We believe in providing cost effective service to customers: CEO, Nobroker
Updated: Oct 26, 2015 03:08:29pm
New Delhi, Oct 26 (KNN) As the name implies, Nobroker is a unique path breaking online service that connects house owners directly with prospective tenants. The firm is using unconventional methods to remove the need for brokers, thereby saving the customer of broker commission.
CEO and Co-founder of Nobroker, Amit Kumar Aggarwal told KNN about their belief in providing cost effective service to customers and their journey so far.
The venture that came up in late 2013 is an outcome of the innovative ideas of 3 IIT-IIM graduates, Akhil, Saurav Garg, and Amit Kumar Agarwal. “Nobroker is a real estate market place connecting house owners and tenants directly thus doing away with a huge amount of brokerage,” said Agarwal.
The three cofounders, in spite of being the alumni of prosperous institutions, aspired to do something innovative on their own. As students, they recall staying in rented apartments, most often encountering the bitter reality of the real estate renting business.
“We had a really bad experience when it came to renting apartments,” said Agarwal, adding, “Wanting to close the deal fast, brokers would cheat us and the owners, leaving a gaping hole in our pockets.”
It was therefore the experience and expense in real estate brokerage that ignited the idea of starting Nobroker. Considering that technology is growing at such a fast pace, they decided to rely on technology for the whole process, the co-founder said.
Having started with an initial customer base of approximately 200, the figure has multiplied twelve fold in the past six months, and their current customer base is more than 2000 each day and 15 lakhs each month.
Significantly, more than 30,000 new properties are registered every day, and the firm is proud to state that they close 3000 rental deals every month.
With a massive customer base of 4 lakhs and 1.5 lakh registered properties, Nobroker has received the title of being the world’s largest C-to-C market place.
The firm has had its share of challenges owing to competition. “We had to face some severe repercussions from brokers in the real estate market,” the entrepreneur told KNN. “Since we were offering service at a lesser cost and efficient way, there was huge agitation among the brokers which turned out to be quite dangerous,” he added.
The founders and workers at Nobroker also received threatening calls and legal notices from brokers. “It was very unfortunate and uncalled for, especially when several of them broke into our office and vandalised our property,” said Agarwal. In fact, they had to evacuate the office overnight keeping in mind the security of the staff.
Agarwal believes that firms should focus on adding value to customer service and ensuring customer satisfaction.
With a current staff base of over 100 people, the enterprise initially managed funds from personal resources for the first year. Later, Saurav Garg, the Angel investor and one of the co-founders invested some extra money into the enterprise,” Agarwal said.
In addition, the enterprise raised three million dollars from SAIF partners recently and had an upsurge from then onwards. Nobroker is now planning to expand its working base to twenty more cities in the coming years.
“We are planning to raise funds and build marketing along with strengthening our employee front,” concluded Agarwal. (KNN Bureau)
CEO and Co-founder of Nobroker, Amit Kumar Aggarwal told KNN about their belief in providing cost effective service to customers and their journey so far.
The venture that came up in late 2013 is an outcome of the innovative ideas of 3 IIT-IIM graduates, Akhil, Saurav Garg, and Amit Kumar Agarwal. “Nobroker is a real estate market place connecting house owners and tenants directly thus doing away with a huge amount of brokerage,” said Agarwal.
The three cofounders, in spite of being the alumni of prosperous institutions, aspired to do something innovative on their own. As students, they recall staying in rented apartments, most often encountering the bitter reality of the real estate renting business.
“We had a really bad experience when it came to renting apartments,” said Agarwal, adding, “Wanting to close the deal fast, brokers would cheat us and the owners, leaving a gaping hole in our pockets.”
It was therefore the experience and expense in real estate brokerage that ignited the idea of starting Nobroker. Considering that technology is growing at such a fast pace, they decided to rely on technology for the whole process, the co-founder said.
Having started with an initial customer base of approximately 200, the figure has multiplied twelve fold in the past six months, and their current customer base is more than 2000 each day and 15 lakhs each month.
Significantly, more than 30,000 new properties are registered every day, and the firm is proud to state that they close 3000 rental deals every month.
With a massive customer base of 4 lakhs and 1.5 lakh registered properties, Nobroker has received the title of being the world’s largest C-to-C market place.
The firm has had its share of challenges owing to competition. “We had to face some severe repercussions from brokers in the real estate market,” the entrepreneur told KNN. “Since we were offering service at a lesser cost and efficient way, there was huge agitation among the brokers which turned out to be quite dangerous,” he added.
The founders and workers at Nobroker also received threatening calls and legal notices from brokers. “It was very unfortunate and uncalled for, especially when several of them broke into our office and vandalised our property,” said Agarwal. In fact, they had to evacuate the office overnight keeping in mind the security of the staff.
Agarwal believes that firms should focus on adding value to customer service and ensuring customer satisfaction.
With a current staff base of over 100 people, the enterprise initially managed funds from personal resources for the first year. Later, Saurav Garg, the Angel investor and one of the co-founders invested some extra money into the enterprise,” Agarwal said.
In addition, the enterprise raised three million dollars from SAIF partners recently and had an upsurge from then onwards. Nobroker is now planning to expand its working base to twenty more cities in the coming years.
“We are planning to raise funds and build marketing along with strengthening our employee front,” concluded Agarwal. (KNN Bureau)
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