In a bid to widen its property services marketplace and consolidate smart solutions for homeowners as well as tenants, property site Magicbricks has launched a range of rental solutions. The company has unveiled its Rental Agreement, Tenant Verification, and Pay Rent.
The new rental products, it said, are aimed at building a “fair” and “transparent” relationship between landlords and tenants. Its Tenant Verification and Rental Agreement services can be availed at a starting price of Rs 499. Tenants can also use the Pay Rent platform to transfer rent up to Rs 45,000 to their landlords using credit cards and earn reward points.
The company’s latest move comes after launching its home sanitisation and pest control and home loans.
“We are consistently trying to come up with new value propositions aimed at helping our consumers in a tech-driven marketplace. Our new rental products like Pay Rent, Tenant Verification, and Rental Agreement are in line with our promise of creating a holistic property services marketplace that provides landlords and tenants with a seamless experience. Our aim is to streamline the process and be a one-stop-shop for all online rental transactions. We believe our latest rental solutions will reduce the anxiety in the relationship between tenants and landlords and will be a game-changing move for India’s rental real estate market,” Sudhir Pai, CEO, Magicbricks, said in a press release.
According to the company, Magicbricks’ Pay Rent features offers tenants an “easy, rewarding and a fully secured” payment gateway. The tenant needs to provide details of the landlord, make payments through credit cards and the landlord will receive the payment within 1-2 days. The tenant will also be provided with a digital rent receipt.
For Rental Agreement, landlords need to fill an online form with details of both the parties and make payments for the rental agreement charges, including the stamp duty as required by the law, directly on the platform. The final agreement will be delivered at the doorstep of the landlord.
Similarly, landlords can also protect their property by opting for the Tenant Verification service on Magicbricks by opting for Standard (Rs 499), Silver (Rs 699) and Gold Pack (Rs 1499). These packs are based on multiple checks – identity verification, criminal court check, civil litigation check, permanent address verification and reference check.