Indian Real Estate, Property Portals and the 21st Century Real Estate Agent

Real estate agents? Hasn’t the net gotten rid of them yet?

I pay attention this question all the time. Most human beings expect that belongings portals in India are operating toward disposing of retailers and facilitating direct interplay among vendor and customer. Though that is partly correct, real estate agents are the largest clients of those portals and the portals are doing their bit to facilitate their boom. We engage with sellers every day and we see maximum of them are doing suitable commercial enterprise. I want to take the time and provide an explanation for the dynamics behind Indian real estate, the function marketers’ play and the way the function of dealers’ is going to alternate inside the future Diverse real estate agents.

Note – Throughout this article, I’ve focused most effective at the condo and resale market and not long gone into sale of recent belongings with the aid of developers because the dynamics of that market are appreciably one-of-a-kind. Also, the scope of this newsletter is limited to Indian Real Estate.

“MakeMyTrip has removed journey agents. So why hasn’t the equal occurred to actual estate agents?”

One wishes to remember that ticketing is now a factor-and-click industry – tour dealers have been changed through computers. The manner of getting information about the adventure AND buying the tickets can be accomplished at the internet. Real estate is fundamentally an offline method. Though information aggregation is an vital part of it, web page visits, negotiations and paperwork all need to be accomplished offline. Even from an proprietor/sellers perspective, renting out/selling a home isn’t as easy as list it online – the system can stretch for months. This is in which actual estate agents step in – in guiding clients thru the offline part of the transaction, bringing each parties to comply with the terms and completing off the paper work.

Why are not belongings portals seeking to remove marketers and turn out to be virtual middlemen?

A belongings portal gives a platform for a seller and a buyer to interact (A dealer may be an proprietor, builder or an agent). If we get rid of sellers from this equation, portals are left with a C2C platform with assets owners being the handiest supply of stock. Though many pick a situation like this, we want to parent out how the platform provider goes to monetize from this setup. They have the following alternatives –

Listing charges – They can accumulate a price from the proprietor/dealer to list their property. There are few owners who are willing to pay for top rate listings (ultimate time I checked, about five% of owners list online have been willing to pay) however that is really not sufficient to preserve the commercial enterprise. Indian consumers are equipped to use a provider which is free (free listings) OR pay for a service once it is rendered (brokerage) however are not OK with something in among.

Charge property seekers to get proprietor records – Another choice would be to charge property seekers a rate to present them statistics approximately the proprietor who is indexed. This also isn’t a sustainable choice due to the fact owners who listing online have a tendency to list on more than one portals and you can always reveals a portal which offers you the owners records without cost.

Brokerage price whilst the deal is closed – This might be a tremendous monetization scheme that everybody might be willing to pay for, however could be very tough to implement. To do that, portals want to keep track of each deal that closes offline and that could be subsequent to impossible.

There might be greater alternatives, but I don’t truely see them turning into big ‘sales making machines’. Running a real estate portal is a VERY highly-priced affair and portals might want a stable sales stream to offset that price.

This is in which Real Estate Agents step in: Agents are inclined to spend desirable cash to marketplace their homes on a platform which might supply them true leads. Property portals see this as a steady, sustainable revenue stream. This, seemingly, is a suit made in heaven.

So, you are announcing belongings portals have made no dent within the brokerage industry?

Undoubtedly, they’ve. In a BIG manner! With many owners listing their properties online, marketers are starting to experience the heat. Coupled with the reality that the wide variety of real property agents has almost tripled in the previous couple of years, you may see that the average real estate agent earned a LOT much less in 2014 that he did in 2011. Agents are starting to understand that there’s a paradigm shift and it’s time to mend their approaches, earlier than the sport receives taken out of their hands. There wishes to be a shift in their mentality and it desires to occur NOW.

Role of the twenty first century real property agent

10 years back, marketers quite a great deal charged money for data arbitrage – “I actually have the contact information of the owner/tenant and you need to pay me cash to get this touch” become the mantra and it has labored. A disproportionate sum of money become charged for this reputedly simple service and the world went on without a qualm by and large due to the fact there was no opportunity. But now there is. Increased proprietor listings on portals, multifold growth in number of actual estate marketers, internal portals in company agencies which help employees locate lodging, Facebook businesses, and so on. Have all impacted the brokerage enterprise and there needs to be an overhaul.

“What’s dangerous is to no longer evolve, not invent and no longer continuously improve consumer enjoy” – Every Realtor in the u . S . Wishes to latch those phrases said through Jeff Bezos, CEO Amazon. Information arbitrage can now not be the sport real estate sellers play – We’re shifting in the direction of a world wherein get right of entry to to records is getting less complicated and this cannot continue to be the USP of why a property seeker goes to a actual property agent. I accept as true with agents want to undertake the subsequent practices –

Save time on your customers – In modern-day world, no one has time to do matters (although they do have time, humans don’t need to spend their time house searching). Saving time for your clients might be the first-rate price-upload an agent can offer. Be up-to-date on the modern inventory this is to be had in the locality. If you are no longer confident if the client will like your house, simply inform them so! Don’t drag them to a dingy apartment they will never never be interested by – they’ll lose trust for your sense of judgment and by no means come lower back to you once more. Learn to actually apprehend what your client needs, be equipped to discover the maximum applicable inventory, accompany them for the duration of website online visits and near the deal. A definitely appropriate agent ought to be able to near a rental requirement in 7 days and a resale requirement in 1 month, tops.

Give as a lot facts as viable – Instead of hoarding statistics, marketers need to freely part with it. Tell your clients precisely which condominium society the property is in, inform them precisely how far from the bus-forestall it’s miles and inform them if the owner/tenant isn’t relaxed with someone from their demographic. In the longer run, this allows construct a higher rapport with customers. Sure, other retailers (or your customers themselves) may get to the owner/seller with out you, however inside the longer run, this is what’s going to work.

Adopt technology, don’t fight it – Apart from Whatsapp, marketers don’t use their clever phones for any enterprise associated sports. Why is that this so? For starters, there’re many CRM programs on the app keep which they are able to use. This alone will improve their productivity one hundred times over! Other applications for maintaining stock, marketing, and so forth. Are to be had however are not being ate up via dealers.

Develop competencies a pc/era can not do – A pc can never negotiate a good buy for the patron – it is a process that requires a human contact. A pc can in no way get a experience of what the consumer definitely wishes – Agents can try this given you are usually with the customer. This is a courting pushed industry, make certain you always keep in mind that.

Use social media as a advertising and marketing platform – When proprietors are the use of Facebook as a platform for advertising, why should not sellers? Creating a Facebook group to advertising and marketing their listings is a top notch manner to reach new customers. There are some agents who do this already and are getting proper response from the same.

Be professional – Cliche as it is able to sound, going back to the fundamentals is some thing every agent needs to do. Being punctual, dressing in formals and speakme with politeness to customers are some key talents that retailers need to exercise. Again, there are retailers who are polite, however the variety appears to be shrinking.

The list can hold extending, but I can summarize it this way – If you are a real estate agent, think about what you have been doing to your commercial enterprise 5 years lower back and evaluate that to what you are doing today. If not anything a good deal has changed, take into account that you’ll turn out to be redundant inside the following few years. The world is converting and simplest folks that trade with it will live to combat some other day. Portals have evolved, residence hunting has modified for stop clients and it is about time the role of the real property agent adjustments as nicely.

How are we placed on this complex marketplace?

Our vision has continually been to construct A Technology Powered Real Estate employer that works towards supporting our clients find a domestic they simply love. We try this with the aid of mixing reducing edge era and knowledge brokerage. We’re including incredible real property dealers to our team, giving them next-gen mobile packages/computer products to better run their enterprise, supporting them recognize the marketplace as it is these days, offering education sessions and gaining knowledge of fabric and in the end, assisting them serve customers better. Given the high-quality reaction we’ve got acquired from customers and marketers thus far, we’re assured of the street ahead.

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