Magicbricks.com unveils ‘Insider Club’ to drive momentum in new home sales
Magicbricks.com has launched Insider Club. Magicbricks is inviting property seekers in Bengaluru to be part of this. The Insider Club has only 100 invites to be given to serious property seekers following the registration. Selected home buyers with an invite will receive entry to this unique Insider Club as well as best property price deals – up to 20% less than the market price.
The most alluring part of this Club: deals offered under this platform will come with a ‘lowest-price guarantee’. Developers, who are part of Insider Club, have agreed to offer the best possible prices on these projects to customers of Insider Club – should such customers find a lower rate for the same property, they will not just get that price matched, but will be offered an additional discount of Rs50 per sq ft.
Since such pricing is exclusive, Membership to this club, and thereby the special deals, are restricted to “serious buyers” only. Magicbricks defines “serious buyers” basis fulfilling 2 criteria. One is to pay a refundable Rs 25,000/- deposit to be part of this club – this step is aimed at keeping window shoppers out, and in only bringing in consumers who are serious about transacting. Two is a detailed ‘requirement profiling’ to ensure that only buyers with matching requirements are included in the club. The deposit is fully refundable subject to users showing proof of having bought a house OR post a lock-in period of 6 months, whichever occurs earlier.
In short, consumers need to step up and provide validation that they are ‘serious about transacting’. In return, developers who are part of this club would make market-beating offers to them.
Sudhir Pai, CEO, Magicbricks.com, said, “As a market leader, we seek innovation-driven growth opportunities. In the current market context, we found pricing to be a barrier to transactions. To solve this, we’ve launched Insider Club which offers market-beating pricing to its customers, thereby facilitating the process for more transactions to occur. Over time, we hope that this model would help aggregate all serious property buyers, investors under a common platform.”