The secret behind the spectacular rise of the Real Estate Portal CommonFloor
CommonFloor.com is India’s leading real estate community portal. It is a one-stop solution for all real estate needs including Sales/ Purchase, Renting etc. In fact, its services go beyond finding the property. It extends its services to property management along with real estate agent providing a comprehensive platform for communities to connect. This dedicated portal is focused on apartments and gated communities. In short, it offers a holistic real estate agent ecosystem for facilitating property decisions.
It is designed to fulfill real estate agent requirements of all Indian home seekers, sellers and professionals. This is made possible with its extensive and verified database of properties across over 200 Indian cities. Besides that, it provides amazing and user-friendly analytics and community management tools. Moreover, you get reliable property and locality reviews. Apart from all this, it has cultivated an enormous storehouse of insightful research covering every possible property related subject. For instance, it covers legal issues, property maintenance, facility management, insurance, price trends, taxation etc. It has a presence on both web and mobile devices.
Founder: Vikas Malpani, Sumit Jain and Lalit Mangal
CEO: Sumit Jain
Headquarters: Bangalore, India
Property Listed on Website: 5+ lakh
Property Listed on Mobile App: 37+ lakh
Serves on Website: 200+ Indian cities
Serves on Mobile App: 900+ Indian cities
Apartment Communities: 100K+
Home Owners: 10M+
Monthly Online Visits: 70 lakh
Annual Revenue: $25M
CommonFloor Born Out Of A Necessity
At times, simple, innovative solutions for individual problems goes a long way in resolving bigger issues. The same is the case with the conception of CommonFloor. When Vikas Malpani, Sumit Jain and Lalit Mangal; three computer science graduates; moved to Bangalore in 2007, things were very different. They experienced difficulties in searching for properties and relocating to an unknown location. Even after all the hard work, what they got in was unfriendly and unhelpful locality. This led them to develop a unique and innovative solution that paved the way for India’s largest real estate platform. In other words, their individual problems gave birth to CommonFloor.
CommonFloor started in 2007 in Banglore with the joint efforts of Vikas Malpani, Sumit Jain and Lalit Mangal. It was initially set up as a Community Management Platform providing solutions for people residing in gated societies or apartment complexes. It connected the community to share and resolve their issues. With the passage of time, it keeps on adding services like rentals, sales/ purchase etc. As such, it has evolved into a comprehensive real estate agent portal offering a full spectrum of services.
In January 2015, it received a major boost in the form of massive funding from Google Capital. Later, in January 2016, Quikr(a leading classified platform) acquired it and merged it with Quikr Homes.
Solution Modelled For Favorable Outcome
CommonFloor is focused on fulfilling the diversified needs of all stakeholders. As such, it has ensured to keep its services free of cost for users that acts as a major factor to attract a huge customer base. This, in turn, serves as a lucrative sales opportunity for businesses and sellers. They are charged for using its Apartment Management Software. In other words, it works on a simple cost per lead model to generate revenues.
Apart from that, it gets revenue through advertisements and vendor listings. They get advertisements from big brands across multiple domains seeking to reach out customers planning to sell or purchase a property. For instance, builders, banks, architects, plumbers, carpenters etc.
Marketing Strategies Leading To Spectacular Rise
CommonFloor priorities its product’s reliability and effectiveness as its foremost marketing strategy. This ensured that it gained the maximum benefit of positive word of mouth making a road for its super fast growth and success.
A part from that, it battles the competition with its highly effective and robust marketing gameplan. To name a few, they took great advantage from the below-mentioned techniques to boost their growth.
- Highly Optimized Website
- Engaging Video Advertisements
- Film and TV Associations
- Social Media Activation’s
- Intuitive, User-friendly Mobile App
CommonFloor’s profound and confident approach to marketing strategies reflects in Vikas Malpani’s (founder, CommonFloor, real estate agent) words. He explains, “We believe that we have the entire ecosystem upfront and there are no competitors who have the strategy or vision for future of real estate in country like we do. So, in that sense, we are not worried about our competitors. What we are trying to do in our marketing strategy is to connect with our audience, who can understand and make decisions. We at CommonFloor’s are there to empower them with information so that they can make their decision.”
Highly Optimised Website
CommonFloor understands that its website is the single most important channel to connect with the customers. As such, it has built a website which is highly optimized to serve this purpose. Its website showcases a smart, intuitive, user-friendly and contemporary design to extend an enriching user experience. At the same time, it ensured the accuracy and relevance of data/ information to build upon its brand image as a trustworthy platform. The website is focused on sharing informative quality content curated for customer needs. In fact, it has an extensive knowledge base of engaging content and access to expert advice on its site covering every possible aspect of real estate agent.
Apart from that, its website presents a perfect blend of innovative features and ultimate usability that guarantees unmatched user experience. Some of the features that helped it in multiplying its customer base are listed below.
- Live-In Tours: This revolutionary technology allows users to get a 360-degree visual experience of listed properties. This feature allowed users to make informed decisions in an effective way. Thus, single-handedly generating 30% more inquiries.
- CommonFloor Home Select: This innovative feature allowed projects and units to be displayed through 3D Visualization techniques. This is combined with the ability to choose specific units, get its details and book it online with digital payment. In short, a comprehensive and engaging solution for projects.
- Advanced Map-Based Search: The website launched a state-of-the-art feature integrated with Google Maps. It facilitated map-based property search that enhanced its accuracy and reliability.
- CommonFloor Forum: Taking a profitable and informed property decision is an extremely confusing and overwhelming task. As such, customers always value platforms that can help them expert advice and end-user experience. This feature does the same by connecting residents, owners and tenants with professionals.
- CommonFloor Groups: This interactive feature allows homeowners to build powerful communities capable to tackle property issues effectively and efficiently.
These features engaged customers while adding value to their property searching endeavours. As a result, its customer base multiplied quickly transforming it into an industry-leading champion.
Engaging Video Advertisements
CommonFloor attracted users with its entertaining and amusing advertisements. These commercials engaged customers while building it as a reliable and trustworthy brand. It reiterated the brand’s commitment for comprehensive choice, accurate information, insightful visions, user-friendly tools, and avant-garde technology. Its tagline “No Darr. Find Ghar” established the brand as ultimate authority in matters of property.
Film and TV Associations
Real estate agent has always targeted at striking long-lasting connection with its audience. It achieved this goal through another innovative marketing strategy. Its association with Imran Khan and Kangana Ranaut starring Katti Batti was quite unique. The portal was seamlessly integrated into the film’s script to connect with the audience and strengthen brand image.
Apart from that, it was the first one to use “The Viral Fever” and its immensely popular series “Permanent Roommates” to reach the mass audience. This experiment proved extremely profitable for the brand.
According to Vikas Malpani, “It’s a wonderful link up to the film, which appeals to mass audience. Basically, what we have been doing is experimenting with all possible new age media, which connects to young brands. We were the first ones to tie up with The Viral Fever one of their series Permanent Roommates, which was quite a global success.”
He further added, “Movie integration and activation helps connect with audience on ground as well as reinforce the brand.”
Social Media Activations
CommonFloor has a remarkable social media presence. The brand has judiciously used it in its favour to reach its target audience. It primarily employs the platforms of Facebook, Twitter, Instagram And Youtube to leverage its marketing efforts. It keeps on running campaigns from time to time to keep the audience engaged and informed. One of the noteworthy campaigns was social media contests to activate its association with films and TV series.
Facebook: 187k fans
Twitter: 20.7k followers
Instagram: 272k followers
YouTube: 1,879 subscribers
According to Vikas Malpani, “ Our social media is more about putting out the right information, keeping the audience engaged to our pages and put out relevant real estate trend information, which can be consumed over social media. We also interact with people on Facebook and Twitter, who are looking for a house and connect them with relevant options.”
Similarly, CommonFloor launched intuitive, user-friendly mobile applications to encash the widespread reach of mobile devices. Its real estate app came with innovative in-built reality features. This feature assists users to locate relevant properties within 2.5 km in the direction where the phone is pointing.
Along with that, it incorporated CommonFloor Retina (Virtual Reality), 3D Project experience, Locality Experience, Hybrid View, CommonFloor Celestial (first-person walkthrough), CommonFloor mBrochure, Apartment Management Tool, CommonFloor Smart Guard etc. All this enriched user experience along with adding unbeatable value for customers.
Sumit Jain, Co-founder & CEO, CommonFloor, explained, “As a new-age online realty player, technology and innovation are part of our core DNA. Property buying demands huge time and financial investment by the buyer and it is our constant endeavour to create tools and technology that makes property search easy for the consumer and gives them a wow experience. CommonFloor Retina is a result of one such quest that adapts technology smartly to the consumer’s advantage.”