Can local real estate agents in India compete with CBRE and JLL

A local real estate agent in India is still using old fashioned way of interacting with prospective clients; agents try to sell the properties they have without getting to know clients needs and requirements. Without knowing if a client is in exploration or decision making phase, agents are moving towards failure and ultimately losing the clients business or any referral business that the client can bring in long run. Here are few facts that brokers/agents should keep in mind while interacting with their customers:

• 90% of people make Single property investment in their lifetime, which means that they spend almost 6-18 months exploring investment opportunities.
• 34% of India's population is millennials, who spend most of their time online and that means 90% of exploration happens online.

• Studies have shown that with evolution of technology/smartphones, an average human being has attention span of 8 seconds. What that means for a broker/builder in real estate is that if you are not able to show value in an investment in limited time then more than likely you will lose that customer.

Given these facts, it is important for local brokers to change the way they approach prospective customers. Not that Agents are at fault here as they cannot just build an application that gathers all the required data available online and shows it in a way that can be used to guide clients make smart investment decisions. In an ideal world if agents have all the technology and market research data at their finger tips, following process should lead to an increase in efficiency and sales volume:

• Step 1: Make first meeting with clients using online appointment tool, which captures both agents and customers availability.
• Step 2: Use market research tools to guide clients narrow down the target locality that fits client requirements/needs.
• Step 3: Become part of a network of real estate agents aka local experts across region to get access to properties in the target location in case you do not have the desired property. This way you can become One-Stop-Shop for your customers and increase your referral commission and sales volume at the same time.
• Step 4: Sign and store legal documents online in order to make it efficient and faster to close the deal for all the parties involved in the real estate transaction.

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GuideREI (Guide Real Estate Investments) is empowering its network of agents to guide clients make real estate investment decisions using technology and market research data, not intuition. 

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Our goal is to build the first end-to-end real estate tech platform in India, which reduces the friction and frustration associated with selling, buying, or renting a property by providing real estate agents with a set of powerful tools to increase efficiency and sales volume.

About the author: Vikram Singh Rawat has 8 years experience in Real Estate domain working on redevelopment projects in Mumbai region with CBRE, JLL and other major brokerage firms. Before getting into real estate, Vikram worked in Financial banking sector for more than 5 years guiding his clients to make smart investment decisions.

Please reach out to Vikram if you have any question or connect on LinkedIn: https://www.linkedin.com/in/vikram-singh-rawat-79200218a/