Category: Blog

Real estate mandates are agreements between a property owner and a real estate agent, granting the agent the exclusive right to represent the owner for real estate mandate services. These mandates can take various forms, including exclusive right-to-sell or exclusive agency agreements. The primary purpose of a real estate mandate is to provide a clear and defined framework for the sale or lease of a property, allowing the agent to market the property effectively, negotiate on behalf of the owner, and ultimately close the deal. Real estate mandates are standard in the industry and can be a crucial component of a successful real estate transaction for the property owner and the real estate agent.

This blog will cover an in-depth analysis of real estate mandates.

What is a Mandate in Real Estate?

A real estate mandate is a crucial aspect of the real estate industry that is commonly used to describe the agreement between a property owner and a real estate agent. In simple terms, a mandate is a written contract outlining the agreement’s terms and conditions between the owner and the agent. The mandate defines the scope of the agent’s authority to act on behalf of the property owner in matters related to the property’s sale, lease, or management. It is essential to protect the owner’s interests while allowing the agent to act on their behalf. Therefore, understanding the mandate is crucial to property owners and real estate agents, as it helps ensure a smooth and successful transaction in the real estate market.

Open Mandate Vs. Exclusive Mandate: What’s Better?

Open and exclusive mandates are commonly used in real estate when selling or renting properties.

An open mandate refers that the property being listed with multiple real estate agents or agencies, and any of them can bring potential buyers or renters to the property. This means that the property is exposed to a broader range of potential clients, but it also means that there may be more competition between agents to secure a sale or rental agreement.

On the other hand, an exclusive mandate means that the property is listed exclusively with one real estate agent or agency. This agent is the only one authorized to market the property. They will usually be more incentivized to put more effort and resources into promoting and selling or renting the property. The agent or agency may charge a higher commission or fee in return for this exclusivity.

There is no definite answer as to exactly which type of mandate is better, as it is dependent on a host of factors, including the type and location of the real estate property, the market conditions, and the individual preferences of the property owner. An open mandate can increase the property’s exposure to potential clients, while an exclusive mandate can provide more focused and dedicated real estate marketing efforts from a single agent or agency. Ultimately, the authority lies in the hand of the property owner to measure the pros and cons of both the mandates and decide which type of mandate suits their needs best.

Advantages of Exclusive Mandates

An exclusive mandate is an agreement between a property owner and a real estate agent or agency giving the agent or agency the sole right to market, sell, or rent the property. Here are five advantages of using an exclusive mandate when selling or renting a property:

• Focused Marketing Efforts:

With an exclusive mandate, the real estate agent or agency has a greater incentive to put more effort and resources into promoting the property, as they are the only ones authorized to market it. This means they can create a more focused and targeted marketing campaign tailored to the property’s unique features and benefits.

• More Control Over the Selling or Renting Process:

An exclusive mandate gives the agent or agency more control over the selling or renting process. They can manage the property’s listing, viewings, negotiations, and transactions, ensuring everything runs smoothly and efficiently.

• Greater Exposure to Potential Buyers or Renters:

Contrary to popular belief, an exclusive mandate can provide greater exposure to potential buyers or renters than an open mandate. The agent or agency can use its professional network, database, and marketing tools to reach a wider audience of qualified and interested prospects.

• Higher Chance of a Successful Sale or Rental:

An exclusive mandate allows the agent or agency to devote more time, effort, and resources to selling or renting the property. This results in an increase in the chances of a successful outcome, whether a sale or a rental agreement, and can potentially result in a higher sale or rental price.

• Personalized Service & Support:

An exclusive mandate can provide the property owner with a more personalized and dedicated service from the agent or agency. This includes regular updates, feedback on the marketing and selling or renting process, and professional advice and guidance on optimizing the property’s value and appeal.

Conclusion

Real estate mandates are an essential aspect of the real estate industry. They provide property owners with a way to market and sell or rent their properties effectively and efficiently and real estate agents with exclusive access to properties they can promote and sell or rent on behalf of their clients. Exclusive mandates offer several advantages, such as focused marketing efforts, better control over the selling or renting process, greater exposure to potential buyers or renters, a higher chance of a successful sale or rental, and personalized service and support.

However, it’s essential for both parties to carefully consider the terms and conditions of the mandate before signing the agreement. Property owners should ensure that they understand the commission or fee structure, the duration of the mandate, and the marketing strategies that the agent or agency will use to sell or rent their property.

Overall, a well-structured and fair real estate mandate can be a win-win situation for both parties, providing property owners with a stress-free and successful selling or renting experience and real estate agents with a valuable and rewarding professional opportunity.

When it comes to business expansion in real estate, there are several steps that you can take in 2023- some of these include hiring more staff, outsourcing work to other businesses, or collaborating with a BPO provider call support. An alternative choice is having a channel partner- a company or real estate broker platform that aids in promoting and selling your goods or services.

In the realtor business, partnerships and real estate sales are essential. Having strong channel partners will not only help you access resources and networks easily but also boost your business by improving your business’s visibility in the market.

Read on to explore how your company can grow to new heights with the support of channel partners and  real estate marketing.

• They Help by Sharing Sales Responsibilities

Channel partner networks can assist you in establishing contact with potential new clients who may not be familiar with your company. They can aid in spreading the word about your company to a huge new audience by informing their clients about your goods or services. Even after a customer has signed a contract with you, your partners can still sell them better properties and projects since they keep ongoing ties with their contacts. It’s a present that never runs out.

• They Help in Filtering Out the Right Prospects & Increasing Conversion Rates

Your lead conversion rate can also be raised with the aid of channel partners. When you collaborate with a business, they frequently have a sales team of their own that can promote your goods or services to their clients. This can be very advantageous if you sell a complicated good or service.

You can generate more leads with the assistance of some  channel partner networks that offer lead-creation services. You may improve the number of high-quality leads you have access to by using these services. As a consequence, you’ll be able to close more sales, which will help your company expand more quickly.

• They Help You with Expanding Brand Awareness through New Channels

The ability to increase brand recognition is one of the key advantages of working with a channel partner. When you partner with another company, you essentially form a team to market your goods or services. This implies that your brand and your products will be known to their customers. Channel Partners can also assist you in expanding your market reach.

You can easily and rapidly increase your reach without putting in more effort by collaborating with a business that already has a presence in these markets. A good internet presence is crucial in the commercial world of today. Your online presence can be improved by channel partners who advertise your goods and services on their websites and social media pages.

• You Can Use One Broker Network to Sell All Projects

Each lead is completely identified when you try to sell directly through channel partner networks or  real estate broker apps. The potential clients already have a source of reference through someone they know and trust when you sell your projects through a partner program. As a result, they are more likely to trust your brand, which should increase your conversion rate.

Building closer connections and utilizing a single, unified broker app with your clients is another fantastic advantage of working with channel partners. When you collaborate with a business, they are more likely to help you sell your goods or services to their clients. It implies you will have the chance to establish rapport with these clients and give them the greatest possible experience.

Conclusion

The five advantages discussed above convey how and why working with channel partner networks is beneficial in today’s world. Companies that cultivate strong relationships with their channel partners benefit from a wide range of advantages, such as greater customer insights, improved efficiency in operations, an increased ability to respond quickly to changing markets, and many more.

BeyondWalls is a renowned real estate marketing agency in Pune contributing to real estate sales growth for many developers across India. With its huge channel partner network, BeyondWalls has successfully provided all the necessary resources for multiple developers starting from a real estate project launch to booking conversions and even after-sales services.

So, when Peninsula Land Ltd., one of our major clients came to BeyondWalls with an objective to create high aspirational value for its project Peninsula AshokVann, we ensured that the project becomes the most appealing choice for the customers. We did this by tackling challenges with a differentiated approach to achieve effective results efficiently. Before diving into its dynamics, let’s first explore Peninsula AshokVann comprehensively.

Introducing Peninsula AshokVann

A gated plotting community amidst the scenic views of lush greenery, Peninsula AshokVannn is Situated in the prime locality of Gahunje. It is well connected to the infrastructural hub of West Pune. The project occupies a sprawling area of 19 acres, of which 8+ acres comprise open spaces. Plus, as revealed before it is developed by Peninsula Land, Ashok Piramal Group. AshokVann successfully combines the serenity of nature with an urban living experience.

Now that we have established what Peninsula Ashokvann is, let’s dive deeper into how BeyondWalls helped the project in gaining maximum outreach.

Challenges Addressed by BeyondWalls

• Lack of Product Awareness – Peninsula AshokVann is a one-of-a-kind project that was previously unknown. To make consumers aware of the benefits of investing in it, the appropriate communication and branding strategy had to be used.
• Lack of Urgency for CustomersPeninsula AshokVann is not a project with an immediate end-use in mind. Because it was made up of villa plots, there was no need for consumers to make a quick purchase.
• Uncertainty of Token Conversions – There was uncertainty about the tokens secured by the project due to the strong presence of market competitors

The Go to Market Strategy Applied by BeyondWalls

• Product Positioning – We centred the project on the ‘luxury of space’ it provides. The product positioning narrative focused on how consumers can build their dream homes on spacious lands surrounded by nature as well as modern lifestyle amenities, where value proposition, conceptualization, and extensive market research assisted us in developing the right positioning strategy.
• Value-based Selling – We informed customers about the high value of purchasing villa plots and how it could provide a good return on investment. Creatives were created to explain how villa plots could be more cost effective than ready-to-use properties. Plot size, constructed carpet area, total price, and effective rate per sq. foot were some of the factors considered for this comparison, and calculations against each of these criteria revealed that Ashokvann’s plots had more value associated with the purchase.
• Omni-channel Marketing & Sales – An omni-channel approach was also used, coupled with the application of various platforms. Digital remarketing, as well as OOH activation and word-of-mouth marketing, were used. The online remarketing strategy was implemented concurrently via multiple channels, including the website, email marketing, the launch of digital ads utilizing the full capabilities of the Beyondwalls real estate brokers app.
• Channel Partner Aggregation – BeyondWalls’ extensive network of Channel Partners was used to broaden the scope of the marketing efforts. They, too, used the value-based selling approach, which made Ashokvann appealing to customers. In order to generate interest in the project, we also organized an on-site event for Channel Partners.
• Enhanced Customer Experience – During the launch, customers had a smooth and seamless experience. IRIS, a technology platform, was used to optimize the entire booking process, which included event curation, closure tools, 360-degree virtual link generation, and Razorpay Payment Gateway Integration. All of these features contributed to a better overall customer experience. Consumers were given information about the pricing model, as well as a special launch discount.

It was evident now that with BeyondWalls intervention, Peninsula Ashokvann became a desirable and one-of-a-kind real estate opportunity thanks to the proper project positioning and marketing strategy.

Making It All Possible

BeyondWalls managed to generate leads up to 4355 out of which, 488 successful site visits were made possible from 93 tokens with over 30 successful bookings and more than 200 units were sold! In this way, people searching for residential NA plots in Pune, found their home in Peninsula Ashokvann with a sizeable contribution from the BeyondWalls team.

The Indian real estate market is growing at an ever-increasing rate. With the rise of technology, more and more brokers are turning to mobile apps for their real estate needs. In this blog post, we’ll take a look at the top 5 real estate broker apps in India for 2024 and what advantages they offer – from price comparisons to virtual tours and more. Keep reading to discover which apps can help you take your business to the zenith of success!

The Importance of Mobile Apps for Real Estate Brokers

Over the past few years, there has been a dramatic rise in the number of mobile apps being used by real estate brokers in India. This is due to the fact that these apps offer a number of advantages over traditional methods of marketing and selling properties. Some of the main advantages of using real estate broker apps include the following:

• • Increased Visibility:

With so many people now using smartphones and tablets, it is important to have an online presence that potential buyers can easily access. By having a real estate broker app, you can make sure that your properties are always visible to those who are looking to purchase, and you can connect to them instantly.

• • Greater Flexibility:

One of the great things about using an app is that it allows you to be much more flexible in how you market your properties. You can update information and photos quickly and easily, and you can also target specific demographics with ease.

• • Better Customer Service:

Another advantage of using a real estate broker app is that it allows you to offer better customer service. With most apps, you can set up push notifications so that customers are alerted as soon as new listings become available. You can also use the app to answer any questions they may have about the property-buying process.

• • More Leads:

With real estate brokering, you can generate more leads than you would through traditionally marketing methods. This is because potential buyers will be able to find your properties more easily and will be able to contact you directly. You will also be able to connect to them and store core lead information easily.

Top 5 Real Estate Broker Apps in India

Now that we have understood the importance of mobile apps for brokers, let’s dive into the top 5 apps that are changing how brokers navigate the real estate industry.

1. BeyondWalls Brokers App

Being India’s leading integrated PropTech ecosystem, BeyondWalls Brokers app for real estate agents has transformed its tech-driven platform into an easy-to-use mobile app offering end-to-end services to real estate brokers.

The app couples a seamless user experience with its distinctive features to empower brokers to sell more and grow their businesses. Custom lead form fields, robust data capturing, on-time notifications & reminders keep brokers on their toes and let them know what’s hottest in the city and what’s trending, all the while enjoying high incentives and timely payouts. Known as SuperBrokers, BeyondWall’s connected channel partner network also get marketing collaterals, tips and tricks, and rewards & recognition from the firm’s marketing division at no additional cost.

2. Broker Network

Designed to be a suite of services for brokers, the Broker Network acts as a bridge that connects brokers with properties and brokers with buyers. The app features a new launch feature that allows brokers to know about upcoming projects and get in touch with the developer through the app.

The app has all the features brokers look for, including posting the property, real estate project launch, adding the team to the organization, securing leads, chatting with customers, special offers, invitations to exclusive events, CP meets, and more.

3. Magnet Real Estate Broker App

A new real estate broker app in the industry, Magnet, was introduced to the real estate realm in 2019, taking on existing prominent players in CRM, lead management, and the real estate channel partner business network. Centred around the growing needs of real estate agents and businesses, Magnet has come out as a 360-degree technology solution covering all the real estate brokering needs.

The app supports real estate brokers with the following:

• Technology: All the capabilities of a real estate CRM software fused with modern technology
• Faster Pay-outs: A stress-free business opportunity for brokers with good customer support and timely pay-outs.
• Higher Commission: Creating a win-win solution with a higher commission slab
• Support: A seasoned team at the helm of supporting brokers
• Magnetshala: Tips & tricks to grow their business.

4. PropertyPistol Syndicate

The PropertyPistol Syndicate is a modern tech-based platform designed with the brokers’ needs in mind to simplify the selling process. PropertyPistol presents a new app-based networking platform, a tool that updates you with the right information and helps you generate quick revenue. Here’s what Syndicate real estate broker app offers:

• Complete control: 360-degree history of leads
• Alerts & reminders: Necessary for follow-ups and action items
• Real-time updates: For real-time needs of the customers
• Customized listing: Client-specific listing creation ability
• Transparency: Real-time updates from developers and clients
• Access to a powerful network: Being a part of the Syndicate ecosystem

5. Propliv Agent

The Propliv Agent platform was specifically designed for Real Estate Agents in India to connect with each other. It helps real estate brokers generate more leads and business opportunities by connecting you with top developers, builders, investors, and owners across the country.

Here are some of the top features of the real estate broker app:

• Access to the real estate inventory
• Alerts and notifications for new properties
• Ability to search as per client’s requirements
• Record site visit experience
• Handsome commissions and incentives

In Conclusion:

Real estate brokerage apps have become a lifesaver for real estate agents and buyers alike. These apps provide numerous advantages as compared to manual methods, such as efficiency, convenience and ease of use. Therefore, it is essential to choose the right real estate broker app for your business in India this 2024.

Real estate brokers can use India’s integrated PropTech mobile app- BeyondWalls Brokers apps for real estate agents, to seamlessly grow their business with the hottest projects, high incentives, timely pay-outs, and the largest channel partner network.

After Russia-Ukraine war, the world collectively saw a downfall of $17 Trillion; 20% of the global output India is among the top 5 countries contributing to this loss and this may lead to a further increase in fuel and food prices. 1/3rd of global economy is in Recession. Globally, central banks have increased interest rates with an aim to reduce inflation. The housing interest rates in India have increased from an average of 6.5% to 8.75%.

The increase in interest rates along with uncertainty in jobs has made homebuyers confused on making any purchase decision. The property prices have already increased by almost 15% in most of the urban markets like Pune, Mumbai and Bangalore. There was almost no effect or say of UDCPR in this price increase.

Property Price Trends – Pune

(*The rates mentioned above are all inclusive rates)

The overall cost of home ownership has increased by almost 58% compared to 2019. Besides that the possession dates have moved ahead by 3 years after RERA, i.e the possession that buyer would generally get within 3-4 years, would now get after 5-6 years.

Although, the demand in mid to premium segment is still intact and the momentum for listed large developers with projects in prime localities and with larger carpet is good. Decision making of the buyer with buying capacity is zeroed down to the brand value, prime location and bigger homes.

The projects in this category of pricing and location will sell but the buyer is not desperate and would not take any decision until he finds the right deal.

What are Home Buyers Saying?

Our research team spoke to over 150 homebuyers to understand their current mood.

• 86.7% people say the increase in interest rate is affecting their buying decision
• 62.3% people are waiting for economic condition to stabilize before they make any purchase
• 25% of the homebuyers have postponed their homebuying decision

 The interest rate may even touch a double digit number in 2023.

Before the situation worsens, it is extremely crucial for developers to manage their cashflows.

The hottest selling micro markets of Pune for eg. – Baner, Balewadi and Wakad, have started seeing drop in real estate sales since July 2022 to the tune of almost 19%; which is indicative of the homebuyer’s sentiment. The developers with right pricing and locality are able to sell, making it a buyer’s market.

The sales trends in hottest micromarkets show a drop in sales after September 2022. There are 1.09 Lac unsold apartments in Pune alone out of which 80,000 are under construction and 28,000 are ready to move in. While there is demand to purchase, there is no desperation and buyer is ready to wait until they get the right deal.

Managing funds to fuel each stage of the project is critical for Developers. Developers need to ensure availability of construction funds so as to de-risk the project. Based on the inventory and sales velocity, developers also need to absorb 50% of their next quarter’s targets into the current one and open up all the channels for widening their top of the funnel. The target should be to sell 35% of inventory to de-risk the project, not to sign any resource-intensive JV and wait it out till the market stabilizes.

Regarding pricing, instead of having a profit-first approach (increasing the price), developers should take a cashflow first approach and stagger their pricing to maintain sales velocity. Market may further dip by 6-7%, this should be kept in mind while taking any big decisions on projects.