MyGate has announced the launch of ‘MyGate Homes’ (‘Homes’), a property search marketplace that draws on its leading position as a community app to deliver a unique solution. By attracting listings exclusively from the 3 million homes in the 20,000 gated communities on MyGate, ‘Homes’ is well-positioned to raise satisfaction levels for buyers, sellers, landlords and tenants with a strong focus on transparency, accuracy of information and a smarter experience. A successful pilot in Bengaluru, which attracted over 10,000 property listings, cleared the way for a nationwide release late last month.
The genesis of ‘Homes’
Two trends from the MyGate ecosystem pointed to the need for ‘Homes’ on the MyGate app. 30% of all users on the platform, particularly tenants, move from one MyGate property to another every 12 months. Secondly, a sizable number of conversations on the app’s communication platform are about property, indicating that the market, in both its digital and physical forms, still does not adequately cater to the needs of users.
As a player firmly embedded in the gated community ecosystem, MyGate is the only player capable of guaranteeing owner-only listings and offering reliable insight into the current state of a community with regularly updated photographs, verified reviews from actual residents, and many varieties of society-specific information, such as the availability of maids, cooks and nannies, functioning of clubhouse facilities, occupancy rate and security strength. As the vast majority of the information is available with MyGate, homeowners benefit from a smoother listing process and buyers/tenants from reliability of the information, with a completely brokerage-free experience.
In June 2021, MyGate launched ‘Homes’ for the 2300 societies on its app in Bangalore. Over the next three months, the company logged over 10,000 listings with over 40,000 connections taking place. More recently, the company has taken the product live across the country, with listings moving over 10,000 in a brief period.
Announcing the launch, Shreyans Daga, CTO and Co-Founder of MyGate said, “Property search remains a time-consuming struggle even online due to the number of information gaps. Being deeply embedded in the gated community ecosystem, we’re able to bridge many of these. We are able to provide buyers and tenants with all the information they need about a particular community to speed up their decision. Simultaneously, we are able to lighten the burden of creating a good listing on the homeowner. We also expect the similar dynamics of our nationwide MyGate user base to play a role in a smoother experience for all involved.”
With the addition of even more useful features and the growth of MyGate as a whole in the coming months, the company has set itself an aggressive target of 25,000 listings per month by December 2021.
Over the past month, 10 integrated services such as digital rent agreement with e-signing, legal assistance, movers and packers, property management, cleaning, painting and pest control have gone live on the app. In the coming months, solutions like interior decor, furniture and appliance rental, rental deposit and home loans will also join the list, in keeping with the company’s commitment to being a one-stop solution for all things related to the home.