Posted on

Grading Office Buildings in India – Our 4 Parameters

How does India grade it’s office buildings? Is there a formula to this? Why one office building may be A+ in grading and still command a rental lower than a grade A building? All this and a lowdown on how CRE Matrix grades office buildings across India.

Office space is crucial for any firm’s development as the workspace environment plays a vital role in the employee’s mental health and wellbeing. The quality of the physical workplace setting has a powerful sway on the company’s capability to both recruits as well as retail employees. 

Since the work environment is extremely important, companies are now looking out for appropriate and best office spaces in India that can keep their employees satisfied. Happy employees can help reap profits for the business. It is observed that more and more companies in India are becoming very particular about the kind of office space they want in a specific type of commercial building. 

India is filled with different kinds of commercial buildings in any city. If you’re considering taking up office space for your company, you would have many options to consider based on your preferences and budget. The location is one of the many factors that need to be kept in mind before taking up office space in a building. 

Some of the other parameters are the age of the building, amenities offered, parking, design of the building, and so forth. It is based on these criteria that commercial buildings in this country may be categorized as Grade A building, Grade B building, and Grade C building. These classifications may help to determine the rents of the buildings. 

Let us look at the various parameters that help classify the office buildings India:

Amenities 

Grade A buildings are bestowed with the specific grade because they come with a lot of high-quality amenities. They feature facilities such as fire prevention systems, fire-management systems, earthquake-resistant structures, and so forth. Grade A office building Mumbai will have a cutting-edge HVAC (Heating Ventilation, Air Conditioning), extremely safe elevators, and state-of-the-art concierge services. The utilities such as water and electricity are exceptionally effective. These buildings usually house a cafeteria, food court, restaurants, ATMs, coffee shops, and so forth. 

On the other hand, a Grade B office building will have elevators that work well but are not considered to be superior quality. Water and electricity systems are not deemed to be extremely effective. Many may not even come with features such as earthquake-resistant structures and waste recycling units. As for Grade C office buildings, they barely have any amenities. In India, you will not find any lobby area or even elevators. 

Location

Grade A buildings are typically located in the heart of central business districts. In metropolitan cities such as Mumbai or Bengaluru, they are more likely to have enormous open spaces or some kind of greenery landscape that adds to the beauty of the building. Grade B buildings are not so centrally located but manage to have a decent location. Grade C buildings are not perched in busy commercial hubs and can be located in any lane or road. 

Parking 

Grade A buildings have professional management and have adequate parking for every corporate tenant, their employees, and their guests who could visit occasionally. Grade B buildings generally compromise on factors like security and parking. They will have enough for the employees of the corporate tenants but not extend it to their guests. Grade C office building MMR will not have enough parking spaces to fit vehicles of all employees of their corporate tenants. 

Architecture 

Grade A office buildings are typically architectural marvels and extremely posh and upscale in their looks. These buildings are typically newly built and have the necessary infrastructure in place. Grade B buildings are usually older than Grade A buildings and are not as shiny and glitzy as the former. Grade C buildings are usually the oldest as compared to the other two and typically need a lot of repair work. 

We deploy 5 other parameters which form our secret sauce to grade buildings. To know more, sign up with us and we’ll take you through how we grade buildings using artificial intelligence, machine learning and a lot of human intelligence.

CRE Matrix is India’s preferred real estate data analytics platform. We can provide stakeholders with every minute detail about a commercial building including its grading. 

For more such exciting analysis and details on real estate, visit CRE Matrix.

Posted on

CRE Matrix Attends Midday BDA Expo 2022

CRE Matrix was proud to attend the Midday BDA Expo 2022 which is currently ongoing from 15th to 17th April 2022. Our CEO, Abhishek Kiran Gupta was invited as a special guest to speak on the importance of data analysis in the real estate sector at the first-panel discussion at the conclave on Day 1. 

Abhishek Kiran Gupta

Key Highlights from the Panel Discussion: 

  1. Abhishek Kiran Gupta opined that data is central to decision-making for better project design, improved project development, enhanced broking by advisers, better lending opportunities by banks, higher-quality investments by investors, and so forth. 
  2. Abhishek Kiran Gupta shared that the youth in the real estate industry have multiple choices to shape their career from development to broking to research & advisory to finance to fractional ownership and so on. 
  3. Abhishek Kiran Gupta advised all young entrepreneurs with start-up ideas to focus on building sustainable and profitable businesses and not pursue valuations and quick exits. 

Key Highlights from the Expo:

CRE Matrix visited over a dozen developer booths and spoke extensively with key sales representatives. 

  1. The event showcased housing sales of 15 apartments on day 1 till 4 pm. 
  2. The majority of the projects highlighted at the expo were from the Western Suburbs Macro-markets between Andheri to Dahisar. 
  3. Most projects were redevelopment or slum rehab projects. The event demonstrated a couple of FREEHOLD land projects as well. 
  4. It was very promising to witness the JDA/JV/Joint projects between developers. The Western Suburbs market developers appear to be very cordial with each other and display healthy competition with each other. 
  5. There has been a slowdown in housing inquiries and housing sales post a rise in stamp duty rates by 1% in Mumbai. However, the sales team believes home buyers will have to adjust to this new reality.
  6. Developers humbly articulated that they are most likely increasing home prices in mature projects citing a rise in raw material prices. 
  7. We were extremely impressed to witness that several developers have opted to tie up with brokers on Mandate sales wherein brokers exclusively market these projects directly through social media or mobilizing channel partners.

Our CEO Abhishek Kiran Gupta was honored to attend the real estate conclave and be able to share his wisdom. The 3-day Midday BDA Expo 2022 will conclude on 17th April. So, if you haven’t visited yet, now is the time to check it out! 

For more such exciting analysis and details on real estate, visit CRE Matrix.

Posted on

Co-Working Spaces – The New Work Culture Gripping the Nation

What is co-working? As remote work and hybrid work continue to increase in popularity, more and more people are asking the question, what exactly is a co-working space? Generally speaking, co-working is when several people from different companies share an office space, thereby allowing for cost savings and convenience via the use of common infrastructures, like equipment, utilities, receptionists, and custodial services. 

Co-working spaces deliver the same amenities you would find in a conventional office, along with a lot more. A chief differentiator is basically the flexibility since you don’t have to sign a long-term lease in a co-working space. 

Decoding the Immense Popularity of Co-working Culture 

Over time, co-working has been slowly but surely revolutionizing the work culture across the globe and has become popular in India as well. As the demand for shared office spaces rose throughout the country, it was felt more significantly in category A cities as compared to other cities in India. The rise of start-ups and a new generation of workers who favor a flexible work environment led to the trend for a co-working culture in these cities. 

Here are a couple of reasons why a co-working work environment is trending in India:

Cost-Effective Alternative to Renting and Leasing 

Thanks to the rapid rise in the rates of commercial spaces across India, it has become extremely expensive for a company of any size to lease a conventional office in an urban area. In such a scenario, co-working works as a breath of fresh air. To lease a conventional office, you will have to fork out a fixed initial amount that comprises a refundable deposit, advance maintenance charge, and other expenses for necessary entities. 

But if you choose a co-working space in Mumbai, all you will need to do is pay for a small monthly rent for your seat. This rent will be significantly lower compared to the monthly rent of your conventional office. Moreover, you will be able to use many amenities such as meeting rooms, printers, and so forth, at a reasonable rate or no additional cost. 

Preference of Flexibility

In recent times, there has been a change in the way office-goers are expected to go to work. Flexible timings and a more laid-back work environment have more or less become the norm. Offices that are able to offer such a setting are succeeding at keeping their attrition rate low. 

A simple and effective way to attain this goal is to choose co-working spaces. Just stroll into any co-working space in India, and you will witness vibrant colorful interiors that will give you a welcoming feel. Usually, a bright environment can lead to a rise in productivity and efficiency on part of the employees. 

Scalability Issue 

One of the major reasons why conventional offices are not as popular anymore is because of problems related to scalability. If you rent a conventional office in India, you will not be able to increase or downsize your team as per your will. On the other hand, co-working space in India delivers the perfect solution to this problem. 

You can easily increase or downsize your team based on your requirements. All you have to do is rent out a couple more seats to accommodate your expanding team or let go of some seats to downsize. 

CRE Matrix is India’s most preferred authentic data analytics platform that offers accurate and authentic data of co-working spaces that can help in competitive analysis.

For more such exciting analysis and details on real estate, visit CRE Matrix.

Posted on

Rise and Shine of Commercial Office Spaces in India

There is no denying that the Indian commercial real estate market is enormous and is witnessing a healthy rise in demand in 2022 and this momentum is projected to continue for the rest of the year. 

Although the pandemic had a significant impact on the country’s increasing office segment with occupiers cutting back on spaces, surprisingly, the market has bounced back in 2021, with essential occupiers returning to the office. There is an immense belief that a strongly recovering economy and powerful progress in India’s startup ecosystem are going to help advance the growth trajectory upwards.

According to a joint report released by CRE Matrix and Colliers ‘Startups Scale Up’, startups are estimated to lease approximately 29 million sq. feet between 2022 to 2024, a 1.3 times surge from the 2019-2021 duration. The rise in entrepreneurship and the fast development of startups has been one of the most fascinating trends in the office space market in India. 

Startups are believed to be the fastest developing occupier growth among other occupier groups, and presently take up 10% of commercial office spaces. This has led to many openings for office space providers to reconsider and reposition their workplace offerings to draw a variety of occupiers. 

According to the India Office Report Q4 CY’21 by CRE Matrix, the past year has witnessed a rising demand for office leasing, an increase in office stock, stabilization of office vacancy, a rise in rentals, and sustained job growth in the startup space. Thanks to increased digital adoption across all businesses and the rise in vaccination numbers, there is hope that office demand in 2022 may return to pre-Covid levels. 

Increase in demand from Various Sectors 

More than 8,100 digital companies have been set up across the metro cities in recent times. These companies have generated around 6 lakh jobs in India. Increased availability of office space in India has propelled demand from banking, financial services, insurance (BFSI), manufacturing, and consulting sectors. 

For instance, Noida and Gurgaon alone have almost 8.5 million sq. ft. of commercial space in the pipeline. According to the India Office Report Q4 CY’21 by CRE Matrix, the majority of the demand for office leasing continued to be Tech (startups and IT/ITeS majors), BFSI, and Co-working segments. They added almost 58% to office demand in 2021 and 63% in the last quarter.

Factors Propelling Growth in Commercial Office Space Post Pandemic 

  • Co-working spaces are increasing rapidly in the top urban cities of India
  • The economy recovered fairly quickly and numerous companies reopened offices
  • Reverse migration to tier-1 and tier-2 cities and the requirement for office infrastructure in developing locations thereby drove commercial realty development in these cities. 
  • Companies are now providing improved facilities, digital integration, health, and safety features.
  • Infrastructure has improved a lot in smaller cities with numerous initiatives by the Government.
  • There has been a rise in the flexible office space in India. The businesses are planning to continue with alternative work models to maintain flexibility at workstations and enhance business profitability. 

According to the India Office report by CRE Matrix, there has never been a more significant period for the increase in demand for commercial office space in India, particularly after the damage inflicted in the economy thanks to the pandemic. Thanks to digitization across all industries, there will most likely be huge chunks of development in commercial office demand this year. 

For more such exciting analysis and details on real estate, visit CRE Matrix.

Posted on

Importance of Data Intelligence in the Real Estate Market

Nowadays, data is changing the way businesses operate all over the globe by delivering rapid, valuable, and key insights. The most vital ‘raw material’ pushing the real estate market is data. It helps in unraveling new potential levels, from lead generation to work, efficiency, and ultimately reporting the findings. From evaluating a plethora of surveys and assessing products to developing future policies and solutions, data collection in real estate has slowly evolved into a distinct field of study. 

Let’s take a look at how data can contribute to the ever-developing real estate market:

Location

For both commercial and residential real estate, data can prove to be immensely useful. Real estate data providers in India offer their clients significant insights into the existing market patterns and trends. They ascertain the viability of various locations that are contingent on rental income, investment return, ratings, traffic, and occupancy. 

Customer Trends 

It is vital to have an in-depth understanding and awareness of the market trends when you’re investing in a residential or commercial property. Real estate developers must realize and comprehend the requirements of the customers, and this is where the significance of data enters into the picture. Developers can invest better if they understand basic factors such as competitors, the need for amenities, affordable housing, and so forth. 

Evaluating Competition 

If you’re the best real estate data analytics company, you would help in assessing the performance of the competitors. The data analytics firm offers comparable data for you to measure where you stand in the market. After a comprehensive analysis, you can come up with strong strategies to combat the competition and improve your position. 

Investment Performance 

Similar to two peas in a pod, no two properties can be identical. The different variables of every property are unique. It also applies to two separate properties in a single building. As time passes, these values also go through modifications. This is why it has become taxing to trace the sub-market performance of the properties. This is where data intelligence from a cutting-edge real estate analytics platform can assist in scrutinizing the fluctuating rate of the assets over time. 

Simpler for Home Buyers

Data intelligence is not just to benefit brokers and real estate developers, but it can also make it easier for those who wish to purchase or rent homes. It also helps in simplifying the research process to zero in on your dream house. The rates of various real estate properties can differ, thereby ascribing numerous factors such as neighbourhood quality, connectivity, available transportation modes, and so forth. In this scenario, real estate data analytics India can aid in accelerating the decision-making of the buyer, about the location.

At CRE Matrix, we have evaluated crucial real estate data of several companies across India. CRE Matrix is India’s most preferred authentic data analytics platform that allows stakeholders from various industries to evaluate and compare leasing data and more. 

For more such exciting analysis and details on real estate, visit CRE Matrix.

Posted on

Homebuyers Alert! Indian Real Estate Property Prices to Rise Soon

The Indian real estate market has always been riding high on the wheels of volatility and dynamism owing to several social, political, and economic factors that keep on affecting the prices of the properties. Time and again, the industry has proved that it is far from accomplishing the stability of prices that affects the homebuyers the most at the end of the day.

This time again there have been various theories and stories within the close circuits of the investors, brokers, and homebuyers that the prices are surely going to elevate with the increase the prices of various materials such as steel, cement, sand, red brick, and others. Price rise in the purchase of these materials that are vital for the construction of the project will be loaded on the customers by the developers at the end of the day as they too have to recover their cost of expenses and run the show successfully. Though the prices of the materials have been increased, the same will be applicable in the price charts of the properties very soon as per various analyses and predictions by the common man as well as industry critics and insiders.

The Russia-Ukraine Crisis is deemed as one of the major reasons for the price hike that has affected other commodities prices such as oil. As per CREDAI,

  • The price of steel has gone up from Rs. 42,000/- to Rs. 84,900/- per tonne and cement by Rs.260/- to Rs.400/- per bag now.
  • The rates of four-inch brick have also elevated from Rs.6,500/- to Rs.8,000/-. The price of sand (per brass) has gone up from Rs 6,000/- to Rs 7,500/- now.
  • The price of wash sand (per brass) has also gone up from Rs 3,800/- to Rs 4,800/-.

The economic recovery of the Real Estate Market post the first and second wave of the pandemic was just the ongoing process and buyers have just begun to warm up to the market. There was a considerable rise in sales in the luxury housing markets in year 2021. We believe this handsome resurgence in Housing sales will see mean reversion as increase in home prices is surely going to affect sales.

According to the Reserve Bank of India House Price Index, average house prices rose by just 2.5% in the previous year and a further jump in the upcoming fiscal year will surely burn a deep hole in the pockets of home buyers and investors.

With various theories and stories floating in, the outcome will be pretty clear in the coming days but it is never a bad time to invest in real estate or buy your home owing to its high ROI and price appreciation.

For more such exciting analysis and details on real estate, visit CRE Matrix.

Posted on

Real Estate Leasing 101 – Deep Dive into Rent Free Period

When drafting a leasing contract, both tenants and landlords need to be mindful of all the clauses that are present in a commercial lease agreement. There are numerous general clauses in a rental agreement form.

However, specific clauses are significant in their effect on the lease relationship and need to be given extra attention while preparing agreements. A couple of these clauses comprise of the security deposit, rent-free period, force majeure, indemnity provisions, and the right to renew or prolong the lease.

Let’s look at rent-free period in detail:

What is a Rent-Free Period?

The rent-free period is approved by both the tenant and the landlord. Therefore, the renter is not obligated to pay the rent during this time. This duration is used to facilitate the tenant to set up and establish all the needed equipment for them to utilize the commercial property for the proposed reason.

This duration can increase from three months to eleven months, contingent on the scale and extent of installation needed in the property. This period can also be stretched if the requirement arises. Nevertheless, it would be good to cite the maximum length of the rent-free period after joint agreement between the two parties. A clause declaring that the fit-outs may be eliminated and taken back by the renter can also be integrated in a commercial lease agreement.

Benefits of a Rent-free Period

  • If the landlord is promoting a new lease of commercial property and wishes to provide a rent-free period as an incentive to prospective occupiers, particularly if renters are apprehensive about startup expenses or footfalls in the present economic climate.
  • If a significant ‘fit-out’ work is required to place the commercial property into an appropriate condition to permit the tenant to trade. In such a scenario, a rent-free period will facilitate the renter to make use of the cash which might otherwise be utilized on rent to execute the works and enhance the condition of the premises. For instance, if work is essential to fulfill the health and safety protocols for a restaurant, or if the occupier is altering the use of the property and needs to basically modify the layout.
  • It can assist the renters’ cash flow during an existing lease, with a view to enable the future landlords’ rental yields. In this case, negotiation could have a landlord consenting to a lower rent with their occupier during an existing term in return for other revisions to the lease. For instance, if there is a break clause, the tenant assents to push back their ‘break date’ or relinquish their right to break and thus essentially extends the overall length of the term (by a tenant waiving their capability to end a lease early).
  • If the lease is about to expire soon and the landlord wants the existing tenant to continue with their arrangement, then a rent-free period clause could be offered to the tenant. It can be a way to mitigate the renters’ temporarily delayed cash flow, instead of forfeiting their lease or having to take other enforcement action.

In a nutshell, rent-free periods are especially common when times are tough economically. This specific incentive is offered to motivate tenants to sign leases. It is interesting to reflect as to why a landlord does not lower the level of rent and instead opts for rent-free period as this allows him to charge the same rent from other prospective tenants, who may not fully know about the rent-free discounts.

At CRE Matrix, we dissect every lease and figure out the effect of rent-free period on the overall lease economics.

For more CRE industry insights and data research do Contact us.

Posted on

Real Estate Leasing 101 – A to Z about CAM (Common Area Maintenance) Charges in India

Negotiating a lease for your business is not only a complicated procedure but if you’re a novice at it, you will most likely stumble into several new, possibly confusing concepts. One such term is common area maintenance (CAM). This is the fee that tenants pay in commercial leases for areas that are common to all renters. 

What exactly are Common Area Maintenance (CAM) Charges?

There are numerous tenants in a commercial building and the shared areas need to be maintained regularly. A CAM (Common Area Maintenance) expense is a surplus expenditure, in addition to the base rent, paid jointly for the maintenance of the commonly owned premises like the lobbies, elevators, parking lot, laws, corridors, public bathrooms, and building security. 

They are fees paid by tenants to landlords to assist in covering expenditures related to overhead and operating costs for common areas. CAM rates are generally described in the lease agreement to dispel any uncertainty as to what they might entail. It is vital to completely comprehend these charges prior to signing a new lease. 

How is CAM Fee Computed?                                                                             

At the commencement of every year, the property manager projects common area maintenance chargesfor the property in its entirety or a part of the yearly budget. Then, that CAM estimate is split correspondingly across the tenants in the building. Your percentage of the charges is gauged by dividing your square footage by the gross leasable portion of the building. This total cost is computed into your monthly operating outlay, so it can be paid in little increments all through the year. 

Is CAM Fixed or Variable?

The CAM fees can either be ‘fixed’ or ‘variable’. The tenants need to get it incorporated in the lease agreement as to what type of common area maintenance charges they will have to pay – whether it is fixed or variable. If it is variable, then it must be explained on what factors the fees diverged. Then, it must also be included in the contract as to what percentage will the CAM fee be raised from one year to another. Tenants need to be aware if they are charged with ‘administrative fees’ apart from the CAM fees and what would be the separation of charges for the two. 

Drawbacks to Avoid 

Utmost care needs to be taken when consenting to the CAM charged by the tenant. It is highly recommended to scan through the financial documents of the landlord carefully to reach the accurate CAM fees or to clear out the anomalies in the CAM charges in real estate suggested. What encompasses common area maintenance charges is described roughly to pass on the operational expenses of the commercial building as much as possible to the tenants. 

Unless the lease agreement specifies what comes under the CAM charges, the tenants are counseled prior to signing the lease agreement to get a clear understanding from the landlord about the following:

  • Salaries of the supporting staff as well as the security guards in the common areas
  • Insurance expenditures of the building
  • Restoration and revamping of the building, parking lot, and any supplement to the building at a later stage such as solar panels of the rooftop and so forth. 
  • Electricity and water charges in the expenses in the common areas. 

Where can you find the CAM charges in the building which interests you?

At CRE Matrix, we have analyzed over 1 Lakh lease documents across the country and many of these contain CAM charges. CRE Matrix is the India’s most favorite authentic analytics platform that allows stakeholders from different industries analyze CAM charges and much more.

Posted on

Introducing the 2021 India Office CRE Matrix Quarterly Report: New Research on Key Players Gradually Returning to Office and its Impact on the Economy

Even though the pandemic had a huge impact on India’s rising office segment with occupiers cutting back on spaces, surprisingly, 2021 has showcased the return to normalcy; with essential occupiers going back to office. With the Omicron variant putting a break on the momentum in January 2022, there is immense faith that a powerful recovering economy and a strong advancement in India’s startup ecosystem are expected to move the growth trajectory upwards.

Our objective with the 2021 India Office CRE Matrix Quarterly Report is to share key insights into office demand, supply, rentals, vacancy of Grade A office spaces.

Key Takeaways from the 2021 India Office CRE Matrix Quarterly Report

As per the India Office Report Q4 CY’21, there has been an increased demand for office leasing, rise in office stock, stabilization of office vacancy, an increase in rentals, and continued job growth in the startups space.

The insights make it clear that even though a complete ‘Return to Office’ was not achieved, there were significant strides that were taken. Thanks to the rise in digitization across all sectors and the increase in vaccination numbers along with milder symptoms of new variant, there is hope that office demand in 2022 may revert back to pre-Covid levels.

  • Office leasing in India observed a magnificent recovery. The last quarter of 2021 witnessed 12.1 msf of office demand. Interestingly, this was nearly 80% of the demand viewed in Q4 2019 (pre-Covid). On a yearly basis, the demand rose to 30% as opposed to CY’20.
  • Industries who made the most demand on office leasing continued to be Tech (startups and IT/ITeS majors), BFSI as well as Co-working segments. They contributed nearly 58% to office demand in 2021 and 63% in the last quarter.
  • New deliveries in Q4 2021 stood at 1.6% of the total present office stock and the entire year of 2021 added 6.2% to existing office stock. Hyderabad and Bengaluru, with 10 million square feet apiece, delivered half of the total stock in 2021.
  • The office vacancy in India finished the year at 16.5% – approximately 210 basis points (bps) more when compared to the end of 2020. After witnessing nine quarters of increases, office vacancy is now steady and will probably reverse in 2022. Bengaluru and Chennai observed a decline in vacancy as opposed to Q3 2021. Overall, Chennai was the only city to see a drop in vacancy.
  • Grade A office spaces for rentals has seen a steady and gradual increase. Since market rents continue to more expensive than passing rents, we can safely say the pandemic-related concessions are behind us.
  • Job development in the Startups space is expected to continue growing and a complete ‘return to office’ is believed to happen by the end of Q2 2022, if not earlier.

Download the complete India Office Market Report Q4 for key insights and to understand how the economy is impacted thanks to players returning to office.

What CRE Matrix CEO Abhishek Kiran Gupta shared about the 2021 India Office CRE Matrix Quarterly Report

The world is dealing with the biggest public health crisis in recent history which poses immense challenges. While we do not expect it to disappear overnight, the economy has witnessed resurgence in the last year, particularly in the final quarter of 2021. There has never been a more significant time for the rise in demand for office leasing, especially after the kind of damage caused to the economy owing to the pandemic. Thanks to digitization across all sectors, we will most likely witness growth in office demand this year.”

About this Study

CRE Matrix has conducted this research based on authentic registered data collected across 6 major cities of India – MMR, NCR, Bengaluru, Hyderabad, Pune and Chennai. We have also done extensive research for occupancy and upcoming supply with the help of our large feet on street team. Also, our interactions with key stakeholders in the commercial real estate sector has also helped us in understanding the current scenario and the upcoming trends in this segment.

Download the complete 2021 India Office CRE Matrix Quarterly Report here.

For more CRE industry insights and data research do Contact us.

Posted on

A 10-Step Guide to Becoming a Superstar Commercial Real Estate Broker in India

The Indian real estate market is quite diverse yet dynamic and competitive in nature, especially for real estate brokers. To carve a niche of success, it is quite imperative for brokers to understand the changing promotional scenarios of the developers and the preferences of clients. Having a knack to innovate and being open to new marketing ideas helps one to stay relevant and afloat in the market.

If you are looking forward to becoming a superstar commercial real estate broker, here is a 10-step guide:

1.   Network to increase your net worth:

Even though commercial real estate broking is a traditional profession, if you want to tap more opportunities and convert them into success, networking is the key. Be in constant touch with your fellow real estate agents inquiring them about the latest market updates along with some tips and tricks.

If you do not specialize in a certain kind of segment, pass on the lead to them asking for the commission percentage that can be mutually agreed upon. Attend project launches and events, meet new people and stay in touch with your old clients who have deep pockets to invest in real estate properties.

2.   Embrace digital technology:

As we mentioned earlier, the market is evolving at a very fast pace and you have to march ahead to set your cash registers ringing. Take optimum advantage of digital technology by building and having a constant online presence on various platforms such as Facebook, Instagram, Google My Business and LinkedIn to reach directly to your target market.

Promote your brand along with the projects assigned at the reasonable cost involved with a digital presence.

3.   Be a consultant, not just an agent:

Rather than just weighing your prospect in commercial terms, go the extra mile and suggest to your client the property that will best suit his or her taste and requirement. This will help you build long term relationships and instill trust in the mind of your clients.

4.   Be transparent:

It is very crucial to be transparent in all your dealings with the developer as well as the client to close the deal in an efficient manner. You will have to be very crystal clear in all of your communication with all the parties involved to win their acute level of trust beating the competition in the market.

5.   Gain your expertise:

As we discussed earlier, the market of Indian real estate is quite diverse and versatile having a pie for everyone. But it is necessary for you to find your area of expertise, be it commercial or residential and further segregate it between luxury, mid-segment or affordable segments. This way, you will be renowned within the market and industry as a whole.

6.   Never forget your old clients:

Now, this is very crucial and important as your old clients as your best brand ambassadors. If you have catered for them well, they will surely recommend your name within their social circle making you earn more referrals.

7.   Gather market insights:

There are new project launches as well as new norms getting framed on a constant basis. It is significant to keep your eyes and ears open to find out what’s happening in and around your domain as developers and clients also look up to you as an industry expert.

8.   Ask for referrals:

Never shy away to ask for referrals from your existing clients. It will help you to network and grow your business within an environment that is ever competitive and dynamic in nature.

9.  Go an extra mile:

Always go the extra mile to offer excellent customer service to your clients. It can be gifting a small present on the occasion of their housewarming or helping with the contact numbers of plumbers and other technicians that will ease out their domestic chores.

10. Build a brilliant team:

With gradual growth and success, you will need more minds and hands to help you. Over a period of time, build a brilliant and efficient team that will help you accomplish your business objectives.

Even though the real estate brokerage business is traditional, it is evolving at a quick pace and is an integral part of the industry. If you think that it is the right match for your professional life, dive into it.

For more CRE industry insights and data research do Contact us.