NEW DELHI, 13th March, 2023: Magicbricks, India’s leading real estate platform, announces the launch of India’s first AI-powered marketing solution tool: Project Market Scanner (PMS) for developers and real estate agents. This unique tool sets Magicbricks apart as the first in the industry to offer an artificial intelligence tool that matches buyers with the right properties in real time.
The AI-powered PMS tool helps developers access relevant and high-intent homebuyers by using sophisticated algorithms and data analytics to personalize and automate search results, increasing reach by up to 65%.
Project Market Scanner (PMS) acts as a reach maximizer, predicting results based on customers’ previous search history so that each project reaches its maximum Response Generation Capacity. It also takes into account buyers’ preferences for specific property attributes and optimizes images that they are most likely to respond to. This can lead up to an 82% increase in lead-to-impression ratio and helps close the gap between what buyers expect and the projects activated on the portal offer, creating a win-win situation for both.
Commenting on the launch of Project Market Scanner, Rohit Manghnani, Chief Product Officer, Magicbricks said “The residential demand for homes increased 8.5% in 2022 and will continue to grow at a rapid pace in 2023 as well. With lots of available options, matching interested homebuyers with the right property is a classic Big Data problem for the real estate industry. Project Market Scanner is a customer-centric solution that enables developers to sell faster in this highly competitive market. This is a significant step forward for Magicbricks in the realm of prop-tech, delivering accurate and comprehensive search results to our users while maximizing returns for the advertisers.”
Ashu Gupta, National Sales Head at Magicbricks, believes that Project Market Scanner is a cutting-edge technology and a game-changer in the real estate industry. “We are constantly pushing the bar on innovation at Magicbricks by bringing new tools to the disposal of our customers looking to sell their properties. One of the biggest challenges that developers face is to access high intent, relevant customers, and we aim to improve their lead generation efforts with this high-utility innovation.”
Magicbricks has pioneered many industry-first innovations and with the PMS tool, it continues to empower its 55,000+ strong community of developers and real estate agents to sell over 2 lakh projects and maximize their revenue.