Gujarat Global News Network, Ahmedabad
Finding right property is a major challenge for people. They have to run around places and meet people and property consultants to get right deal. It may take months.Now,7 OAK, leading real estate developer, has come out with a Digital Platform “ Bada Property Exchange Application” which makes property discovery quite hassle free, transparent and with control in hands of customers(buyers & sellers). What is most significant in this application is the provision to exchange your property including buying and selling. All this with just one click of your Smartphone.
Giving the idea of India’s first digital property exchange platform, HardeepSinh Rana COO of Bada Property Exchange said that “though the property consultants are very much involved in this application but because of the transparency and customer control of the platform they cannot play the game of pocketing what is said to be the gap money .In this gap money game, he said, “a property consultant keeps the identity of customers hidden from each other and manipulates price of the property. He keeps the difference in his pocket while customers remain unknown to each other. Here in this application customers contact themselves first and depending on their requirement they decide whether they have to take services of a broker or not. They can decide on brokerage with understanding with the property consultants. But a customer cannot make sure whether a property consultant is reliable or not. The company is focusing on property consultants who are reliable and honest in their dealings. For this purpose the company is creating a data base of property consultants who are registered with the company.”
The company has decided to accredit one property consultant in an area. If the area is big like Ahmedabad city, he said,” it has more recognized property consultant. For instance, he said, that Ahmedabad city has 20 property consultants who are on the panel of the company. Any customer can take the service of these consultants and give him brokerage. A consultant can be avoided if any party feels that it has satisfactory deal.”He said that” the company doesn’t charge anything from customers. It has a unique revenue model. All its business depends on the fee it would collect from the property consultant. Explaining this unique revenue model of the company, he said that the company charges minimum annual fees of Rs 10000 from the property consultants.”
The amount is peanut considering the advantages a consultant gets by getting himself enlisted on the panel of the company. He has not to run around searching for buyer or seller. He gets direct reference on the basis of the need of a customer and gets money for rendering service to the user who has retained him for the job. The job can be anything from verifying certain details to the ambience of the locality. Property consultant gets the advantage of getting business on his Smartphone and then going out to work on the queries of the user. He gets business without making huge efforts. He said that the entire application is run on the basis of the fee the company would collect from the consultant.
The association of the property consultant with the company would depend on his performance during the year. If his services are poor the company will not renew his affiliation next year. The application has not been made public but its trial run has attracted more than 60 property consultants and 2000 customers.
He is confident that once it is made public thousands of customers and property consultants will join this unique platform which has pan India base. Giving the idea how the application works he demonstrated how to login to the application and give details of the property which one has to buy or sell or exchange with another property. He said that there are many people who have property but are not able to find suitable buyer. In this case they can upload property details which can be seen by people of that area or who are interested in buying property in that area. If a buyer has a property to sell they he can go for the exchange of the property on mutually agreed terms.
This makes it very clear that nothing is hidden from the customers. Presently when one uses services of a consultant the consultant has all details with him and he is the master of the bargain and pockets money of the difference of the price he tells to customers. He said that this idea is neither a fancy nor fiction, but it is based on the hard facts which have emerged from study of thousands of people who give ads of their property in newspapers or in pamphlets. The general complaint of these persons is that they do not get right buyer.
Giving the personal example of selling property of 7OAK in Dholera Sir Area he said people are interested in buying property, but they want to sell their existing property to raise funds to buy Dholera property. He said exchange of the property is the USP of their platform. Even for those who just want to buy or sell a property in a particular area; he said that user is genuine. This is just to protect users of the application from fraudulent people. To a question about the use of application by builders he said that they can use it to sell their property but there is no scope of manipulation builders by making their property more visible.
All this makes the application hassle free in the sense that one has not to run around to buy or sell his property. Just uploading the detail through a Smartphone is enough and if one is satisfied with the offer of other party he has to meet only the buyer or seller to complete the formality of the deal with or without the consultants. He said that the application is very strong and can handle four crore users. It is on Amazon platform and is available on Google play store and App store for all kind of phones. He is quite confident that it will be a great roaring success. The company has set a target of 1 billion users of the application by 2023.
(For news in Hindi see our Hindi daily Chaupal Chronicle)