the company’s growth, they are planning to raise a Series-A investment. The company is looking for strategic and institutional investors who can provide them with the capital, connections, and guidance to scale their business. Investments will fuel growth and they plan to invest in developing their offerings, adding new cities, new partnerships, digital marketing and taking their PropTech Platform to the next level.

FAQs

What is YourOwnROOM?

YourOwnROOM is a residential real estate PropTech rental and property management company. The PropTech platform enables onboarding and management of residential assets in multiple formats including co-living homes, alternate assets and family homes.

Who founded YourOwnROOM?

YourOwnROOM was founded by Prabhat Kumar Tiwary, along with Sachin Joshi and Rewat Laxman, with a deep interest in Entrepreneurship, Business and Technology.

When was YourOwnROOM founded?

YourOwnROOM was launched in 2016 and is headquartered in Bengaluru.

How much is YourOwnROOM’s turnover?

YourOwnROOM has an annualized sales turnover of Rs. 10 crores ($1 million approx).

Who are YourOwnROOM’s competitors?

YourOwnROOM has the following competitors in the market:

NoBroker
Square Yards
Colive
NestAway

June 23, 2021

99acres Vs. MagicBricks- Who Wins?
If we have to point out some of the worst fights online, the fight between 99acres Vs. MagicBricks will be one of them. The two have been in real estate for years, but their fight has made more headlines than their achievements in the real estate business. The 99acres Vs. MagicBricks conflict surely has a deep impact on the customers. Even I was confused if I want to do something with my property or look for one which one should I choose? 99acres or MagicBricks? Both claim they are the best. But why? Through this article, we have listed out the points from both sides in the 99acres Vs. MagicBricks conflict for you to choose the winner in the end-

Performance of 99acres

Home purchasing feeling improved as open area banks and private players sliced home credit loan costs to a 15-year low. Below the list shows how 99acres have performed this year.

Pre-COVID Times
- 2020 took the inquiries up by 80% of the pre-COVID times.
- Engineers detailed a 50 percent recuperation in the number of exchanges.
- The resale portion stayed under tension with bargains shutting at a 2-5 percent limited rate overall.
- With an expansion of more than 31,000 units in metro urban communities, new dispatches went up by 4.5 times.
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Post-COVID Times
- Post the COVID-19 episode, 99acres saw a drop with around 33,000 units in Jul-Sep 2020
- 2.5 occasions of the deals detailed in Apr-Jun 2020, for example, 9,700 units. Mumbai and Delhi drove other metro urban communities regarding the deal volume and comprised around 29 percent and 22 percent of the absolute exchanges, separately.
- The provided property cost estimates stayed unaltered across urban communities. Notwithstanding, with offers, limits, and dealings on the table, exchanges shut at an adjusted cost of around 2-5 percent on a normal.
- The most noticeably terrible influenced were Chennai and Delhi NCR, which endured the worst part of a high divergence popular and flexibility.
- Bangalore and Hyderabad were the main business sectors that supported costs amid the pandemic and the resultant financial plunge because of the strength of end-clients and a positive interest flexibly condition.
99acres
- New dispatches went up by 4.5 occasions with the expansion of around 31,000 units this quarter, as against 5,500 units in the past quarter.
- The unsold stock plunged by a small one percent, YoY, and remained at 4.4 lakh units toward the finish of September 2020.
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With the business sectors opening up around mid-June, a couple of engineers dispatched new undertakings, while the greater part centered around finishing and selling their continuous tasks. Homebuyers, be that as it may, stayed mindful of under-development tasks to limit the danger in their ventures. Prepared or close prepared units collected most extreme footing.

Performance of MagicBricks

With the Covid-19 pandemic having on a very basic level modified everyday connections for most, India’s land area has needed to zero in on highlights, for example, video walkthroughs and online rental installments, and even cashbacks and prizes to squeeze out development. Since the Covid-19 effect on the area has been grave, land tech new businesses would likewise have to have strong establishments to defeat the emergency.

magicbricks

One such organization is Times Internet-claimed land posting commercial center MagicBricks. As the organization plans for the post-COVID-world, it could cheer up from its to some degree improved monetary execution in the financial year finishing March 31, 2020, or FY20. Below the list shows how MagicBricks have performed this year.
- As indicated by MagicBricks’ financials, and verified by Inc42, the organization recorded an income of INR 246.28 Cr in FY20, a 16% expansion from its income of INR 213.24 Cr in FY19.
- The organization’s costs became 9%, from INR 221.13 Cr to INR 241.81 Cr.
- While a year ago, the organization recorded a deficiency of INR 7.89 Cr. this year, it has figured out how to turn a thin benefit of INR 4.47 Cr.
- Furthermore, with the conceded charge recorded down as a resource and added to the EBITDA, the organization has announced a general benefit of INR 49.63 Cr.
- The expense of materials devoured, worker benefits cost, account expenses and devaluation, exhaustion and amortization cost saw an expansion.
- Costs regarding upkeep, power, travel and other various costs, declined by 9%, from INR 117.92 Cr to INR 107.49 Cr.
Land tech organizations are focusing on highlights to fill the dispersion hole, especially for home viewings and documentation. The filings express that MagicBricks is hoping to add more highlights in its differentiated portfolio and that during FY20, the organization put resources into “land supplies of huge designers across India for capital appreciation.”

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It is important that before this month, the Times Internet-possessed organization augmented its bundle of administrations to incorporate a scope of rental arrangements, for example, tenant contracts, inhabitant confirmation, and pay lease, as it broadens its property administrations commercial center.

Administrations for occupant confirmation and tenant contract can be profited at costs beginning INR 499. Inhabitants can likewise utilize MagicBricks’ Pay Rent stage to move leases up to INR 45,000 to their landowners by utilizing Mastercard and procure reward focuses, the organization said in a delivery.

A Brief Overview of Traffic in 99acres Vs. MagicBricks
- Monthly visitors: MagicBricks wins
- Average Daily visitors: MagicBricks wins
- Clicks per visitor: MagicBricks wins
- Total Minutes spent on the site by the visitors: 99Acres wins
- Unique visitors: 99acres wins
Now several other aspects can be kept in mind like site accessibility, a total number of customers handled, successful and failed projects, etc. to conclude. In a nutshell, we keep it on the readers which one they prefer in their real estate related matters. As of this current month-
- MagicBricks successfully has more than 1 Mln dynamic property postings, of which, 58% are available to be purchased and 42% for lease
- 2.1 lakh selective postings posted uniquely on its foundation by singular landowners from across 700 towns and urban communities.
In this case, MagicBricks wins, but as we already said, it’s up to an individual which one he/she prefers as in the conflict of 99acres Vs. MagicBricks, both have a lot to offer.
December 21, 2020
4 Ways You Can Grow Your Creativity Using Top Alternatives To Zillow

Zillow Group, Inc. is an online real estate company founded in 2006. The company operates as a real estate search engine that provides more than 110 million houses in the United States. It offers value estimates, pictures, and compare prices for each home listed on the site. But there is not only one online real estate company in the U.S. There are several other that offers varieties of features.

However, Zillow is awesome but there is something which is not available on Zillow for that this article will be very much helpful so that you can try other alternatives. Below there is a detailed analysis of the top 4 real estate company.

1.Redfin

Redfin Website

Redfin is a large online real estate company that designs the way people buy homes. It offers many benefits which makes it an alternative to Zillow. Redfin is one of the most popular real estate company run in the United States. This platform is run by a traditional brokerage system where buyers and sellers have to pay the least commission for a transaction when done through a real estate agent. It has access to Multiple Listing Services(MLS) and that has more uploaded data than any other online platform.

Redfin connects buyers and sellers with a local agent who listing recommendations based on the needs and market values. Then agents prepare a Comparative Market Analysis (CMA) for properties in the neighborhood. You sign all the documents online and don’t need to meet up with an agent when every time you want to change.

First, the user interface and site design are very much similar to Zillow’s and Trulia’s which allow a user to search for a property with a map-based function. After a search with city or zip code, Redfin displays information like home value, home appreciation, square footage, year built, homeowner’s association fees, construction components, sewage system specifics, and other home data points that a home buyer wants to know before buying a house.

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2.NeighborhoodScout

Neighborhoodscout Website

Neighborhoodscout provides users with information regarding neighbors in the United States. All a user has to do access to the company’s neighborhood information is search by city or specific address. They provide a lot of information which are not found in Zillow or Trulia. The much information is for the investors which are helpful for them to make decisions about the risk of buying a property in certain locations.

All the information is extensive. Each Neighborhoodscout report contains 640 statistics for any given location. With this report, the user can get detailed information on the most vital pieces of real estate information, including name risk, demographic/lifestyle, school rating, home value trends, and forecast data. Neighborhoodscout uses an exclusive model to track regional population growth, income trends, unemployment trends, the stock performance of the region’s industries, housing added, and vacancy trends.

Neighborhoodscout provides Blue Chip Index to rate properties on a scale of 1 to 5. To get that blue-chip property one has to pay for it upfront. Additionally, Neighborhoodscout provides a Rising Star Index for its micro-neighborhoods. And this Rising Star Index is also based on a 1 to 5 scale.

Neighborhoodscout offers an option to License the website’s vast data via API or Bulk File for enterprise use.

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3.Homesnap

Homesnap website

Homesnap is a trusted real estate platform for people to explore homes on a website or a mobile platform. The browser function on this site is very much simple and easiest to use, and making it easiest to search with the desired area. Homesnap provides features such as home for sale, open houses, recent sales, and house values for every home listed in the United States. It is easiest to search for timely, and accurate real estate information. The mobile app is very much fully integrated for easy to use. With the app, it is apart from the competition. The app provides real-time information. The mobile app also works for unlisted homes, condo, and apartments. The app is available on iOS and Android.

Homesnap is powered by a specialized home database that combines hundreds of disparate sources of data which is including MLS real estate database representing over 75 % of American’s homes, property tax records, census data geographic boundaries, property information, school information, and mortgage rates and more. Homesnap will connect to an agent if anyone is interested in buying and selling homes. In the app, users can create a custom feed and desired notifications about that property in which the user is interested. In the app users also have the option to share with other users thus makes the simplified search for the new property.

Homesnap pro is an agent-only version of Homesnap which gives real-time MLS data to Android and iOS users on smartphones or tablets. Homesnap pro gives the flexibility to research homes, contact agents, and communicate instantly with their clients from mobile devices. Agents and consumers can use Homesnap pro to seamlessly share real-estate information and communicate directly.

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4.Realtor.com

Realtir.com website

Realtor.com is an online real estate company owned by News Corp. It is run by the National Association of Realtors. This website has up to date information listed on it. While the information is current, the site is more basic and does not have robust features like Zillow and Trulia. It is a great place for search as it connects with MLS for that it will have recently-listed homes on the website. One can use Realtor.com to search through the other websites like Homesnap, Redfin, and NeighborhoodScout and quickly get in touch with the agent.

It has a new text option to connect with the real estate professionals and a pricing feature to assess how specific home features, such as a garage, affect cost. They offer updated blogs that provide a lot of information such as housing markets, making the home appealing to buyers, and the selling and buying process in general . They also connect to a lender to start the preapproval process. And none of the information is irrelevant or boring. If anybody has questions or concerns it is very much easy for them to get contact information and responses also.

The website is very detailed and it has all the phone numbers which are easily accessible for customer use. This gives the great knowledge and experience of what the user is looking for. It has ease of setting up the account on the Realtor.com. The easy login menu for agents and makes us use our brain less while accomplishing the same amount of work.

October 21, 2020