June 18, 2007

Branded Realtors Debut in India

The next time you go to your neighbourhood property dealer, don’t be surprised if he answers to LJ Hooker or Century 21 or Remax, instead of the usual Chawla Properties or Dubey land agency. For, after global realty consultancies, it’s the turn of brand realtors to make a beeline for India.
While Australia-based LJ Hooker has already set up its shop in the country by opening an office in Bangalore, Ray White (also from Australia) and US-based Century 21 and Remax too are toying with the idea of entering the growing Indian real estate market. Working on a franchisee model, these realtors cater mostly to individual needs and are not looking at a corporate client base.
With the international exposure comes transparency and ethics,” says Ramneek Bakshi, principal, LJ Hooker. The firm is planning to open one main office in every major city in India along with a large number of franchisees. Bangalore will see 4-5 franchisees opening up by the year-end.
As far as the functioning goes, unlike local brokers, branded realtors take fees only from one party (either the seller or the buyer) and the parent organisation takes commission from the franchisee (around 10%). Another area that these realtors specialise in is managing properties for absentee landlords.
  1. • LJ Hooker has set up its shop in Bangalore. Ray White, Century 21 and Remax too want to enter
  2. • These realtors cater mostly for individual needs and aren’t looking at a corporate client base