India-based real estate marketplace MagicBricks has launched Project Market Scanner (PMS), an AI-powered tool that enables property developers to connect with prospective buyers in real time.
According to a news release, PMS gives developers access to high-intent buyers using sophisticated algorithms and data analytics.
PMS acts as a reach maximizer, giving results based on the previous search history of users, helping to maximize response generation capacity. It also takes into account buyers’ preferences for specific property attributes and selects images that they are most likely to respond to.
MagicBricks asserts that it can increase the lead-to-impression ratio by 82% and reach by 65%.
Rohit Manghnani, chief product officer at MagicBricks, said: “With lots of available options, matching interested homebuyers with the right property is a classic big data problem for the real estate industry. PMS 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 proptech, delivering accurate and comprehensive search results to our users, while maximizing returns for advertisers.”
“One of the biggest challenges that developers face is the lack of access to high-intent, relevant customers. We aim to improve their lead generation efforts with this high-utility innovation,” added Ashu Gupta, national sales head at MagicBricks.
Founded in 2006, Bengaluru-headquartered MagicBricks is a real estate marketplace that is owned by Times Internet Limited, a subsidiary of the Times Group — the largest media company in India. It has over 1.5 million active property listings.