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A case study about Housing.com
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9B15E004
HOUSING.COM: DISRUPTING THE HOUSE SEARCH PROCESS IN INDIA
Deepa Ray and Nitin Sangwan wrote this case solely to provide material for class discussion. The authors do not intend to illustrate either effective or ineffective handling of a managerial situation. The authors may have disguised certain names and other identifying information to protect confidentiality. This publication may not be transmitted, photocopied, digitized or otherwise reproduced in any form or by any means without the permission of the copyright holder. Reproduction of this material is not covered under authorization by any reproduction rights organization. To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western University, London, Ontario, Canada, N6G 0N1; (t) 519.661.3208; (e) [email protected]; www.iveycases.com. Copyright © 2015, Richard Ivey School of Business Foundation Version: 2015-02-11
It was a hot summer afternoon in July 2014. Abhimanyu Dhamija, the head of Data Sciences Lab, the technical division of Housing.com, an online realty company, glanced at the latest Economic Times article on the online realty portal market, headlined “Online realty players gear up for tough battle.”1 The article talked about how newer start-ups such as Housing.com were giving established players such as 99acres.com a run for their money. Just last month, Housing.com had received 1,150 million rupees, (roughly US$ 18.66 million2) in funding and had been written about in the papers.3 This had improved its valuation tremendously. Dhamija felt immense pride and a sense of excitement about what the future was going to bring for Housing.com. It had come a long way from being a start-up in a very fragmented industry. Now, it was catching the media’s attention and taking huge strides of growth. It was an exciting time to be part of a hot start-up in India’s growing economy. Housing.com arose out of a frustrating house search process by its two founders, Advitiya Sharma and Rahul Yadav.4 Launched in 2012, the company aimed to make the housing search process completely hassle-free. It had expanded to cater to the rental, buying, paying guest and new construction segments in multiple cities in India. As of June 2014, Housing.com had more than 250,000 verified listings, with new listings being added every day. Glancing up from the page, Dhamija wondered if the company had truly revolutionized the housing search process, as its blog claimed. He also thought about the other competitors in the online housing search space. Despite being a late entrant into the market, Housing.com was catching up to them. The unique selling point (USP) of the company was the pace at which it was innovating and the way it was using a data-driven approach to revolutionize housing search in India.
1 “Online Realty Players Gear Up for Tough Battle,” Economic Times, July 21, 2014. http://articles.economictimes.indiatimes.com/2014-07-21/news/51830732_1_magicbricks-sudhir-pai-info-edge, accessed July 30, 2014. 2 US$1=INR 61.66, USD-INR Exchange rate, Bloomberg, www.bloomberg.com/quote/USDINR:CUR, accessed February 3, 2015. 3 Peerzada Abrar, “Housing.com Founded by IIT Graduates Gets Rs 115 crore from Helion, Qualcomm, Nexus,” Economic Times, June 19, 2014, http://articles.economictimes.indiatimes.com/2014-06-19/news/50710975_1_nexus-venture-suvir-sujan-first-round-funding, accessed June 30, 2014. 4 Shravan Bhat, “Housing.Com: Born Out of its Founders House Hunt,” Forbes India, February 12, 2014, http://forbesindia.com/article/30-under-30/housing.com-born-out-of-its-founders-house-hunt/37151/1, accessed April 30, 2014.
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Page 2 9B15E004 BACKGROUND The Property Market in Mumbai The real estate industry in India was generally divided into four categories: commercial office space, retail space, hospitality and housing. According to a report by the Indian Brand Equity Foundation (IBEF), the industry was estimated to reach US$180 billion by the year 2020.5 Real estate in India was one of the fastest growing markets in the world. And the housing category, also known as residential real estate, was a significant component of this growth. According to a report on Indian real estate by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Ernst and Young in 2013, sales of residential property had started declining after the boom in 2011 and 2012.6 But a recent article in Business Today reported that the housing property market in Mumbai was relatively stable, despite the slump in the real estate industry and an economic slowdown.7 Irrespective of fiscal conditions, buying or selling a property in Mumbai was a challenging process. According to Jones Lang LaSalle’s Global Real Estate Transparency Index, India scored among the lowest in the transparency of real estate transaction processes.8 A blog on the Wall Street Journal site reporting on the Indian property market remarked that “Too many deals are done off the book, recorded with government offices that don’t disclose numbers or are never recorded at all, making it difficult for home buyers and even analysts to assess what a property is worth and which direction property prices are moving.”9 This was true of the property market in Mumbai as well. There was no single place or source of information where the customer could see all the properties for sale and/or rent in Mumbai. Most often, such information primarily rested with the brokers (realtors or middlemen) who were contacted by owners of the property. Due to this information asymmetry, brokers often charged exorbitant fees from the buyer as well as the seller. In addition, only a handful of brokers were professional in their dealings. Scheduling of house visits was often done without much consideration for the owner’s and buyer’s schedules or privacy. The fee charged was a percentage of the final selling price. As a result, brokers had little incentive to ensure that both parties got a fair deal. Thus, the lack of information available and the extensive reliance on brokers made the house search process a harrowing experience for most customers. House Search Process The property search process in Mumbai depended a lot on Lady Luck due to the fragmented nature of information available. The primary brokering of this asymmetrical information was done by the realtors, commonly known as brokers. See Exhibit 1 for the typical house search process in Mumbai.
5 India Brand Equity Foundation, “Real Estate Industry in India,” November 2014, www.ibef.org/industry/real-estate-india.aspx, accessed November 10, 2014. 6 “Brave New World for India Real Estate,” www.ey.com/Publication/vwLUAssets/EY-Brave-new-world-for-India-real-estate/$File/EY-Brave-new-world-for-India-real-estate.pdf, accessed July 3, 2014. 7 “A Bad Turn for Housing,” Business Today, October 2013, http://businesstoday.intoday.in/story/indian-real-estate-market-outlook-prices-crashing/1/198991.html, accessed May 10, 2014. 8 “Moderate Improvements in Asia Pacific,” Global Real Estate Transparency Index 2014, www.jll.com/greti/transparency/asia-pacific, accessed July 10, 2014. 9 R. Jai Krishna, “Indian Property Market Takes A Small Step Out of the Shadows,” Wall Street Journal, June 26, 2014, http://blogs.wsj.com/indiarealtime/2014/06/26/indian-property-market-takes-a-small-step-out-of-the-shadows/, accessed July 8, 2014.
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Page 3 9B15E004 Typically, sellers (property owners) listed their homes and the asking price with most brokers located in the area. Similarly, buyers enlisted the services of a broker located in the geographical area of interest. This broker (person or firm) would then shortlist various houses for the interested party from his or her own inventory. This shortlisting was done using various parameters such as cost, number of bedrooms, locality and other amenities. If the houses available in the inventory did not match the buyer’s requirements, the broker would then network with other brokers who had information about additional houses for sale and/or rent in the area of interest. The interested buying party would then tour the shortlisted homes. The buyer (or tenant looking for rentals) who liked a particular house would inform the broker. The broker representing the buyer/tenant would then talk to the broker representing the seller/renter to set up a meeting. In this meeting, the buyer and seller would meet, and most negotiations (including payments, move-in date and other formalities) would be done. A token amount would be given by the buyer to lock-in the house for sale/rent. One of the brokers would then draw up the sale/rental agreements and handle other formalities — registering the agreement with the government, paying the stamp duty to the state, etc. — related to the property. In exchange, both brokers would receive between 1 per cent and 2 per cent of the sale amount or one month’s rent, as applicable, from their respective customers. However, assuming that the showing process did not result in a match from the available inventory, the buyers had very few options. One was to restart the buying process with a different broker. The other was to change their requirements (either increase budget or change locality) and see if there were other homes in the inventory that they could visit. As a result, a lot of time and effort went into the property search process, without much assurance of success. The process was also inefficient because it heavily relied on the inventory of the brokers and their networks. ONLINE PROPERTY SEARCH Over the years, with the increased adoption of information and communication technologies (ICTs) as well as improved Internet access, people started to look for properties online. In fact, Google searches for terms related to property search (either to rent or buy) in Mumbai had steadily increased over the last few years.10 (See Exhibit 2 for one such example.) After 2005, many companies had entered the online housing portal space, but the industry in general remained as fragmented as before. Some of the major housing portals were 99acres.com, magicbricks.com and indiaproperty.com. 99acres.com (Info Edge India Ltd.) Info Edge India Ltd. was one of the first companies to tap into the emerging Indian Internet market by launching a job portal called naukri.com in 1997. Eventually, as the company grew, it entered other segments of the Internet market such as matrimony, education and real estate. The company launched its housing portal, called 99acres.com, on September 15, 2005.11 According to its website, 99acres.com had more than 2.5 million property listings between 2012 and 201312.
10 According to the data on www.google.com/trends/explore#q=2%20BHK%20in%20mumbai&date=1%2F2009%2067m&cmpt=q&tz=, accessed July 4, 2014. 11 “Quick Facts — Milestones,” Info Edge, 2008, www.infoedge.in/corporate-quick-facts-milestones.asp. 12 “Info Edge (India) Limited- Real Estate,” www.infoedge.in/businesses-real-estate.asp, accessed July 14, 2014.
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Page 4 9B15E004 Magicbricks.com (Times Business Solutions Ltd.) Magicbricks.com was launched by Times Business Solutions Ltd. (TBSL) in August 2006. TBSL was part of India’s leading media conglomerate, called the Times Group. It had already entered the online space in 2004 via its flagship product, a job portal called TimesJobs.com.13 According to the company website, Magicbricks.com had more than 0.8 million listings covering various parts of India.14 Indiaproperty.com IndiaProperty Online Pvt. Ltd. launched indiaproperty.com in 2006. The site claimed to be the top property portal in India in terms of traffic ratings. According to its website, Indiaproperty.com had more than 0.6 million listing across 20 Indian cities and over three million active users.15 Other Portals Since then, many more portals had found their way into the industry, each claiming to be the top or most preferred. However, they were not very different from each other in terms of the basic premise. Most companies that competed in this space provided a medium/platform for buyers to search properties and connect with sellers (mostly brokers or real estate developers). Their business model revolved around a fee from the brokers in exchange for the opportunity to post listings on their website. Actual sellers still remained elusive, forming a very small percentage of the listings online. Thus, even though the search process remained free for potential buyers, the two challenges facing the customer remained unsolved. Information about properties was still elusive for the customer and the reliance on brokers was still high. HOUSING.COM: DAVID VERSUS GOLIATH Sharma and Yadav started looking for homes to rent after finishing their studies at the premier technology school, the Indian Institute of Technology Bombay. The search process was frustrating and involved contacting multiple brokers. The amount of information available online to make house search effective seemed limited. They networked with other graduating friends looking for homes to rent and realized that the housing search process was ripe for disruption. As they dabbled in real estate brokering, they realized that they needed extensive local knowledge to make their business sustainable and take it national. It was here that the idea of housing classifieds as a service was born. Since its inception in 2012, Housing.com had grown to around 1,500 employees in more than 45 cities across India.16 Its website was getting close to 100,000 unique visitors each day. The revenue model for Housing.com was by subscription whereby landlords, agents, developers and landowners bought display space on the site. These subscriptions were either bi-annual or annual and ranged from thousands to hundreds of thousands of rupees, based on the visibility that one could get on the platform. The scale at which Housing.com operated was by far the largest the industry had seen. The company had started with
13 “TimesGroup, Key Milestones,” www.timesgroup.com/bccl/history.html, accessed July 10, 2014. 14 “Magicbricks.com,” www.timesgroup.com/brands/digital/internet/magicbrickscom.html, accessed July 14, 2014 15 “About indiaproperty.com,” www.indiaproperty.com/aboutus.php, accessed July 14, 2014. 16 “Housing.com Assures No Fake listings, Only Real Photos,” NDTV, January 7, 2015, http://profit.ndtv.com/news/corporates/article-housing-com-assures-no-fake-listings-only-real-photos-723838.
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Page 5 9B15E004 properties in Mumbai and within two years had established full-fledged data collection and sales teams in 11 cities. Housing.com was a late entrant to the online housing portal space. It launched its services on July 7, 2012 and began with a focus only on rental search. It expanded its products to buying/selling properties only by March 15, 2013. By this time, more formidable competitors, such as 99acres.com and magicbricks.com, had already established themselves in the online property search market. Housing.com needed to distinguish itself from the rest of the pack in terms of its USP. Every property portal had location-based listings. However, location was generally specified in terms of broad areas or localities within a city. Most listings did not give any street level details. The user would often need to search for the property on different maps to get an idea of its exact location. As a result, online buyers rarely knew the precise location of the property. Also, most listings on the portals were without pictures of the actual property. In fact, almost no one showed more than one picture of any property. The online search process did not come anywhere close to the experience of actually visiting the property. In addition to this, most properties were not verified for authenticity. This often led to listings that did not really exist. This was exploited by brokers who posted lucrative deals (that never existed) to get the buyer’s contact information. Further, there was no neighbourhood information provided. For a person new to the city, there was no way of knowing how most areas compared in terms of the standard of living. Most portals only acted as a forum to connect buyers and sellers (who were most often brokers). Housing.com realized that this was a big gap and an opportunity to bring the actual property visit experience online. The Online “Property Visit” Experience To disrupt and revolutionize the housing search process, Housing.com used a data-driven approach, creating its own niche. It sent its own data collection teams to get detailed information about the property to be listed. The team collected street level information and the exact geographical location (longitude and latitude) of the property. On Housing.com’s map for property search, users could find the exact details in terms of location and nearby landmarks. The interface was also intuitive and simple to use. The map-based user interface displayed all the properties that matched the user’s search criteria. The search area was shown as a circle with the centre positioned according to the user’s specified area and a 3,000 metre radius. The centre, also known as the point of interest, as well as the radius could be changed with one click of a mouse. One could also zoom in or out easily depending on one’s needs. In addition to this, properties were colour-coded based on the date they were listed. This way, users could easily identify which properties were more current in terms of listing (see Exhibit 3). The teams also took photographs of every room including kitchen, bathrooms, dry-areas17, etc. as well as details on amenities such as parking space, number of lifts, security and the availability of pool and gym, documenting close to 90 different fields of information related to the property. (See Exhibit 4) This meant that every property was verified by the Housing.com team before it saw any airtime. The online customer (prospective buyer) could now actually see what the property looked like. There were no more surprises
17 In India, the use of dryers is not that common. Dry-areas refer to small areas provided within the apartment as a space where wet clothes can be hung from a clothesline to dry.
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Page 6 9B15E004 between the online view and the offline visit. Housing.com had moved the online property search from “view the listings” mode to “experience the property” mode. Information about each property was now available to customers in great detail. This information was verified and 100 per cent accurate. Via the process innovation of data collection, Housing.com addressed the challenges of information availability and authenticity. This was its most important contribution to the fragmented and information scarce real estate industry. However, all of this came at a huge on-ground operational cost. Data-driven Operations An important component and key differentiating aspect of Housing.com’s strategy was its reliance on data for improving business processes. As listing requests increased, coordinating the visits and sending the data collection teams to different locations became a huge task. The company optimized the teams’ paths using an algorithm-based approach for better efficiency. Its other data-driven business innovation was the Demand-Supply tool, which made public the information regarding the supply and demand of properties for various geographical areas. This reduced the possibility of demand-supply mismatch being used as leverage for unnecessarily driving up prices (see Exhibit 5). Online property listings were often not updated. As a result, many times, customers would end up shortlisting a house that was very old and probably already sold. To address this problem, Housing.com developed its own mathematical model for listing expiry based on demand, supply and leads for every property on its list. This data-driven approach enabled Housing.com to innovate in terms of its product offerings as well as its operational efficiencies. SIMILAR MODELS ACROSS THE WORLD Just like Housing.com, many other websites around the world were also addressing similar needs for the real estate market. Trulia Trulia (Trulia.com) was started in 2005 as an online residential real estate site for home buyers, sellers, renters and real estate professionals in the United States. Similar to Housing.com, Trulia listed properties for sale/rent and provided the tools as well as the information needed to be successful in the home search process. The company was headquartered in downtown San Francisco.18 It was acquired by Zillow on July 28, 2014 for $3.5 billion.19 Zillow Zillow (Zillow.com) was an online real estate database founded in 2005 by Rich Barton and Lloyd Frink, founders and former executives of Microsoft. Zillow also operated as a real estate marketplace that helped individuals, real estate agents, mortgage professionals, landlords and property managers find and share important information about homes, real estate, mortgages and home improvement. Zillow had a database of more than 110 million U.S. homes, including homes for sale, homes for rent and homes that were not
18 “About Us,” www.trulia.com/about. 19 Les Christie, “Zillow Buys Trulia for $3.5,” CNN Money, July 28, 2014, http://money.cnn.com/2014/07/28/real_estate/zillow-buys-trulia-for-3-5-billion/, accessed January 6, 2014.
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Page 7 9B15E004 currently on the market. In addition, it also offered Zestimate®, a patented home/rental value system, which gave consumers an edge in real estate. Zillow operated the largest real estate and rental advertising networks in the United States in partnership with Yahoo! Homes, which gave advertisers the benefit of having their listings distributed to a huge audience of home buyers/renters.20 Zoopla Zoopla (Zoopla.com) was one of the United Kingdom’s most comprehensive property websites.21 It was launched in 2008 and had a similar mission as other leading property portals throughout the world. Zoopla’s aim was to empower users with information and resources for effective property decisions. It offered thousands of property listings with market data, local information and community tools. Attracting over 40 million visits per month, and one of the leading choices for real estate agents as well as property developers in the United Kingdom, Zoopla worked primarily with them to get a wide variety of property listings on its site. Rightmove Rightmove (Rightmove.co.uk) began its journey in 2000 by four leading corporate estate agencies within the United Kingdom. Initially started as a free model, the website began charging for its listing services in 2002. Rightmove also helped real estate agents and home developers advertise on its sites. This became an important part of its revenue source.22 Similar to Zoopla, Rightmove also used real estate agents and housing developers as primary sources for property listings. WHAT NEXT? All these property portals had created tremendous value across various markets. In comparison, the Indian market was still extremely fragmented with comparatively small players. Housing.com could see the potential to grow and consolidate. In August 2013, Housing.com started scaling up its operations by leveraging the power of quality, technology, innovation and speed. The results were impressive (see Exhibit 6). The company was also innovating in terms of the different products it was offering to the various segments of the housing market. For example, it prided itself on being the world’s first branding platform exclusively for new real estate developments (see Exhibit 7). It was also seeing impressive growth in terms of the various sources for its listings. In fact, the segment of real estate developers on the Housing.com platform had increased tremendously. From just 32 in October 2013, there were now close to 4,027 developers on board (see Exhibit 8). Dhamija wondered if competitors in the online property space would imitate these data-driven business innovations easily. The USP of the company was in the way it was using data to innovate the business front end as well as the back end. As Housing.com moved ahead, would the data-driven strategy help it capture a bigger portion of the market? Dhamija thought about the role of innovations in product and process to help Housing.com compete in the disorganized realty market. More importantly, what should future products of Housing.com look like? 20 “What Is Zillow?” www.zillow.com/corp/About.htm, accessed January 6, 2014. 21 “About Zoopla,” www.zoopla.co.uk/about/, accessed January 6, 2014. 22 “Our History,” http://plc.rightmove.co.uk/about-us/our-history.aspx, accessed January 11, 2014.
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Page 8 9B15E004
EXHIBIT 1: A TYPICAL HOUSE SEARCH PROCESS IN MUMBAI
Source: Author’s representation of the house buying process in India.
Buyer outlines
requirements
Contacts broker with
requirements
Brokers prepare listing of
properties
Brokers network with
other brokers for additional properties
Physical tour of the
shortlisted properties
Match Found
?
Set up meeting or
negotiations with owner
Favourable result?
Y
Find a new
broker?
Y
N
N
Alter buyer Requirements
N
Search ends!
Y
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Page 9 9B15E004
EXHIBIT 2: FREQUENCY OF SEARCH TERM “2BHK IN MUMBAI” ON GOOGLE
Period Average Search
July–Dec 2009 71
Jan–Jun 2010 57.8
July–Dec 2010 63.5
Jan–Jun 2011 64.3
Jul–Dec 2011 59.7
Jan–Jun 2012 58.5
Jul–Dec 2012 68.2
Jan–Jun 2013 68.5
Jul–Dec 2013 83
Jan–Jun 2014 86 Source: www.google.com/trends/explore#q=2%20BHK%20in%20mumbai&date=1%2F2009%2067m&cmpt=q&tz=, accessed July 4, 2014.
EXHIBIT 3: A TYPICAL SEARCH RESULT ON THE MAP-BASED INTERFACE AT HOUSING.COM MAP-BASED INTERFACE FOR HOUSING.COM
Source: Housing.com website, accessed July 5, 2014.
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Page 10 9B15E004
EXHIBIT 4: SNAPSHOT OF PROPERTY DETAILS
Source: Housing.com website, accessed July 5, 2014.
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Page 11 9B15E004
EXHIBIT 5: HOUSING.COM’S DEMAND-SUPPLY TOOL
Source: Housing.com website, https://housing.com/dsl, accessed February 3, 2015.
EXHIBIT 6: HOUSING.COM STATISTICS AFTER SCALING UP OPERATIONS IN AUGUST 2013
Housing.com’s score card
1. 280,000+ mapped houses 2. 6,000+ new projects in three months 3. 8,500+ Paying Guest (PG) listings available in our PG section 4. 2,500+ land listings collected 5. 850+ plot projects live on the platform 6. 250,000 calls being handled at Customer Support every month (up from 10,000 in September
2013) 7. Data Collection Team of 600 people who use automated patent-worthy processes (In-house Data
Collection App and Systems) 8. State-of-the-art Data Quality and Training Teams 9. “One-of-its-kind” New Project Operations Team, with 300 people 10. Smoothly functioning operations in 30 cities of India
Source: Housing.com company sources.
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Page 12 9B15E004
EXHIBIT 7: HOUSING.COM’S OFFERING FOR DEVELOPERS
Source: Housing.com company sources.
EXHIBIT 8: HOUSING.COM’S GROWTH STATISTICS
Source: Housing.com company sources.
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015.
Use
out
side
thes
e pa
ram
eter
s is
a c
opyr
ight
vio
latio
n.
