What Drives A Real Estate Brokerage Business?

By Author: Ashil Patel
Total Articles: 33
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Inventory: The lifeline of a property broking business is the inventory that an agent has to offer the real estate customer. When a person walks into a real-estate agent’s office and he finds a good number of options of properties matching his needs, he goes back satisfied and happy that it is possible to get options for the location of his choice.

Personal Time: Without giving personal time into the business, it is impossible to expect that property business can grow. The fact remains that the property is still bought because of relationship building process that an agent carries out with his customers. Without giving it full time, it is impossible to succeed in the property broking business.

Trust: Building trust is very important to get more clients. It is very important that property consultants take their business in a way that they are looking to do it for multiple transactions in the year and not just for 1 or 2 transactions in the year.

Technology: The thrust on the use of technology to increase the number of buyers considering your property has never been so big. People use technology to manage ...
... their operations, scale it up and then also look at it to list properties and market them in various platforms and channels.

Brand: Building a real-estate brand is critical to one’s business. Be it your fliers, collaterals, properties brochures – they should all communicate the same message towards building the brand which is very important. Being in the same place for long also helps build the brand.

Network: Network helps you build a base of people who are in touch with the end-user. It could be the builder, property buyer, seller or any other form of property customer. Also, property agents have a good network which can be used to build and sell inventory to customers. Ultimately, what matters is your ability to meet customers’ requirement to complete the transaction.

Referral: A true worth of a real-estate agent is the number of referrals it can generate. If your past clients, business partners, vendors all are referring clients to you – you have really scaled up your business.

More than 60% of a person’s net worth is in real estate. Property brokerage is one of the most unorganized industries in India. In spite of the fact that the government has regulated all other asset classes like insurance, mutual funds, stock broking, real-estate remains to be the only industry which seems to be unregulated and unlicensed. The only entry barrier to a realtor joining the real estate broking industry is a mobile phone and a visiting card. This makes property broking a place where there is quick money, single transaction brokers and various people willing to do transactions.