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Last updated: 20 Dec, 2022  

Gaurev.9.thmb.jpg Technology must to harness true potential of real estate industry: BroBazaar MD & CEO

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SME Times News Bureau | 20 Dec, 2022

In order to harness the true potential of the real estate industry, we need to adopt tech platforms and tools, said Gaurev Kapoor MD & CEO of BroBazaar, in an interview with SME Times. He added that if anyone is willing to work hard, has a passion for selling, and can be consistent and persistent, then they will be very successful in the real estate consulting business.

Excerpts of the interview…

Let's start with a look back at this year as the New Year approaches. In 2022, how did BroBazaar fare?

Answer- We have had an insightful year. We started with the idea:
* to use technology to empower real estate professionals;
* to help them with products and ease the way they do business;
* to help them grow their businesses.
Additionally, we created the core team and brought in people who are passionate about solving problems and making a difference.
Furthermore, we launched the first version of BroBazaar in July. Since then, we have received a tremendous response and feedback from the real estate agents and builders of repute in Gurgaon.
The year 2022 will be marked as the beginning of change in the real estate industry.

What goals have you set for the firm in 2023 as a new-age real estate brokerage brand in India?

Answer- For 2023, we intend to take BroBazaar to new heights with:

* New features to help real estate agents grow their business
* Launching the app in new markets beyond Gurgaon and taking BroBazaar to Delhi and Noida
* Hire talented and passionate people to complete our core team.

Can you describe your outlook on a profession in real estate brokerage? Do you have any advice for people who are interested in pursuing this field?

Answer- Real estate consulting is one of the most lucrative businesses. Every year, it attracts talent from other similar service industries like hospitality, insurance, banking, IT, and many more. It's also an exhibition-based business nowadays, with fancy offices, huge parties, hefty incentives, and bumper salaries.

I sincerely believe that if anyone is willing to work hard, has a passion for selling, and can be consistent and persistent, then they will be very successful in the real estate consulting business. BroBazaar will provide the necessary tools and platform for agents to ensure that they succeed—provided, of course, that they have the virtues I enumerated in my last sentence.

As a result of technological advancements, real estate agents are no longer constrained by physical location. Is it possible that the same technology that is aiding these sellers also serves to erode their clients' trust?

Answer- Real estate transactions require a human touch and human intelligence. Technology will speed up the process and make it smooth and streamlined, but a successful real estate deal cannot happen without an agent. The core belief behind BroBazaar is that more than 90% of successful deals happen with the help of an agent. I, for one, firmly believe that the core of the real estate industry is a) information, b) relationships, and c) speed. Technology simply cannot replace the agent's role in a real estate transaction.

Now, to answer the latter part of your question – Trust is built on a belief that someone can be depended upon, someone has your best interest at heart and that someone is your well-wisher. That belief is never based on a single interaction but is built over a period of time and strengthens through numerous moments of truth and interactions and hence, the inclusion of technology would never cause a situation where the trust of the client is eroded.

Even though you have been asked this too many times, how important is it for the Indian real estate market to reap the benefits of going fully digital?

Answer- The real estate industry in India is currently worth $200 billion, and it is expected to reach $1 trillion by 2030. We, at BroBazaar, firmly believe that our honourable Prime Minister's vision of 2030 cannot be realized without the help of technology. In order to harness the true potential of the real estate industry, we need to adopt tech platforms and tools. There is a clear, present, and unavoidable demand for a real estate industry "Tech Marketplace" to launch India's real estate industry into the future.

 
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