Real Estate portal with special focus on managing personal living & accommodation, CommonFloor.com appears to have gained significant traction. Accordingly, it is confident of clocking US$ 25 Million in revenue within the next 2 years & claims to have more than 1000 paying customers.
CommonFloor started off as a very niche offering that allowed people living in residential apartments to engage and share information, knowledge and resources needed in daily life. Similar to an intranet site that lists commodities for sale, CommonFloor.com brought neighbors on a common platform where they could communicate, collaborate, borrow, buy & sell things and provide local services too.
Such a proposition, though started almost 2 years ago has only recently gained noticeable traction revealed Sumit Jain, co-founder and CEO of CommonFloor, “Though buying/selling of real estate has been on the site for the past 18 months, it has started seeing traction recently. We have not pivoted from our basic model here. By adding the buying and selling features we enhanced our agenda of becoming a property marketing platform”. Currently, the site is free to the end-buyer, but charges developers & property owners to list their projects or apartments respectively.
The site attempts to combine property search, apartment management as well as vendor management. Incubated in The Morpheus startup accelerator program, it later received its first round of funding from Accel Partners in 2009. Subsequently, after a gap of almost three years, the site managed to land its Series B Funding from Accel as well as Tiger Global Management.
The site has evidently expanded its horizons & now wishes to offer a complete bouquet of services relating to dealing in real estate. But, with multiple competitors like MagicBricks, offering online as well as offline assistance, it could be a long drawn competition wherein, the market leader could be the one with the most convenient way of shopping for real estate. What do you think?