BROKER AGGREGATION CAN TRANSFORM INDIAN REAL ESTATE

Residential real estate fundamentally has three stakeholders - home buyers, developers, and brokers which drive key business transactions in the segment. The Indian realty space has been gradually picking up post the Covid-19 pandemic in terms of new launches, consolidation, increased property registrations, etc., however various operational factors still plague the segment widely.

From a homebuyer's perspective, it is the most challenging to identify a suitable home that meets all their requirement criteria. Even if a buyer finds a home, he does not have enough knowledge to understand the accurate pricing of the property or has the right source of information that he can blindly rely upon. Further, documentation and closing processes towards purchasing a home are far from being hassle-free. The broker community also faces multiple roadblocks while operating their businesses, for instance, lack of technological bandwidth, limited knowledge about real estate in different regions, constant follow-ups for brokerage, etc. The consistent growth of the Indian real estate segment will be far-fetched unless robust and flawless networking and engagement is facilitated between the stakeholders.

Broker aggregation, to a large extent, can help ease the challenges cited here. This aggregation can be made a reality by leveraging technology at its best. A central platform that can manage the entire business operations of a broker will immensely revolutionize the real estate ecosystem in the country. With technological advancement, all the certified brokers can be on a single platform and create a community within. Such a community will ensure a drop in the rate of deal loss due to borderless access of markets and collaboration with home-grown brokers across India. The real estate brokers are usually very well networked and have a strong understanding of various projects and buyers in a particular area. However, in order for this broker to expand his/her reach and serve customers in another region that is not familiar, it will be important for him/her to know brokers in that region and engage with them. This will open avenues for the brokers to mutually benefit from this engagement and to serve their customers without any time wastage thereby helping the brokers and the customers alike. This unique cohesiveness between the brokers will also open up a plethora of property options for the homebuyers as they are assured of being served exactly as per their requirement.

Technology can also work wonders to help brokers know about the payment done by the customers and the brokerage due from the developers. It can streamline the process of brokerage collection, where the broker will be aware of the status of the deal and doesn't have to worry about delays or loss in payment. The time contributed in follow-ups can be utilized efficiently in building a healthy pipeline.

To sum it up, it is high time that brands and consultancies realize how technology can transform the realty space and bring about a change in the way all the stakeholders' function. Real estate is expected to contribute 13% to the country's GDP by 2025 and it will be a magnanimous success if there is a platform that conveniently streamlines the transaction, aggregation, and engagement between the key stakeholders.

Tushar Shrivastava

Co-founder & Chief Technology Officer, PropertyPistol.com

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