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Real Estate 101 – All About Commercial Property Leasing in India

The real estate industry is regarded as one of the most universally recognized sectors. It contains four sub-sectors including housing, hospitability, retail, and commercial. The evolution of this industry is accompanied by the development in the corporate setting and the need for office space as well as urban and semi-urban accommodations. 

In India, the real estate sector is considered to be the second-highest employment generator, following the agriculture industry. It is anticipated that this sector will gain more non-resident Indian (NRI) investment, both long term as well as short term. Bengaluru is believed to be the most preferred property destination for NRIs currently. 

While there is a high demand for purchasing commercial properties, there is a rise in leasing commercial lease India as well following the reduction in the severity of the pandemic. 

What is Commercial Leasing?

A commercial leasing India is essentially a lease that is utilized for a commercial property where a company would conduct its business. These leases comprise an array of unique terms, including tasks connected to the upkeep of the property. 

Unlike residential leases which are quite easy to comprehend, a commercial lease can be a little more complicated as it comes with numerous terms and conditions. Moreover, commercial property on lease is notonly given out to people but also to entities like the sole proprietorship, corporates, or HUF. 

Kinds of Leasing Structures in India

On a broad level, there are roughly two main types of leases in India:

Financial Lease

It refers to a long-term duration lease. It encompasses the capital outlay in addition to the required rate of return on funds for the duration of the lease. In this case, the lessor plans to cover the expenses of the capital of the property and also wants to acquire some required rate of return. This financial lease cannot be canceled and the lessee has to make several payments in order to use the property. 

In this case, the property rights continue to stay with the owner during the lease period. However, when the lease is about to expire, the tenant party is provided the choice to buy said property by paying the residual money. The amount is generally estimated at 10% of the value of the property or less. 

This kind of lease can be observed as a loan. The lessee will keep paying the lease rent and pay the remaining amount in the end to own the property.

Operating Lease 

When it comes to operating lease, the legal ownership of the property remains in the hands of the owner of the property. The owner only spreads the right to use his property for economic uses or business purposes for a pre-defined duration of time. 

Once the duration of the lease is coming to an end, it can be determined whether to lengthen the lease and continue to allow the usage of the property to the lessor or terminate the contract. In this case, the ownership always lies with the true owner throughout its run. 

If you wish to look for commercial properties for rent, you can take the help of India’s best real estate data analytics company – CRE Matrix – that allows stakeholders across different industries to view significant leasing data of various companies. 

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A Comprehensive Guide to the Leasing Process in India

Singing a lease is a significant step for any new business owner. Whether you’re inaugurating a store, shifting to new office space, or renting out your facilities, leasing comes into the picture. The universe of commercial real estate India can be complicated, and it can sometimes even take years to find your perfect space. 

Once you have found that space, signing the agreement would be the next step before you can move in and focus on running your company. But, like most legal contracts, a business lease is a significant document that needs some research. 

Let’s look into the steps that are involved in the leasing process in India: 

Lease Selection: 

You have to zero in on the commercial property you wish to conduct your business. The leasing process begins when the lessee agrees to enter into a leasing agreement with the lessor. After gathering information and conducting thorough research, the lessee goes to the leasing company or broker (lessor) and a lease contract is roughly negotiated and finalized between them. 

Title Ownership Validation: 

As a business owner, you need to make sure that you have all the details and the information pertaining to the ownership of the property. This is why access to the title deep is absolutely essential to validate the lease. Check to verify there is no sub-rent of any other form of lease linked to the property before getting into a contract with the landlord of the commercial property. 

Income Tax & Mortgage Verification:

It is absolutely recommended to check the income tax background of the landlord to investigate if there are any remaining disputes or illegal proceedings. If there is any ambiguity, you could get into serious trouble later and there will be financial consequences. 

Lease Contract: 

One of the most significant parts of the leasing process is the lease agreement. Both the lessor and the lessee need to sign a contractual agreement where they list the details, terms, and conditions of the contract. The duration of the lease agreement will be cited. For instance: A typical commercial lease agreement can last from 3 to 5 years. It could either be a full pay-out lease or nominal rentals may have to be paid. 

Lease Period: 

Generally, the regular lease rental is usually paid by the lessee. While this depends on the agreement, usually the tenant is the one who is entrusted with the responsibility of properly maintaining the commercial space. At the end of the lease period, the lessee has the right to either renew the lease or terminate it. If the property is up for sale, they can even try buying it. 

Once you have gone through the leasing process, you can move in as per the commencement date and begin running your business on said property. 

If you’re looking for a commercial property to lease, CRE Matrix can help you by offering you an extensive line-up of properties all over India along with their lease data. 

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

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Introducing the 2021 Retail Snapshot: New Leasing Report Focusing Exclusively on the Noida Region

Thanks to the swift growth of population and size, Noida has witnessed an emergence of a plethora of malls that will allow you to indulge in some much-needed retail therapy. Several upmarket fashion outlets, gourmet restaurants, sprawling multiplexes, entertainment arcades, and more guarantees that there is a lot for people to enjoy at these sprawling shopping malls in Noida.

CRE Matrix has presented its first ever retail leasing report that centers exclusively on the growing Noida region. Based on authentic registered data, our objective was to assess the demand, supply, and rentals across the Noida area, focusing only on the malls’ category.

Key Takeaways from the 2021 Retail Snapshot – Noida

  • According to the report, Noida has witnessed a demand of 3.2 Lakh Sqft in 2021.
  • The research observes that the organized retail segment has seen immense growth with 7.1 MSF and is supported by the increasing demand for housing in the city.
  • The study states that leading brands such as Hypermarket, Reliance Smart, Pantaloons and many others are making a beeline for mall space in the city as real estate developers prepare to finish their retail projects.
  • The retail demand for malls in Noida was the highest in Q1 2021 with 1, 26, 935 Sqft, followed by Q2 with 1, 04,814 sqft. After witnessing a drop in Q3 with 25,255 sqft, the demand rose again with Q4 with 54,913 Sqft.
  • Which tenant category accounted for the maximum mall space for lease in 2021? The report showed that anchor tenants were responsible for 54% of the leasing demand last year, tailed by Vanilla stores at 21%.
  • The research study observed that F&B brands accounted for 11% of the retail space for lease in 2021 while the mini-anchor shops were at 10%.
  • The passing rental of vanilla outlets was Rs 393 per sqft on a monthly basis with an average revenue share of 8.9% while the passing rental of the entertainment hub was only Rs 75 per sqft per month but had an average revenue share of 12%.
  • The anchor stores had a passing rental of Rs 101 per sqft every month with an average revenue share of 6.8% while the mini-anchor outlets had a passing rental of Rs 176 per sqft on a monthly basis with an average revenue share of 8.3%. 
  • The report analyzed that vanilla shops continued to draw higher rentals, while the average revenue share in the transactions of entertainment tenants was comparatively higher as opposed to others.

Download the complete 2021 Noida Retail Snapshot for key insights and to understand how Noida has become a premium shopping destination and the immense growth it has showcased in retail leasing.

What CRE Matrix CEO Abhishek Kiran Gupta shared about the 2021 Noida Retail Snapshot

“Over the years, Noida has successfully emerged as a formidable and finest destination for shoppers living in NCR. While there has been a drop owing to the pandemic, the retail economy has somewhat witnessed a resurgence last year. We will continue to witness growth in retail leasing space with increase in demand, supply, and rentals this year.”

About the Study:

CRE Matrix has conducted this research based on authentic registered data collected from all the retail leases of Noida that were signed in the last 1 year and analyzed their rentals and the total area that these occupied. Through these leases, we also understood how rentals are behaving floor-wise and across different retail categories. We also studied the supply of malls in Noida – which mall was built when and how much area was constructed in every year.

Download the complete 2021 Noida Retail Snapshot here.

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

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10 Factors to Consider before Purchasing Commercial Property in India

With the rising growth of the country’s population, the demand for commercial real estate India has also substantially increased. This is why investing in commercial properties can assist you to yield high returns on investment. Buying commercial real estate is not as complicated as it might look. 

You need to consider some of these commercial property tips before finalizing them for purchase: 

Market Research

When you start the process to buy a commercial property in Pune, you need to spend some time analyzing the trends of the market well in order to acquire a profit. Before you purchase a property, it is vital to assess the scope of the future development in the locality. When you invest in a project in a developing area, it is more lucrative as it provides you high returns on investment as compared to purchasing a property in a well-developed area. 

Assess the Location

Location is a significant factor that needs to be factored into while you buy commercial property Bengaluru. The location needs to be accessible from other locations with a robust infrastructure. If you purchase a property in a premium location, it is sure to guarantee high returns on your investment. 

Types of Commercial Properties 

Commercial real estate comprises industrial complexes, retail shops, big apartment buildings, office buildings, and many more. When you have decided to dabble into commercial property buying, you need to determine the kind of real estate you would want to deal with. 

Evaluate the Layout Plan 

The layout has a chief impact on operational efficiency. Ensure that the project has been given all the approvals from the concerned authority so that you don’t end up making any incorrect investment decisions. 

Lease Structure 

This lease is a long-term contract between the owner of the commercial space and the occupier. While assessing an investment, the tenant needs to comprehend the lease structure and the risk involved in the investment. 

Pick the Appropriate Builder 

While you invest in a commercial property, ensure that you choose a well-respected building with a proven track record of successfully completed projects. You need to cross-check and verify the credibility of the builder before you finalize and zero in on a commercial property. 

Recognize the Element of Risk

Prior to purchasing any commercial property, you need to keep in mind all the possible risk factors. Monitor the market trends, the geographical location, and the building’s history to assess the risk involved in purchasing the commercial property. 

Value Assessment 

Examine the value of similar properties in the proximity and amass information on the types of rents that other properties have so that you can negotiate well with the seller. In order to make a good commercial deal, negotiation is significant. 

Evaluate the Rental Earnings Post Tax and Insurance 

Assess the earnings that you will make after you pay for the tax and insurance to understand how much you can earn on a yearly basis after subtracting all these expenses. It will help you to understand what your investment will look like in the future. 

Quality of Tenant 

A good-quality tenant can help to considerably increase the value of a commercial property. Good tenants pay rents on time, pay higher deposits, stay longer, and help boost the value of the property. 

At CRE Matrix, you will be able to look at a number of commercial properties and the comparables in the market that can help you make a decision. 

Visit CRE Matrix for more such exciting analysis and details on real estate.

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Checklist before Leasing Commercial Property in India

When you lease a commercial space, it is not the same process as renting a residential home. Be it the monthly payments or the security amount and the tenure, commercial leasing in India differs significantly from residential renting. CRE Matrix is a real estate data analytics firm that lets stakeholders take a look at the many commercial spaces that have been leased and compare it with others in the market. 

When you’re leasing commercial property, do keep in mind that residential rentals are lesser as compared to commercial ones. Moreover, commercial leases are for a longer time period that can range up to five years or more. However, residential rentals are typically for 11 months. While in both the scenarios, the tenant or the lessee rents a property and pays monthly rentals, you will find that the terms and conditions are quite different. Therefore, the relevant question here is how one should go about leasing a commercial property in India. 

Pointers to Consider before Leasing Commercial Properties 

Property Ownership: The first step includes inspecting if the project is legally owned by the lessor and has a clear title.Moreover, you need to check if there is a ‘no rent or sublet’ connected to the property before signing the leasing agreement. Make sure you also look for the Occupancy Certificate (OC) and the Power of Attorney (PoA). 

Rent Agreement: The next step is to examine whether the leasing agreement is suitable for you or not.Make sure that all the terms and conditions that were discussed verbally are laid out in the contract.Every single significant detail such as lease duration, security deposit, etc. needs to be declared in the agreement. Furthermore, the lease agreement needs to be duly signed by all the parties. 

Mortgage & Taxes: In the subsequent step, you need to authenticate the income tax status of the lessor. When you look at a commercial property for lease, make sure to confirm if there are any dues unpaid or legal encumbrances. Moreover, it is important to verify the category of the property under the Income Tax Act. It is critical to know whether it is a commercial or residential property according to the Development Control Regulations. The penalty could be levied in case you operate commercial procedures in a residential space. 

Agents: It is vital to carry out background checks on property agents and dealers before you appoint them. Take to the preceding clients about their work experience with the broker, the duration is taken to close the deal, and the charges levied. If the agents are apprehensive about letting you contact their ex-clients, it clearly suggests that they are hiding something. Therefore, it would be wise to avoid such types of agents. 

To sum up, this is the checklist that needs to be followed before you look at leasing some of the best commercial properties India. 

CRE Matrix is a premier real estate data analytics company India that allows stakeholders across various industries to compare commercial leasing data with other companies in the market.

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

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Should You Purchase or Lease Commercial Space in India?

If you’re planning to move from your existing property and conduct your business in a new space, you may be plagued with the dilemma of whether to purchase or rent out the new place. The estimated development, income, and legal needs of your business ought to be considered when you take this decision.

Buying a property will help you in saving on the rental charges over a timespan and also gain from any rise in property prices but the initial financial need will be a lot more when compared to renting a unit.

When you look at the best commercial properties India, take the time out to compare the benefits of leasing a commercial space vs. buying a property: 

Advantages of leasing a commercial space

Cash Flow: If you look at it completely from the outlook of cash flow, acquiring commercial space for rent is better when compared to buying it. If you’re relatively new to doing business then you might want to opt for leasing space as opposed to purchasing it. In the case of rental, your initial monetary outgo will be restricted to the security deposit and the first month’s rent. When it comes to purchasing, you will have to pay the entire price of the property, or at least, the down payment needed for a loan, which is usually quite high. 

Maintenance of the Property: In numerous scenarios, the duty of maintaining the property falls on the landlord. If you don’t want to spend your time and money on periodic maintenance and wish to focus on your main business, then leasing may be a better choice. The costs connected to maintenance are lesser when it comes to Commercial space for lease India. If you buy the property, there could be expenditures related to taking care of the structural soundness of the building, apart from the day-to-day maintenance to repairs. 

Pros of Buying a Commercial Property 

Control over the Property: If you plan on revamping the property, then it’s necessary to have control over it. When you buy commercial space, it can help you to have flexible business hours or allow you to conduct your business in some other way as compared to how you were working on it initially. 

Rise in Land Value: If you wish to shift to a location where land rates are surging and property prices are heading towards an upwards trajectory, then purchasing commercial property makes more sense. The worth of a property may go higher thanks to the improving physical and social infrastructure in the region, or better demographics. 

Regardless of the reason, it would work better for you if you detect such trends early when the rates are not that high. If you buy a property in such a place, you can gain from any escalation in the value of the property, apart from saving on rental outgo. 

In a nutshell, whether you choose to lease or buy commercial space, both the options have their pros and cons. At CRE Matrix, you will be able to take a look at several commercial properties and in-depth leasing data that can help you make a decision. 

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

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5 Ways to Apply Data Science to Commercial Real Estate in India

The commercial real estate sector in India is on its way to slowly bounce back and recovering in a post-pandemic world. The start of 2022 has unlocked many potentials and scopes of the commercial real estate industry in this country. Increasing demand for appropriate workspaces, commercial properties, and creative concepts in this industry will aid in powerful development. 

With the commercial real estate sector almost returning to its pre-Covid levels, data has become an extremely vital ‘raw material’ of the industry today. Data science has evolved into a separate study thanks to its importance in contributing to the growth of the real estate market. 

Real estate data analytics companies make use of advanced-level analytics and machine learning models to assess information that helps in making better decisions. With its assistance, you can understand consumer behavior, business strategies can be improved, promising market trends can be weighed and any predicted risks can be tactfully averted and dealt with. 

Let’s take a look at how data science can bring about major changes in the commercial real estate sector by helping professionals make well-informed decisions. 

  • Evaluating Data to Estimate Market Trends

Commercial real estate data analytics can assist in predicting property market trends and any risks that might come up in the investment. By using data that comprises a combination of various variables and predictive analysis; it can assess how consumer groups have been behaving over the years, what kind of properties are in demand, the type of leisure activities that consumers like, and how the rent charges have evolved over time. These factors play a huge role in deciding how well or poorly an investment would be able to perform. 

  • Creating the Property Price Indices 

One of the most vital applications of data for commercial real estate is to gather and leverage details connected to the adjoining local areas. Qualitative and quantitative variables play a role in influencing the pricing of commercial properties. Moreover, these elements also work to provide us with a fair idea of which areas might emerge as popular in the future. 

  • Comprehending Performance of Investments 

In the real estate sector, no two properties can be similar. Variables are different even with properties that exist in the same building, not to mention the fluctuating value of properties over time. The evolving rate of an asset, pertaining to the lifecycle and current/future infrastructure, can be traced over the years by making use of data science in this field. 

  • Recognizing & Segregating Leads 

A great way to leverage the power of data science in commercial real estate is to nurture leads. Generally, it is tough for agents to follow up on all the leads that are generated from the many online and offline marketing campaigns. Nevertheless, real estate data providers who have relevant applications and software can provide a ‘seller or buyer score’ to leads that are more likely to sell or purchase properties. This evaluation is made by assessing elements such as demographics, income changes, and buying behavior. 

  • Gauging Profitability of Investment & Construction 

If you’re planning to invest in a commercial real estate space, location intelligence is an extremely significant feature to measure whether the investment would be able to deliver the anticipated profits in the future. Data science in real estate can also prove to be useful to assess environmental conditions so as to finalize a suitable time for the commencement of the construction activities. 

CRE Matrix is India’s best real estate data analytics company that uses data science to help stakeholders across various sectors to assess and compare leasing data and more. 

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

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What are the Different Types of Commercial Leases in India?

When you think about leasing a big commercial space, you should be fully prepared mentally as it’s a huge undertaking that requires massive monetary investments. When you rent a business space for the first time; it is not only essential to research the market well but also to have relatively good knowledge about the types of commercial leases that can be availed in India. 

In this country, commercial real estate leases are typically term-based. The contract expires after a specific amount of time. In older days, the leases used to be permanent and ever-lasting. Nevertheless, given the current market scenario, and the steep rise in property rates, the picture is not quite the same anymore. 

In India, you will find three basic kinds of commercial real estate leases. While the terminologies may change from place to place, having a fair idea about the concepts could help you to negotiate the best possible deal. 

Here are the three types of commercial leases India:

Gross Lease

Also referred to as a full-service lease, it is the kind of lease where the landlord is required to pay for all the property-related expenses out of the rent given by the tenant. The list of such expenditures comprises insurance, maintenance, and taxes. 

While the landlord is fully accountable for the building, the tenant’s job is to fully focus on the business. It is mostly used for multi-tenant buildings. 

The biggest benefit is that tenants don’t have to be concerned about paying for taxes, insurance, or maintenance. The lease contract states the entire expenses of leasing the commercial space and also the conditions under which the prices may increase in the future. 

Net Lease 

A net lease is a commercial real estate lease wherein tenants not only have to pay for the space they have occupied but also have a contractual agreement where the lessee has to pay a part or all of the taxes, insurance fees, and maintenance expenses for a property apart from the basic rent.  

The net lease comprises of single net lease, double net lease, and triple net lease. One of the main benefits of the net lease is that tenants can regulate their expenses in a better manner by monitoring how utilities are used. They are required to only pay for the actual property tax and the amount for maintenance. If there is no need for extensive maintenance or if the property taxes fall, they may be able to save some money. 

Modified Gross Lease 

Even though it bears resemblance to gross lease, there are some differences. Although the rent is given in a lump sum, there is still some compromise that can happen between the parties. The parties to the agreement can negotiate the expenses which can be integrated into the base rental price. 

Additionally, the costs like the janitorial services and electricity are not included in this list. Since the modified gross lease is tenant-friendly, it seems to be the most popular among tenants. Corporates largely favor modified gross leases over others since they are not accountable for the maintenance of office buildings. 

In a nutshell, when it comes to commercial real estate leasing, each type has its pros and cons. You need to decide on what is the most suitable for your business based on your budget. 

CRE Matrix is India’s preferred real estate data analytics provider. It allows stakeholders across an array of sectors to have the opportunity to see the commercial leasing data of various companies. 

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

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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.

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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.