Relocating to a new region is an onerous process. In cities especially, owing to the soaring rent and stringent terms and and conditions, finding a suitable place in one’s budget could be extremely stressful a task. Moreover, the hassle doubles up for bachelors who are generally on the lookout for a single independent room but are compelled to take the entire house, and then look for people to share the flat which again translates into a major painstaking process. Although Paying Guest makes for an option, that too comes at a very big cost called privacy.
Similarly, another problem that pops up is furniture. Taking a fully furnished flat on rent in cities like Delhi, Mumbai or Bangalore could result in burning a big hole in one’s pocket. In case of people with families, the option is still optable. But for bachelors, the cost becomes exorbitant. Hence, unaffordable.
In an attempt to resolve this issue, and to make house-hunting a little easier for individuals, ZiffyHomes came into being. In fact, the idea of Ziffyhomes owes its conception to the personal struggle of the 3 founders for whom finding a suitable place in Delhi turned into a nightmare. This experience became the origin of this company– to offer Ready to move-in independent rooms to bachelors.
The company holds the vision of transforming the existing 60 year old long term home rental model by providing technology based innovative home rental solutions to owners and tenants. With a transparent platform without brokerage and proper verification system, ZiffyHomes aims to set a new standard for real estate market by enabling tenants to rent move-in ready rooms in apartments & flats without need for in-person visit.
Problems Addressed by the Startup
The change in India’s demography has transformed the present status of long term home rental market. Today, the industry is experiencing a demand supply gap because of the owner’s preference to let out the entire property whereas tenants, primarily bachelor’s, requirement being individual rooms. Another problem which has come up recently is bachelors’ preference to rent out a move-in ready place while owners’ preference to let out unfurnished / semi-furnished flats/apartments.
While at the root level ZiffyHomes addresses these systemic problems, the model solves / provides benefits to owners as well as tenants. The owner gets higher rental from the property because of higher occupancy rate and professional property management without requirement to micro-manage the entire process. The tenants get their ready-to move in rooms without dependency on other flat-mates with a unified monthly bill which includes all other miscellaneous expenses.
For Tenants –
ZiffyHomes offers a brokerage free platform offering move-in ready rooms to bachelors for long stay. The platform simplifies move-in ready room search as per the tenants’ requirement with filters for neighborhood, price and many more. Once a bachelor likes a flat, he/she is the exclusive applicant to that listing till the owner accepts/ rejects the application. While the platform offers fully furnished homes, it offers further advantages to tenants like on-demand addition of facilities, online payment of rent, no necessity to search flat-mates, freedom to move across the properties on the platform, unified single bill for the month which includes all expenses like rent, DTH, wi-fi, maid charges etc and many more.
On the Owners’s Front –
Being an owner and taking care of long term rental is not easy. It requires listing of property on multiple platforms, reading through hundreds of mails, attending multiple calls, organize endless visits and deal with real estate agents. ZiffyHomes’ platform simplifies and speeds up the entire process of letting out the property completely free of cost to owners.
Step 1: Upon confirmation by owner, the company makes the house move-in ready including required furnishing, conducting professional photoshoot, listing and marketing of the property through professional ads.
Step 2: It ensures professional background verification of every tenant and micromanages occupancy at room level so that owners don’t lose rent of entire flat. Moreover, the platform starts looking for new tenant even before the current tenant has moved out of the room. This means that there is minimal vacancy of the room.
Step 3: ZiffyHomes, during the process, takes care of all paperwork including agreements and other compliances as per law and society regulations. Similarly, the company manages property maintenance during the period to give a hassle free rental experience to owners.
For Brokers –
ZiffyHomes enables tech driven technology for brokers/agents to cater the single occupancy demand side which is catered through its marketplace. A unique incentive program attracts brokers to monetize such leads efficiently with minimal turnaround time. Standardization of properties make the work even easier.
The company claims to be India’s first “technology driven home rental marketplace” which simplifies real estate rental process. Adding a comment on the business model, Salil maintained, “We are a discovery platform which offers ready to move-in rooms to tenants for long stays without any maintenance worry, convenience of online rent payment and freedom to move across our homes. We connect owners to responsible, verified tenants and help them earn higher house rental round the year in addition to a trouble free home management solution.”
ZiffyHomes offers its services free of cost to the owners. The monthly rental paid by tenants, includes the company’s margins.
The company claims to have gained traction of more than 4k+ tenants, 200+ owners and 200+ agent network via different channels where it found huge likeability of the services which are being rendered by brand ZiffyHomes.
Where is the Company Based Out of?
Ziffyhomes is based out of Gurgaon and has 100+ operational units across Delhi NCR.
Currently bootstrapped, ZiffyHomes is in advance discussions with marquee Investors for raising funding.
Market Size & Scope
As stated by Salil, top 25 cities in India have a total of 12.04 million houses on rent. As of last year, the total real estate rental market size was approximately $4.5 billion.
On the scope in this segement, he said, “assuming only 4% of this is online, the online real estate rental market stands at USD 180 million. Even if a portion of the total USD 4.5 billion market moves online, and we know it will, this sector is definitely a large one to be addressed by ZiffyHomes. The offline market is highly fragmented and quality of service is not consistent which in turn doesn’t have facets that really delight the customers and create a memorable experience. And it is something as important as the home you are going to live in. Given that, brand ZiffyHomes focuses on innovation for solving this multi-faceted problem and succeed in this sector.”