There are dozen of web and mobile platforms in offering real estate solutions. But all of them are focusing at the volume business where end customers are the focal point of business. In order to create more value to their target audience, these portals often ignore the middle layer of agents, brokers and property consultants, by taking up the role of a marketplace.
These portals become yet another classified for real estate. Vikram Dhawan, the then a senior manager in real estate firm, found an opportunity in this gap and launched IndianRealtyExchange (IRX), a platform for brokers and agents along with Karan Jindal, a management graduate from Indian School of Business (ISB) who was working with SVG Media before he quit to start his venture. At SVG, he was already dealing with startups and e-commerce firms.
Vikram had dropped out from college to work for living and build something of his own. He worked with brokerage and real estate houses which gave him a good understanding of both the worlds. Karan and Vikram, complimented bringing understanding of starting up and the real-estate market.
‘Just like our stock exchanges, where thousand of traders/brokers are involved, I wanted to create a platform or an exchange, which empowers the brokers to buy/ sell and transact in a seamless and transparent manner, where the broker would be the facilitator, the magnet. Today, real estate market is a unorganized and this becomes our opportunity,” said Vikram.
For Delhi-based IRX, the target audience are the 50 lakh stakeholders involved in real estate business, varying from small brokers with $150-$450 deal value to established brokers involved in large properties with approx deal worth $ 15,000. At present, IRX has over 1500 brokers from across six cities namely, Mumbai, Gurgaon, Delhi, Chennai, Hyderabad, Bangalore andKolkata. It has over 2300 mobile application downloads, 24,000 verified properties and 3000 leads on the platform. On an average, over 20 new brokers register every day and over 100 properties are listed.
IRX works as an exchange platform, and has a list of properties like houses, land, plot, spaces available for purchase, and a list of brokers available to provide help reach the property builder or land owner. Every registered broker on IRX, has a profile in the database, with details of his portfolio, prior deals, his expertise areas and more.