Real estate brokerage firms have pushed the sector to its due growth in India since the economic liberalisation of the country’s housing market. Today, the Indian real estate market has numerous brokerage firms that offer world-class services to homebuyers, home sellers, tenants, and landlords. They act as a common platform for homebuyers, home sellers, landlords, as well as tenants and facilitate the sale, purchase or leasing of homes. Let us today understand where real estate brokerage in India stands today.
The pandemic of 2022 and its consequent lockdown has reinforced the significance of homeownership. In fact, many people who were previously comfortable with renting a home are now looking to buy homes. This positive buyer sentiment has led to a meteoric rise in real estate demand. No doubt, brokerage firms have played a pivotal role in facilitating home sales and fuelled the growth of the real estate sector.
One of the lasting effects of the pandemic is its impact on work patterns. Remote and hybrid working models have in turn changed several key parameters that homebuyers look at. A large chunk of homebuyers continues to work longer hours from their homes. The demand for spacious integrated homes has thus risen steadily. Today, buyers look for multifunctional homes that are well-equipped with reading nooks, built-in workstations, activity spaces and more.
This changing demand has also brought a change in the traditional ways of real estate brokerage. Brokerage firms are now offering dedicated specialists who can work with their clients to provide customised solutions for everyone. The pressure to purchase a house near the workplace has dimmed, therefore homebuyers now explore more affordable options across peripheral locations, satellite townships and tier-2 cities. This has had a cascading effect on brokerage firms, who had to pivot their modus operandi to expand their operations across the board.
No doubt, buying a home is one of the biggest financial transactions of a person’s life. People today are ready to shell out extra money if it means having a trained professional on their side when buying or selling a home to make the right decisions. As a result, real estate brokerage companies are taking steps to groom their agents/brokers in the best possible way to stay on top of the game and generate more revenue. These training sessions additionally also provide agents with the opportunity to learn time management and skills that allow them to succeed in the industry in the long run.
Along with these changing peripheries, the digital era has also transformed real estate in a significant way. The technological disruption has compelled industry players to reassess shifts in customer demographics and behaviour in their business models. This new generation of tech-savvy millennial homebuyers is making their presence felt in a big way. Consequently, the interdependence between physical and virtual spaces has undergone major transformations.
Brokerage companies have begun to leverage the limitless online capabilities of the Metaverse to empower their brokerage agents, and also to enrich and enhance the home buying experience. Additionally, thriving real estate brokerage firms also actively put to use tools and online marketing programs, including Google Adwords, social media, and other forms of digital marketing to promote sales and future developments.
The real estate industry has risen to all the challenges put forth and demonstrated its resilience. The readiness to take up the clarion call has helped the industry undergo a steady transformation and become more efficient and transparent in functioning.
At Pyramid Lifestyle, precision, purity and perfection are revered with utmost importance. While our dynamic projects continue to transform the real estate landscape, we take care to simultaneously empower our clientele and help them choose what’s best for them. To know more about what we do, visit https://www.pyramidlifestyle.com/