House-hunting in a metropolitan city could be a highly painstaking task. Let alone the exorbitant flat rentals, the uncompromising terms and conditions applied by the landlords, make the process even more grueling. And if you are a bachelor, your trouble automatically gets doubled, thanks to the societal prejudices and skepticism. In an attempt to mitigate these issues, and simplify the clumsy affair of finding a suitable house in budget, especially for single people, GetSetHome came into being.
Founded in 2014 by Shabnam Kadwani, Junaid Shaikh and Muddassar Virani, Mumbai-based GetSetHome, is a platform for Co-living. It is a managed & shared rental accommodation for long term stays. It is a multi-sided platform that serves two interdependent customer segments: the seekers (migrating to cities for work or education) and the owners (residential asset owners).
The Vision of GetSetHome is to be a trusted community marketplace and enabler for people to list, discover and book quality managed accommodations across India for long term stays.
The company is operational in 4 cities currently – Mumbai, Pune, Bangalore & Hyderabad.
Key Pain Points Addressed by the Startup
GetSetHome is a platform that has been created to ease the problem of house hunting for people who are relocating. Given the skepticism that the society holds for bachelor tenants, finding a suitable and independent flat in budget, in a metropolitan city, could translate into a daunting task.
The startup is eliminating the pain of dealing with brokers, putting up advertisements in newspapers and websites; waiting to get an ideal like minded tennant, setting up time for property visits to these customers who are interested, negotiations, closures, paperwork, legal procedures etc.
A Glance at GetSetHome’s Offerings
GetSetHome provides completely furnished homes.
The company leases the property from the owner, furnishes it & adds all the necessary amenities like Microwave, Fridge, Washing Machine, TV, etc. It then offers these houses to individuals on a sharing basis.
The company also offers services like house cleaning/maid, Wifi, DTH, Electricity, Water & Gas Bills to the tenants. Further, its staff on their inspection visits, ensure maintenance of the house.
Choices on room sharing plans such as single occupancy to triple occupancy for a room are given to the tenants. It also offers flexible stay terms by the month or year to suit any budget or lifestyle.
“In short these are all inclusive, no-stress packages for bachelors where they can simply walk in with their luggage and be assured of all daily house necessities which are all taken care of”, maintains Kadwani.
Moreover, the company signs long term contracts with the home-owners & claims to offer higher than market price rents. Similarly, landlords can view the details of the tenants staying at their property.
“We lease properties from the owners, furnish them, add services and then sublease it to individuals on sharing basis,” confirms the team.
The company makes money from the differential pricing between how much it leases the property at & the per bed sub-leasing that it offers at.
GetSetHome claims to have leased 50 properties across 4 cities with a 90 – 94% occupancy rate.
The startup is currently bootstrapped. However, it is in advanced stage of discussion for external investments.
Technology Employed by the Company
The website follows a 3-Tier Web Architecture which supports horizontal scaling to serve heavy traffic expected in the near future. A careful blend of client and Server side languages is used to give users a smooth experience while navigating through any page. “We’re working towards building ‘GetSetHome Lite’. A feature where, the website switches from Default mode to the Lite one automatically upon analysing the user’s internet speed, primary intent being `Serve to All`” said the team.
The company has also implemented on-demand intelligent caching techniques for Data, to drastically reduce response times, for reporting and extracting knowledge from the gathered data plays an important role in any business.
It has integrated with Facebook & Google+ to get tenants’ info and their friend list. It lets you know which of your friends have taken GetSetHome’s services, and shares the same area with you.
Further, the platform allows tenants to pay the rent online. Infact, the entire journey is facilitated online – right from scheduling the visit to the property to paying advance token for blocking a bed, the monthly rents, the security deposit, the agreements, the police verification all of it is automated & digitised. Even the home owners have an access to the tenants staying at the property, their backgrounds and documentations to the monthly yield from their properties.
All service requests too are handled digitally.
Presently, the team is working towards building Mobile apps for Android and iOS.
What is GetSetHome’s USP? How is it Different from Ziffyhomes, Nestaway, Housing and the Like?
“We have all-inclusive packages (with services & monthly bills) for customers. Rest offer only a fully furnished home”, claims the team. The tenants pay for all the bills themselves. So in case a house is currently occupied by 2 instead of 6 people, the bills have to be split between those 2 therefore making it heavy on the pocket.
The company adds, “We also have multiple package options like triple sharing, double sharing, compact single rooms and premium single rooms that others do not”.
“Housing doesn’t offer managed homes. They only had listing of various PGs available in a city but even that discovery has been discontinued a couple of months back. They apparently now focus only on discovery & booking platform for new homes”, stated Kadwani.
Market Size, Scope and Future Plans
As confirmed by the founders, the total rental real estate market in India is estimated to be $ 15 billion per annum. As per the IBEF 2015-2016 report, the overall real estate sector is expected to increase ~2x by 2020.
“Co-living concept is a huge success internationally especially US & China. Largely because of Urbanization. China saw the boom 5 years back and is dominated today by 5-7 big players backed by season investors. India is definitely next”, believes the team.
Elaborating on the scope in this sector, they maintained, ”we have only got started, the scope increases as India marches further towards urbanization and creating opportunities in not just the top metro cities but in the upcoming smart cities & tier 1 cities. We aim to provide accommodation to ~ half a million bachelors in the next 3 years across 10 – 12 cities”.