A platform that connects property owners directly with people looking for accommodations, NoBroker doesn’t charge any commission. NoBroker is making the process of finding accommodation a lot easier and definitely a lot cheaper. It uses technology and innovation to put owners and customers directly in touch with each other, without any middlemen. Brokerage fees allowed homeowners to find customers without doing much of the work, but they did not justify the amounts being paid. Since the market is largely fragmented, NoBroker is putting the pieces together and removing unnecessary variables.
“We analyzed the entire value chain of house hunting and replaced everything that brokers handle with technology”
NoBroker further has an algorithm that finds an bans brokers from their platform. Today NoBroker has almost 3 mil customers on their site. That’s not all, they managed to accomplish this without any brokers involved.
NoBroker decided to challenge the real estate industry that constantly stated it would not be able to function without brokers. Today NoBroker is the world’s largest ecosystem generating customer to customer relations without any middlemen. They are improving the experience of finding a house which should not be tedious but fun, happy and not very expensive. After analyzing the entire process and the work of the broker, the system replaced all the roles performed by the broker using advanced computation and a much smaller team.
Their main aim was to make the customers experience a lot easier and cost effective. They are not only working on the purchase of houses but also on rentals. The site offers ‘smart recommendations’ by going through their ‘real time’ data. Simply put, NoBroker is adding some organization to an unorganized real estate sector.
The company is currently working across India and is active in Mumbai, Pune, Bangalore, Chennai and Gurgaon. The system helps save about 35 crore a month on brokerage fees in these cities. The company is headquartered in Bangalore and being run by Mr. Akhil Gupta, cofounder, Mr. Amit Kumar Aggarwal, co founder and Mr. Saurabh Garg, cofounder.
NoBroker is looking to move to the rest of India by the end of the coming year. They are also working their way into other sections of the industry. The plan is to make all residential and commercial rentals free of a brokerage charge. The industry was waiting for a workaround to avoid paying the brokerage charge and they finally found it in NoBroker. The market is already happy with the platform that they have received and the number of people signed up is constantly increasing.
All the co founders have an extensive knowledge of the real estate sector and are equipped at making decisions that would benefit the rest of the sector. They currently have a team of over 280 employees across the country. Their customers’ satisfaction motivates them to work on a better product moving forward.