Amit Kumar Agarwal, Founder, and CEO, NoBroker.com
Amit is the founder and CEO of NoBroker.com, which is the only C2C platform in the Real Estate market. NoBroker.com has recently joined the unicorn club. NoBroker.com connects tenants with owners and buyers with sellers directly with no broker in between.
This episode of The Brand Called You brings you a personality whose mission was to facilitate the parties of Real Estate business with an easy and transparent service at low costs. To accomplish that, he used technology to create a platform where the parties can enter into deals directly without any unnecessary brokerage.
We are privileged to welcome Mr. Amit Kumar Agarwal to our show. Amit is the founder and CEO of NoBroker.com, which is the only C2C platform in the Real Estate market. NoBroker.com has recently joined the unicorn club.
NoBroker.com connects tenants with owners and buyers with sellers directly with no broker in between.
Benefits of using NoBroker.com
- A large number of options to choose from-
Amit tells us that NoBroker.com provides a large variety of properties for buyers to choose from. Vice-versa owners also get to choose from a large number of buyers.
- Quick service
NoBroker.com provides quick solutions to both parties
- Low costs
NoBroker.com provides solutions to both parties at the lowest possible cost.
Using technology to support the transactions
At NoBroker.com, Amit and his team try to use technology as much as possible to ease things for the buyers and sellers. He tells us that the offering parties only need to WhatsApp the team, the pictures of the property, and the other information like locality, nearest metro station, and other things are auto uploaded by the technology itself.
How is the broker community reacting to the concept of NoBroker.com?
As the concept of NoBroker.com is to eliminate brokers from the Real Estate deals, the brokers got triggered. Amit tells us that they were even attacked by a mob of 70-80 brokers at their office a few years back.
They had to shift their office to be safe. However, he tells us that things are better now. They have adjusted to each other now.
How is Amit dealing with the transparency that the buyers and sellers try to cover?
Amit tells us that he has found out that it is not the owners or tenants who are trying to twist the facts. There is in fact an interested party that creates misinformation to close the deal as quickly as possible.
How is NoBroker.com handling the work a broker does?
Amit tells us that when he started NoBroker.com, he thought that the business is all about closing the deal. When they started working on the ground, they came across many other services that were supposed to be provided by them and they were unaware of.
They gradually understood the needs of the customer and tried to solve them with technology. To make us understand better, he gives an example of a rental agreement. He tells us that initially, he didn’t know that the broker had to help the tenant with the rental agreement. Now they are providing it.
How is the Real Estate business reacting to millennials renting apartments rather than buying them?
Amit tells us that it is a misconception spread by the media that youngsters rent apartments rather than buy them. He says that the data says just the opposite. As the disposable income of the youngsters has been on an increase for a decade now, they are more into buying assets for themselves. He tells us that the average age of house buyers is being reduced every year.
Is the traditional value of possessing land still relevant?
Amit believes that Indians have an obsession with possession of the land. One of the reasons can be our bad experience with equity. However, he suggests that all our money should not be invested in it.
Talking about youngsters, Amit says that they prefer buying apartments to land. In the urban areas, people are still enthusiastic about land but in metro cities, people prefer finished products like apartments over land.
Amit’s advice for the young people buying their homes
Amit suggests that if you want to buy a home to live in, please go for that. But after that, if you’re thinking of investment, there is a wide area apart from the Real estate which we Indians need to appreciate.
A banking & finance veteran with over 15 years of experience in management consulting and strategy, Amit Kumar Agarwal is the Co-founder and CEO of NoBroker.com, the world’s largest peer-to-peer real estate portal.
He is responsible for defining and guiding the overall vision and direction at NoBroker.com and spearheads the company’s corporate strategies. Amit is an alumnus of the Indian Institute of Technology, Kanpur, and IIM, Ahmedabad.
He was associated with the Management Consulting division of PricewaterhouseCoopers’ Banking and Financial Services vertical. He worked with many leading Indian and foreign banks during his eight years at PwC, leading consulting teams and working directly with top CXOs on critical aspects such as formulating business strategy and enhancing on-ground profitability