New Delhi [India], Sep 8 : Home rental marketplace FastFox has announced a three-fold growth post its adoption of the ‘Open House’ model.
Clocking a month-over-month (MoM) growth of 20 percent, FastFox now extends handpicked renting options (through its AI-based recommendation engine that analyses 108 diverse data points) to its customers based on their end-to-end needs and preferences.
The customers can browse through the recommended properties, reserve time slots, and visit these Open Houses at the designated time. The platform also helps its customers with end-to-end paperwork and ancillary services that are required for relocation.
Since the rollout of its new business model, FastFox.com’s GMV run rate (annual) is now also peaking at USD 20 million. Its inventory, moreover, comprises 40% of the rentable houses in Gurgaon and is being used by more than 15% of all home seekers in the city. The monthly closures have simultaneously increased to around 280 to 300 per month, up from 100 during early 2018, which is also the highest monthly rental transactions registered by a single entity all across the country.
“We have observed positive changes on our growth trajectory since the adoption of Open House model. Now, our entire focus is on aggressively adding more inventory and expanding our business footprint to other high-potential markets throughout India,” said co-founder and CEO, FastFox.com, Pallav Pandey.
On an average, anyone looking to rent a house in India has to visit 14 properties over a period of 12 days through 5 to 6 different brokers. It is also reported that 84 percent of the listings on online marketplaces turn out to be bogus. These might be some of the factors that are turning the market dynamics in the favor of FastFox.com and making it a fast-emerging player within its domain.
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