For years, the residential rental brokerage has been dominated by local agents. Largely unorganised, these agents often lived locally and had limited resources. Most rental agencies were effectively manned by a single agent who kept tabs on vacancies in the area. With the internet came the digitalisation of the rental industry. However, this was largely limited to property listings where people could view different vacancies in a city. The online portals rarely affected the local broker who continued to operate in silos, relying on their extensive network.
As the rental industry turns a full circle, we are again poised at a turning point where the online-to-offline model is fast gaining traction. Combining the data insight of a tech-first approach with personalised services of offline brokers, this model has evolved partly to meet changing customer requirements and partly in response to the need for hyper-accelerating rentals to meet exploding demand.
Working in Silos
Like other industries, the internet was expected to be a game changer in residential rentals. Online listings were expected to streamline the process, directly connecting the owner and the tenant, taking out any unnecessary third party from the equation. The reality was starkly different. Most such portals operated on a subscription basis where detailed information was only visible for a nominal fee.
More importantly, they lacked the network and reach of local brokers. The model depended on homeowners listing their property, but found few takers. Quite often the contact details were of brokers who used these portals to increase their reach. In fact, local brokers were often more likely to close the vacancies in their catchment area, further strengthened by personal service.
Yet, they too faced challenges. Most potential renters are now increasingly likely to do their initial research on the web. They also expect end-to-end support that can strain smaller brokerages. There have also been concerns about ethical conduct where a broker may try to reduce the rent to find suitable renters in a short time.
A new generation of tech-savvy consumers and the increasing digital penetration in our daily life is now creating another paradigm shift, bringing together online and offline approaches in a manner to enhance each other’s advantages. Online reach is becoming increasingly critical to reaching the millennial buyers who form the dominant demographic in the real estate industry today. They are more likely to look for their next home online than meet multiple brokers.
The increasing digital penetration has further accelerated this trend, giving us the tools to refine our search and correct the current imbalance between surging demand and low supply. However, there is also an increasing realisation that this must be supplemented with personalised service. A digital-only approach bypasses the personal touch that can be instrumental in building long-term relationships. Hence, leading to an approach where offline and online can be combined.
ApnaComplex Rentals, Creating a Paradigm Shift
ApnaComplex Rentals leverages its tech-first approach with a pan-India network to bring together both online and offline models in rentals, thereby creating a smooth end-to-end service. On the technology side, it benefits from data insight derived from the app’s adoption in gated communities. Rental availability can be determined from move-in / move-out data, while lease agreements help in predicting availability.
With an extensive network in gated communities, built on continued relationships with Management Communities and Resident Welfare Associations, we can also access a verified pool of tenants and landlords. This resolves one of the persistent challenges of carrying out relevant verifications.
It is further supported by an offline approach where an on-site Estate Portfolio Manager (EPM) handles all requirements on behalf of the landlord, including assisting with the lease agreement and move-in. ApnaComplex Rentals also activates the unorganised local broker community in AC micro markets while partnering with leading real estate portals to funnel leads. This ensures that demand can be met in a short span.
In a first for the industry, ApnaComplex Rentals offers the society a fee share from rental transactions. It also ensures a higher rental yield for the landlord (by 4.5% to 5%). This is further enhanced by a lower three-week transaction fee, as against higher market operating charges, ensuring maximum gains for the landlord.
In short, ApnaComplex Rentals benefits all stakeholders.
- Largest platform for verified pool of tenants and landlords
- Society gets a share in transaction fees
- End-to-end rental management for landlord
- High rental yield
- Three week transaction fee, lower than market rates
- Quick closing of demand by tenant
- Strong offline network with a dedicated EPM and local brokers
If you want to know more about ApnaComplex Rentals, call us at 0120 71173344 or write to us at firstname.lastname@example.org.