From using the latest apps to taking intensive technology-backed training, real estate brokers are quickly adapting to new technologies. As prospective buyers increasing rely on the online space, brokers, too, have taken the technology plunge.
Giving them a leg up are web platforms that facilitate their training in the latest technologies and help them carry out transactions in the online space.
The Indian realty broking market is estimated to be worth ₹15,000-20,000 crore, with about five lakh agents operating in the top 15 cities.
The latter are the primary customers of these platforms, though brokers in tier II and III cities are fast catching up.
Thanks to the rapid growth of the realty brokers’ platform sector, it has seen plenty of funding activity, with a clutch of investors putting money into start-ups. International players, scenting big money, are also testing the waters in this highly fragmented category.
Sunday Realty Solutions (formerly Sunday Mobility), which connects over 20,000 brokers nationwide, has raised ₹5 crore in early-stage funding.
It used the funds to develop SmartAgent Connect, a platform that allows real estate agents to create their own business networks and close deals in a shorter timeframe. Agents also get features such as a personalised website and CRM software. The company has crated close to 10,000 websites.
“We enable agents to leverage technology to meet the expectations of customers,” said Sunday Realty founder and CEO Joseph George.
Mobile networkBroEx, which runs a mobile-based network for brokers, has raised $1 million in early-stage financing from Lightspeed India. It recently tied up with RE/MAX, a web-based real estate broking network, to bring the brokers on both networks on to a common platform.
The BroEx mobile app has more than 35,000 active users on the platform, and the company expects to touch 100,000 users by the end of the year.
Says co-founder Pallav Pandey: “With the softening of the real estate market across India, the demand has almost completely moved to the end customer. This makes the role of the broker even more critical.”
Another platform for brokers, IndiaMLS, has received seed funding of $1.09 million from a group of HNIs. The platform, which offers multiple listing services, has been built by brokers.
Apart from organising brokers’ clients, activity calendars and important documents on the platform, it offers unlimited free property listings.
Plabro Network has raised $350,000 from Flipkart’s founders, among others.
The company runs a mobile app that links real estate brokers to property developers.
Helping developers“The seamless networking between real estate intermediaries also helps real estate developers, since there is a faster off-take of inventory,” said Aaditya Jain, co-founder of Plabro Networks.
“Customers can choose from a wider pool of properties. We are also in the process of adding data analytics and business insights that will support the knowledge base of customers,” he added.
Global firms that run brokers’ platforms are also stepping up their India investments.
Franchisee modelColdwell Banker LLC, the Indian arm of US-based Coldwell Banker LLC, works on a franchise-led model. It offers training, branding and technology for brokers. From about 35 franchisees at present, it plans to have 100 franchises by 2018 in India.
“Currently, we are expanding in and around Mumbai,” said Ramnik Chopra, MD, Coldwell Banker India. The company said it has invested about $5 million for expansion.
Real estate advisory Square Yards Consulting, which has launched a mobile app called Square Connect for brokers, has raised $6 million (₹38 crore) in pre-Series A funding from a clutch of investors in Singapore and Hong Kong.
The company’s app gives brokers access to exclusive sourced deals and inventory from grade-A developers.