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Enterpreneurship in Real Estate Broking Priya Dalal

Present Market statistics: Number of brokers in Ahmedabad : Approx. 10,000 active Number of deals : 10,000-12,000 registrations a month Estimate of primary deals being done by brokers: 50%- 60% (increasing as number deals reduce) 20% of the new projects of India are in Gujarat Investors from all India have invested in Gujarat

Next 10 years? Outdoor Media will continue to lose its effectiveness Resale properties will have a great share of transaction in the market Buyers will have a higher Dependence on agents as plethora of options emerge Technology will play a pivotal role in broking Organized broking is the future

Next 10 years? Foreign investors investing in India and Indians investing outside the country will increase. Proportion of White money in real estate transactions will increase. Real Estate broking will follow the footsteps of organized stock broking.

Fundamental questions first.

What is broking? Broker is a party that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed.

What does a buyer want? Inventory Agent time Guidance Saving of his time Quick Closure

What does a seller want? More genuine buyers Get best price for his property Liquidate at the earliest Agent’s time Guidance of valuation Relevant buyers consider his property

Why a broker cannot satisfy? Getting and retaining best employees Training Advertisement Budget No Surety of Income Limited budget for Running costs Network

Why employees don’t stay? Employer gets the lion’s share of income Boss gives little value addition to each deal once the employee becomes experienced Lack of independence Lack of Personal Identity Limited office growth

How to increase deals? Give more options to buyers Employ more agents to serve the customer better Use technology to increase the viewers of the property

Get access to HNI/NRI clients? Get high quality agents who are experienced qualified and who give better service Get properties which they would prefer: 100% white for NRI Give a good ROI for HNI Train employees regularly to improve your quality of service Use technology extensively

Attract and retain employees? Number of transactions is the key to improving income and motivation of employee Create a brand value of your office Fire low performing employees: key to retain top performing people Continuously recruit

Network? Join a network to share inventory and leads Networks help wide geographical presence Can access various segments of buyers and sellers A network gains more trust than an individual broker

Technology: How important? Do you use Mobile? Why?

Example of A listing: Property with an excellent view over looking a river, sea and a hill. Very upmarket locality. 3 bed room, fully furnished, good wood work. Parking for 2 cars.

Technology: How important? Buyers require more information e.g. floor plan, elevation photos, views, amenities etc. Cost of petrol increases so buyers prefer to see properties over internet and short list rather than visit each and every option. Buyers don’t have time. Buyers can be outside city or even country. Buyers want to share information with others.

Technology: How important? Brokers need to: Make quality leaflets to give as handouts to customers. Promptly respond over email. If they work in network: Technology is critical for sharing information Smartphone challenge: using apps to search properties

Informal sector: thrive or survive? Small Stock brokers: on brink of extinction Starts with reluctance to change Later results in reduction in market share In 5 years substantial shift will be seen from the unorganized broking sector to organized broking Then it is too late to change

Verious Real estate company enter in to indian Real estate broking Business

"It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change." — Charles Darwin

Build a Profitable Enterprise - CA Manaan Choksi

Which office is more profitable? The one which has more number of relevant property options for each customer OR The one which has less number of option to customers

Which office is more profitable? The one which has more number of agents OR The one which has less number of agents

Which office is more profitable? The one which has top performing agents OR The one which has bad agents

Which office is more profitable? The one which has more trained agents OR The one which has untrained assistants / employees

Which office is more profitable? The one which has motivated agents to run after business OR The one which has employees who wait for business to run after them

Which office is more profitable? The one which has latest technology to market their properties OR The one which doesn’t use technology to market their properties

Which office is more profitable? The one which has wide network OR The one which is a stand alone operation

Which office is more profitable? The one in which agents earn according to their commission earned OR The one in which employees earn fixed salary irrespective of commission earned

Which office is more profitable? The fixed running cost is lower OR The fixed running cost is higher

Which office is more profitable? The one which is adaptable OR The one which just opened

INTRODUCING RE/MAX

Established in Denver, Colorado (USA) in 1973 by – Dave Liniger The only International Real Estate Broking Company still owned and operated by the original promoter

Some Statistics RE/MAX is #1 We are No. 1 in market share We are No. 1 in agent productivity We are No. 1 in brand name awareness We are No. 1 in advertising We are No. 1 in lead generation We are No. 1 in professional education We are No. 1 in the minds of buyers and sellers

RE/MAX

www.remax-mgm.com India’s most visited real estate and franchise business website www.remax-mgm.com

Refferals Agent to Agent Referrals Negotiate your own referral rate Send and receive referrals of buyers and sellers

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