Agarwal: Zero Entry Barriers and Cash Deals Degrade Real Estate Brokerage
Amit Agarwal · Disrupting real estate market with Amit Agarwal, Founder, NoBroker | 100x Entrepreneur Podcast · May 31, 2021 · at 10:48
Amit Agarwal, co-founder and CEO of NoBroker, explains why the traditional real estate brokerage model in India suffered from severe customer service issues before tech disruption.
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“Because this field does not have any entry barrier, right? At least for advising a client about taxes, you need to have a degree. You need to perhaps be a CA. You need to be a doctor to give any mental advice, but to give advice about which house you should take. And when you are making such a big amount of money, there is no entry barrier. So the grocery guy, the paanwala is also basically a part-time broker. And because the entry barrier is zero, people are doing it part-time And their main objective is to close a deal because you just need to have one phone number, connect two, three people over WhatsApp, get the client and get everything in cash. There's no income tax that you need to pay. So which has attracted a lot of people who are in there for quick bucks, which makes my experience very bad.”
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