Indian Real Estate Agents Market
Buying a home is the biggest expense an individual can make in their lifetime. It is provides the assurity that one has a permanent roof over their head. So it is extremely important for everyone to do enough ground work & make the right decision on choosing their home. But the question is if everyone has the ability & time for it as it almost becomes a second job to find the right home. Especially professionals who need to sacrifice their weekends for the same. This has been a problem that is also an opportunity solved by middlemen in the real estate industry known to everyone as an Agent or a Broker.
All you need to do is contact any of the innumerable real estate agencies cropped up all over any city or town & provide your requirements from budget, area, rooms & amenities required etc. They find the most suitable options, arrange site visits, help with suggestions & negotiations, documentation & moreIn return a commission is to be provided by the buyer as fees which vary from once agency or agent to another. But the question remains about their significance in this information age. Before we can discuss that, let’s try to understand their presence & functioning in the country. Firstly the real estate agent or real estate broker comes widely in the unorganized sector though there are many well established agencies. To give view of the numbers, there are approximately at least lakh real estate brokers & agents just in the tier 1 cities.They cater to not just assisting in home buying but even renting of homes, office spaces, shops etc.It is estimated that their revenue in total is around Rs 14,000cr for the year 2016
The revenue earned is usually fees charged as commission that ranges from 1% to 5% of the property value. But the Agents & Brokers of each state, city & even locality have different practices like some collect the commission from buyer & seller, some from buyer, some for every property shown & many such irregularities. Thereby home buyers usually don’t have a great experience dealing with them. But the presence of Agents or Brokers is pretty important as not everyone is tech savvy or have acquaintances with advice to count on for their important property decisions. Not just that, they help on many offline formalities in regards to the purchase of a property which cannot be digitized.Hence the need to formalize the entire real estate industry has lead to the passing of the RERA Act by the central government which aims to organize & formalize all the transactions involved in any real estate deal. The Act requires all real estate agencies, agents & brokers to register themselves & thereby declare all their fore coming transactions to legally do their business. This enforcement has limited many of them who are unable to comply doing their business which has lead to a vacuum in the opportunity that the real estate industry offers.
To solve this dilemma & empower real estate agents for the future of social selling, Ozoprop an advanced real estate technology platform has been developed. It does not just address their usual problems such as organizing & digitizing their activities. But also enables them to work more efficiently, boost their income, provide the best options for their clients & finally get rewarded faithfully. So download now to be become a partner & start earning better.
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Credits - Susheel Kumar M
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