The real estate brokerage market in India is currently dominated by 500,000 independent brokers and agencies and generates $6.5 billion in brokerage fee income for real estate sales and rentals annually. The fragmented nature of the market restricts the ability of industry stakeholders (brokers, builders, and customers) to collaborate effectively. One such startup where people can locate brokers and property of choice is BroEx.
Founded in November 2014 by Pallav Pandey and Mukul Bhati, BroEx is a platform for brokers. The platform allows brokers to tap into a broad network by connecting and sharing information, including inventory and requirements, within the network. They are also able to access accurate sale and rental listings as well as close deals faster.
Talking about the idea to start BroEx, company CEO Pallav Pandey said, “While looking for a rented house and dealing with various real estate brokers. I noticed that the brokers needed to network with other agents on a real time basis. And that is how i got the idea about BroEx.”
What problems is it solving?
Gurgaon-based BroEx empowers brokers to collaborate among themselves with the help of 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 a scalable product to help them reach farther and close faster.
What are the key services and features of the startup?
Its news feed feature provides all the relevant property details such as current rates in the market, update from builders on project status and offers.
A user can search for residential or commercial properties and the relevant broker for the purchase of the property. Users can also filter properties with options like vastu facing, power backup, water supply, etc.
Its auto match alert helps users list their inventory in one place and keep it updated. Its intelli-matching service helps match relevant properties. It also enables chat within the app and the user can also share property on Whatsapp.
For primary sales BroEx charges minimum amount of every deal that is sold through its platform. And for secondary sales, BroEx helps sellers and sell-side brokers to showcase their property to brokers. It charges a fixed deposit for Rs. 20,000/- presently for every successful auction.
The company faces competition from similar products offered by competitors like Plabro, Zillion Dreams, Smart Agent Connect and others.
Present Status and Future Plans:
The company raised it seed round of $1 million from LightSpeed India. The service is available in more than 100 cities that includes all tier-1 and 2 cities and towns and is being used by more than 50,000 brokers PAN India. The company has also tied up with select builders who are showcasing their projects to the brokers on the platform.
In future it is planning to tie up with developers and builders to give them a platform to showcase their projects.