Most Asian economies, including China, face similar problems. The problem of unauthentic information on Real Estate portals is not unique to India. However, by their very nature brokers have a limited area of influence and are small.į, which also owns BroEx - India’s largest information exchange for real estate brokers used by 100,000+ brokers across the country, leverages network of brokers to procure updated information on rental homes in near real time.
The only people who have authentic & refreshed property information are local brokers. It makes it impossible to scale brokerage business in absence of authentic information. Keeping that information refreshed is a huge task. Add to that rental inventory has a half life of less than 9 days. MB, 99Acres, Quickr has massive listings but mostly inaccurate, deliberately put by brokers to generate leads. But a good question to ask is why have traditional rental brokerage businesses not scaled?īrokerage businesses can scale on the back of availability of large quantity of authentic property listings. This is a large market which is waiting to be disrupted. The experience thereafter is completely inconsistent and broken.Ī $32 billion market and there are still no large brands in home rental business! Hence, there is little exchange of real information except for an introduction of the consumer with a freelance broker. These structural issues ensure that large proportion of the listings on the online portals continue to be fake. Second, the cost of verifying a lead is typically 3x of the money the platform makes on these listing, making it unviable to verify them en masse. One, they can’t bite the hand that feeds them - broker listings typically constitute more than 50% of the revenues of these platforms. However, there are two fundamental problems. Platforms have tried to fight this menace of fake listings as this impacts the underlying value of their offering. This leads to more brokers putting fake listings. In most cases that means incorrect information, which is usually more appealing than the real one. More than 90% of the listings on these portals are put by real estate brokers who pay these platforms for the listings and whose primary objective is to get the customer’s attention and contact details. However, all Real Estate portals have a common problem - lack of authentic information. do have a very impressive portfolio of property listings, running in hundreds of thousands. They have been around for a very long time and many of them - 99Acres, MagicBricks, Quicker Homes etc. Real Estate portals in India are not new. GrowX ventures and IMJ Investment Partners also participated in the round. “Pallav and his team have shown us that there is a large market in rentals that suffers from India-specific problems such as information scarcity, information asymmetry, trust deficits and small local networks, all of which can be solved through the power of the Internet and a tech-enabled approach like .” said Dev Khare, Partner at Lightspeed India Partners Advisors. 6 Crore in 2015 in Seed round also led by LightSpeed India Partners. The company started by Pallav Pandey and Mukul Bhati in Nov 2014, had earlier raised Rs. The company plans to invest the funds to improve its technology solution, perfect its service delivery model and expand the team across engineering, sales and operations. is India’s first tech-enabled rental brokerage company.
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