Skip to main content

#PROPTECH A Big Threat to Real Estate Brokerage Industry in India

What is PROPTECH?
Proptech is digitally transforming real estate through its innovative use in #commercial, #residential and #industrial sectors. These changes are occuring in the ecosystem through its shorterm benefits and long run asset building with in the industry.

Real Estate Brokerage Industry is always been an attractive business model for individuals and aspiring entrepreneurs with good communication and people skills. The total market size of the brokerage industry is approx #10400 Crore in India out of which 70% is contributed by Residential Real Estate sales. Currently there are approx #40000 Rera Registered Agents in India expected to reach over 1 lakh by 2022. This includes big Corporate brokerage houses , Banks and Finacial Institutions , Developers inhouse Sales , Consultancy firms and Freelancers. But as after the pandemic and lockdown consumer buying behaviour has changing rapidly and technology playing a big role in all aspects of day to day life of everybody,  it is impactimg the Real Estate buying experience too. 

We have done loads of research on how Proptech Startups are burning cash to disrupt the Real Estate Brokerage Industry and what are threats to the offline Industry. In total 26000 Crore is been invested in Proptech between 2010-2020 to disrupt the real estate sales cycle and buying funnel. Hence below are the few trends which can be a big threat and disrupt the Real Estate Brokerage businesses in India.

1) AI and Data Science - As 5G is about to make his initial footprints in India soon , #Artificial Intelligence and #Data Processing will impact the buying experience immensely. As currently a Home Buyers do 8-10 physical site visits before taking buying decision but after big data processing and #argumentedrealty a home buyer will likely narrow down 1-2 projects with the help of immense data available at the comfort from his home intead collecting information by physical site visits or by an expert agent. This will affect the need for an agent in intial RnD.

2)Blockchain-  it's already in buzz from sometimes in form of #Crypto Currency such as #Bitcoin and current jump in Bitcoin pricing helping the tech gaining more popularity and trust. This tech is basically used to store important data securely such as agreements , Registration and other important information in such a manner that it cannot be change or mishandeled by anyone. Hence even Government also started recording all the real estate tensaction and storing data via Blockchain. This will remove the assistance of Paper work due diligence and other critical jobs on which buyers rely on Agents and consultants till now.

3)IOT- You must have heared of Internet of everything but haven't been sure how it's apply to to the real estate market , may be without realising it that you have used IOT without knowing you were participating in one of #Proptech new ways that impact the real estate industry. Every time you use your smartphone to send an email or vise versa you are using a form of #IOT communication. IOT streamlines every process known I real estate market from instant message , videos , VR etc. Each of these IOT tools will automate the real estate buying experience as a buyer and help in making buying decision more efficiently and conviniently.

Conclusion- As a non tech professional you should start evovling your business around the new age tech and build a strong long term vision in order to compete and grow with tech giants. Focus on learning , networking and adaptability. Accept the change and be the the change , look for tie ups and strategic partnership with Local realestate businesses in your area. 

For further information or assistance write to me at mayurrajkapoor@gmail.com. 

And do not forget to spread this article to near and dear ones in your circle.


Comments

Popular posts from this blog

BRIKitt Stays Booking FAQ's

HOW MUCH TIME WILL I HAVE IN MY HOME EACH YEAR? Your access depends on the number of BRIKs you own. Each BRIKs includes 30 stay nights, and they are tracked on a 365-day basis. For example, if your ownership anniversary date is October 20, 2020, we’d count the total number of stayed nights between October 21, 2020, and October 20, 2021. WHAT IF I WANT TO ENJOY MORE STAYS IN MY HOME? As a benefit to owners, you are invited to enjoy stay nights that exceed your annual stay night threshold of 30 nights, pending home availability. A modest nightly operating fee is assessed to cover operating and ownership costs. The fee is used to offset costs for other owners, and there is no markup added. Owners will find rates to be dramatically less than booking a similar, non-Brikitt home. HOW DOES THE BOOKING APP WORK? The BRIK Owners app is powered by our AI based smart booking system. It’s easy to use and equitable for owners based on their number of BRIKs owned. The app displays real-time availabi

How BRIKitt can unlock your financial freedom through Wealth Creating Assets

At some point of time we all want to be financially free and live a dream life with our loved ones as our own term without a day to day struggle and hassle but eventually only 1% of us only able to achieve financial freedom. Have you ever wondered why? To be financially free in today's world one needs to have a minimum of 7 streams of Income and most of them has to be passive. But most of us has a very little or no knowledge of what passive income actually is and how to create wealth with it. With a decade of experience and Research BRIKitt has created a tool through which you can generate multiple passive incomes and upgrade your living standards at the same time. BRIKitt PHILOSOPHY After years of research and studying different financials models all across the globe and observing evolution of world economics we have created a tried and tested tool which can fulfill all your dreams and desires with just an easy and simple way through an asset class which is only and only affordabl

Why Fractional Ownership is better than Owning a whole Vacation Home

Fractional ownership An introduction As we all know, fractional ownership as a concept is developing fast these days and emerging as a popular investment option in India. It is primarily because of the dual advantage it provides i.e rental income and capital appreciation. It is considered to be quite an affordable way to make property investments. It also provides a unique opportunity for the investors to come together and combine their resources to collectively own a high-value property. Fractional ownership pros and cons can help you understand the concept in more detail and how it is changing the whole real estate scenario. Is Fractional ownership a good investment In fractional ownership, you can own a share of the real estate and are issued the deed for the property, but not a time that you can use the home. This keeps the cost relatively low compared to whole ownership and you still have access to the home if you are satisfied. With fractional ownership, your share of the real e