Rajat Malik, the co-founder of houseitt.in, is a 20-year-old entrepreneur who is striving to innovate the idea of student housing space by refining the way accommodations are frequently searched by students and young working professionals. He is currently pursuing BCom (Hons.) from Hindu College, University of Delhi, and is having a keen interest in the field of Business Management.
Houseitt.in is an Accommodation Search Platform for migratory students and young working professionals, which helps them to find their need specific home acting in a trusted, verified, and transparent platform. They assist local real estate brokers, owners, and Co-living owners to get verified leads as there exists no platform to help them. Their USP is to undertake the End to End Transaction via trained professional Area Managers, easing the entire renting process with the help of technology.
The journey of Houseitt.in was started by two friends – Bharat Bhatt and Rajat Malik. They started working as an offline broker in their college wherein they built trust within the college students, brokers, and PG owners. Having zero knowledge about technology, they were set to doom and then joined hands with Mohit, as a Tech. The Advisor who helped them to build a platform. Ishaan Sudan, a college senior who had worked with Bain & Company for 2 years felt challenged by this industry and decided to quit his job to join the clan of friends. The clan was familiar with entrepreneurship. Before launching Houseitt, Rajat, Bharat and Ishaan founded an Entrepreneurship Cell, Hindu College, then founded LEO’s Club, University of Delhi, created a string society of 50 members, and won several accolades.
“As it is rightly said problems are the inspiration for innovation and so as happened in our case. I was looking for accommodation for myself in the campus Region and had to fall prey at the hand of brokers. Realizing the very nature and difficulties of this industry, I along with my friends decided to take this challenge up.”- says Rajat. The biggest challenges faced by the clan of friends were structuring and integration of technology with real-estate, changing user behavior towards the adoption of technology for searching accommodations. To overcome these challenges, they tried to understand user behavior and also realized that suppliers could conveniently use basic technological features like WhatsApp and Mobile Camera. Therefore, they incorporated such features in their portal, letting the suppliers use basic technological features.
Houseitt.in started with a product-centric approach and later realized the importance of customer satisfaction for sustaining in the industry. Today, they are trying to inculcate Customer Experience as their competitive advantage over the other players in the industry. “Reaching the Target Group and making sure they come back the next day is what makes a successful marketing strategy. The most effective channel of marketing is Social Media. Social Media is acting as one of the biggest boosts in connecting and building up a community of students and young professionals. We are spending more than 30% of the revenue on the marketing budget. I believe that startups need the branding to help establish a reputation in the market and form the perception in the minds of its users”- says Rajat.
“We spend more than 30% of the revenue on the marketing budget”– Rajat Malik
Rajat said that the industry is closely connected with the education industry and hence the future of the industry is bright. In India, there are more than 5 million Students who migrate across cities to study and have to find accommodation. The COVID-19 pandemic has created a truly unprecedented situation which affects across industries globally. During the lockdown period in India, Houseitt received zero sales. The co-founder is optimistic about the current situation and believes that things would get better and is waiting for this period to recover.
Age does not really matter when it comes to following one’s passion. All it takes is a good team and proactive approach like houseitt.in that helps one to sustain the business.