BroEx as a brand? A brief story about you and your startup?
Pallav Pandey: is a serial entrepreneur and an expert in building high growth businesses for Indian market. Pallav is the founder of Knowlarity: Cloud Telephony and a founding investor with Crown-it: Customer Club.A graduate of IIT Kanpur, Pallav was working in the US with nVidia before returning to start India’s first political consulting company.
Mukul Bhati: is a tech-wizard with deep expertise in building products that have successfully scaled. Mukul had performed lead role in technology at some of the top companies in India like PayU, Knowlarity and UrbanTouch. He has a bachelors degree in computer science and engineering from IIT Guwahati.
The idea behind BroEx is to empower the brokers to collaborate among themselves using technology. They have been using basic tools like WhatsApp and Google Groups for some time but their requirements have far outgrown the utility offered by these tools. BroEx operates in that space – offering brokers superior scalable product to help them reach farther, close faster.
How is Broker Exchange creating its own market? How about competition?
The big USP for BroEx is that it is a platform for the brokers only. (BTW, We actively discourage and delist end customers from the platform.) This is designed to fulfill their unique requirements. The application is available on Google Play Store and Apple AppStore, with about 45,000 real estate agents pan-India on the platform. We have seen a lot of copy of our product in the market since our release, but we are far ahead from them in terms of no. of brokers on the platform and also the adoption rate.
On the current circumstances how is Broker Exchange planning its future?
We aim to make a significant contribution to the Indian RE brokerage market which is highly unorganised. Currently we are focusing on growing the network. We have a lot of initiatives in the pipeline. Many registered broker associations have recognized us as the official broker to broker communication platform. We have also started alliances with the developers to complete the ecosystem, keeping the broker at the center of it.
Share your opinion on the recent incident on the “Yes Broker” campaign retaliation?
Yes Broker was an initiative started by BroEx. The campaign was supported by Real estate broker associations all across India. Our endeavor is to advocate the imperatives of realty agents in the industry. Brokers are integral to the real estate market and no technology or business can counteract their utility. What technology and tech startups are catering to are the tangible aspects of a property search. Finding a home to buy or to rent is something which is much more than just a buy. The crucial intangible aspects of a property such as information about the locality, history of the inventory and other such related information can only be provided by brokers. No technology can offer the service offered by real human agents.
What measures are you planning to take for future?
With the belief that RE industry cannot be organised without the help of brokers, we are continuously evolving and building a complete ecosystem. Our network has been growing at a good pace. We are being supported by major Real Estate associations all across India.
Do you think that this kind of app can make a difference in the realty market?
We have seen a lot of traction with BroEx since its release in March, 2015. The app is used by 45,000 brokers all across India and is continued to be downloaded by 500 brokers every day. The adoption has been overwhelming and we are continuously working on making the user experience better for our customers(Brokers). We are confident that BroEx will become the industry standard for Brokers in India to communicate, share inventories and close deals faster.
No Broker is the new trend in the market. What is your take on this?
The real estate market has seen an information explosion with the advent of property listing / discovery websites. Where all of these players have failed is in market making. Almost all real estate decisions are made offline. It is largely driven by the fact that a real estate purchasing decision is one of the biggest decision for most customers. It will continue to be like this – even in mature markets like US 90% of transactions happen offline, assisted by RE Professionals. In India, that number is even higher. That makes our value proposition and positioning very strong. Buying a house, is the biggest decision of an individual’s life. He invests his major portion of his savings and also his future earnings for buying a property for himself. Any individual requires expert’s advise for this decision which is and will always be fulfilled by a RE Broker.
A message to the brokers from Broker Exchange
The brokers are an integral part to the RE industry, but they need to cope up and adopt technologies that are coming their way. With the entry of other technology players in the RE market, their position can be marginalised, if the RE agents do not adopt the latest technology. BroEx gives brokers a chance to unleash the power of the 45,000 strong broker network that it has created to help them close deals faster and maintain their position in the industry.