Nurallah K. Veljee: We realised that small brokers are panicking as they are facing the brunt of a slowdown. In the light of this, we are launching this business- model under which we will have sub-brokers working for us and we will call them Ambassadors. By working with us, small-time sub-brokers will be able to deal with the slowdown as we are a much bigger and organised player.
There are three arrangements possible for brokers who would like to be our Ambassadors. Under the first, they will take a silver card from us, for which he will have to pay Rs 1 lakh yearly plus service tax. In the second scheme, they will get a gold card from us, for which they will have to pay to us Rs 2 lakhs yearly plus service tax and in return they will get 1+3 (total 4) cards. Under the third scheme, they will get a platinum card from us, for which they will have to pay to us Rs 2.5 lakhs yearly plus service tax and in return they will get 1+5 (total 6) cards
NV: This card is like an identity card. Now, if you have taken a silver card from us, you get only one card. This means that you can bring your clients, who want to either buy or sell property to our corporate office here in Panaji or to our property hubs in Vasco and Margao and we have a database of 1,000 properties with us already. Your client can choose from these properties.
If you have a gold or a platinum card, then you get more than one card, meaning you can further have sub-brokers working under you. To those sub-brokers, you can sell these cards and recover the money you have paid to us.
NV: We have a software for our franchisee model. In this software, we have detailed information about 1,000 properties spread across Goa. Supposing a sub-broker brings (a prospective buyer) to our office (who) needs a property in Bardez, I will put this information in the software and within 15 minutes, it will throw up 4-5 properties matching (her) needs. And, our software has all the information about how old is the building, how many sales have taken place, how much stamp duty and registration charges are payable as of today, what is house tax and etc. We also have photographs of properties.
NV: For franchisee model, you need to have 450-550 square feet of office-space. We charge (a) Rs 15-lakh deposit and Rs 1.25 lakhs as our annual fees. The office has to be as per the standards of our corporate office. We call these franchisee offices ‘property hubs’. As of now, we have one property hub in Vasco and one in Margao. By second week of January 2016, we will open one property hub each in Calangute, Mapusa, Canacona and Ponda. So, if you have more capital, more resources, you can take our franchisee and start a property hub. And, if your scale of operations is smaller, you can work with us as a sub-broker. This is the reason, we have launched our Ambassador model.
NV: In 3 years’ time, 80% of real estate in Goa will be marketed through SpaceDeal. This is what happens abroad too wherein builders don’t market their own property and they let corporates like us handle marketing.
NV: I am of the opinion that one should not run after conversion of land. One can have some income by leasing out agricultural land to professional farmers. One can even form a co-operative of farmers and landlord for farming by protecting landlord’s title to the land. The income from co-operative will help everyone involved. The basic idea is not to sell your agricultural land in a rush and wait for a decade or so for it to appreciate.
As far as slowdown is concerned, I have always succeeded when the market is down. Because in such a situation, people don’t quote whatever price which comes to their mind and the rush to close the deal is a lot lesser.
