India is the developing country in the process the number of cities are increasing all over the country, leading to urbanization. Due to the rapid growth of the cities, leaving expenses are high. If you want to live anywhere you should have your own house or rented house. In the cities like Hyderabad, Bangalore, finding a rental is very difficult.
It is an era where all the people are very busy in their lives; don’t have much time for all other things. Renting the best house in our budget is very difficult in metropolitan cities, that’s giving the opportunity for the brokers to use the loophole and making the profit out from it. In the current situation, brokers are ruling the rental business in every city.
According to the startup founder Agarwal, the rental brokerage for residential is global US$200 billion per annum, whereas in India around US$4 billion is paid as brokerage to the brokers among the 20 cities. For the brokers, we need pay half or full amount of one month need to pay for them as the commission. The people suffered by the brokers in one way or the other way but they don’t have another option.
For every problem, there will be a solution we need to look for it. So Akhil Guptha from IIT, Amit Kumar Agarwal, from IIM started the startup name called NoBroker in the year 2014. The founders took it as the opportunity and made it successful.
About the Startup:
The Nobroker startup is the peer to peer connection between the tenant and house owner. The startup is in Bangalore. It is a disruptive real-estate platform which will be useful for, buy/sell/rent a house/apartment/land/plots, without age fee.
It will eliminate the middleman who is benefiting from the people, just for sharing the numbers of owners or for finding the tenets. It is the only portal in India which will not be affected by the brokers threating calls and warnings. The real estate portal is C2C which is using the latest technologies in the market like Machine Learning algorithms and Artificial Intelligence. The main aim of the Nobroker is to provide the best services for the both and provide the best home they are
1. The startup will check and verify each listing and make sure that no broker or the middleman involved in this. We use many latest technologies to make the site/portal free from the brokers.
2. The team of startup wants to ensure that maximum information is available to you in as easy to use format. It will provide the exact house which we are looking for in a few hours only.
The brokerage industry is very vast; after the starting of the startup, the founder got threatening calls and legal notices from the brokers to quit and stop the business. The founder considered that the startup; is having great potential. In the year 2015, the startup is attacked by some of the brokers in the market, property agents because the startup will affect their business.
The startup shifted its office to some other location, even though the harassment and coercion did not stop. Now the startup is running from the other place, taking precautions for not listing in the Google maps. The Nobroker is not affected by the brokers in the listing.
Many online web portals came by giving the promise that they will not encourage them, but they cannot stop the brokers from entering into the site. We successfully came out of this situation and helping both sides.
The firm is providing some great features, which is very useful for both tenants and owners. They are:
1. Avoid broker fees:
The main aim of the company is to provide the contact between the two clients, and it is a C2C business model. Not to include brokers in the business, help the people from not paying huge fees to the brokers.
2. Free listing:
You can list in the portal just in few minutes with free of cost. It will be helpful in getting the right deals for both ends.
3. Shortlist without visit:
The property we want to buy/rent we need not go to the location. We can directly book from the place where you are right now.
4. Rental Agreement:
The company will help in making the rental agreement between a tenant and the owner. They will give assistance what to do, how to do, and in paperwork also they will be helpful.
The startup is providing different revenue models based on the customer requirement. We can register and post the ads for free of cost if you want more then you need to take the Freedom plan which costs 999. The three revenue models:
1. Freemium model for tenants
2. Freedom plan for Rs. 999
3. Relax plan for Rs.1999
Growth and features:
The startup is which running successful. The company saved brokerage fee of more than 55crores monthly. We connected more than Rs 10 lakh customers every month. Every month we are getting 60,000 new listings. The startup came up with a mobile app.
There is a feature in the mobile application click and earn. In the last 12 months, the customers increased massively from 35,000 to 6, 50,000. The startup is planning to cover 70% of the market. The business-like real estate mostly depends on the brand advertising, promotion of the company and lead generation but the Nobroker company is expect from it. The startup revenue is growing with a recorded 465.7% increase, revenue from Rs 6.28 Crore in FY17 compared to the previous year.
The startup raised $10 Million Series B funding to expand its operations to 20 cities in the country. Currently, the startup running successfully in 4 major cities Mumbai, Bangalore, Pune, Chennai, and Gurgaon. The first target is the Noida, Delhi, Kolkata, Hyderabad, and Ahmedabad which are broker-saturated markets.