Magicbricks launches new feature to help landlords screen tenants

Magicbricks has introduced a new feature called Know Your Tenant (KYT), which promises to revolutionise the home rental process using cutting-edge technology. 

By leveraging KYT, tenants and landlords can save a significant amount of time, up to 37%. Furthermore, the company believes that this innovative feature has the potential to improve the matching between tenants and landlords by more than 20%. 

With the introduction of KYT, Magicbricks aims at streamlining the rental process and eliminating unnecessary delays. They have designed an intuitive and user-friendly interface, ensuring that users can experience minimal time wastage and maximum efficiency. 

The feature will allow landlords to get to know potential tenants before making a rental decision. With KYT, landlords and potential tenants can have seamless conversations through chat windows right on the Magicbricks platform. This ensures privacy for both parties as contact information is only shared if mutually agreed upon, guaranteeing a secure and confidential exchange. 

Using a combination of data and artificial intelligence, KYT provides landlords with a comprehensive profile of each potential tenant. This profile includes details like income, employment history, credit score, and even social media activity. With this valuable information at their fingertips, landlords can make more informed decisions about who to rent their property to and reduce the risk of dealing with unreliable or unsuitable tenants. 

KYT is currently available in select cities in India, and Magicbricks plans to roll it out to more cities in the coming months. 

Commenting on the launch of Know Your Tenant, Rohit Manghnani, Chief Product Officer at Magicbricks said, “KYT is now seamlessly integrated into the Magicbricks platform, as a free tool for homeowners who list their properties for rent. KYT has already yielded significant advantages, with landlords and tenants experiencing a remarkable 37% reduction in the time required for the rental process. Moreover, it holds the potential ii which helps developers and real estate agents sell properties faster.