A Solution to Indian Real Estate Market Issues
What is Pay-Per-Listing model?
Flaws in Pay-Per-Listing Model
IndiaMLS has brought and customized the MLS (Multiple Listing Service) for the Real Estate Market to create the largest and most accurate database of property listings in India.
Mumbai, 25th June, 2019: IndiaMLS, a company whose mission statement is to create the largest and most accurate database of property listings in India, has come out with India's first Multiple Listing Service platform, customized for Indian property brokers which does not use a Pay-Per-Listing model. IndiaMLS has brought to India and customized the MLS, also considered as the greatest invention in real estate technology.
The Real Estate Regulatory Authority (RERA) has now been in place for more than two years, yet the Indian real estate market remains fragmented and unstructured, but equally bad are the traditional web portals which display their property listing data to the public.
While speaking to Mr. Jay Patel, founder and CEO of IndiaMLS, he said, " Almost every one of the real estate websites in India uses a “Pay-Per-Listing” model which essentially means brokers must pay to advertise their listings on the websites. The result is tons of garbage data because anyone can post anything they want as long as they’re willing to pay for it. Thus, 80% of the listings on these sites are fake, duplicate, or old, and have very few unique listings."
Mr. Patel also highlighted three main problems with the Pay-Per-Listing (PPL) concept:
Unlike any other property portal in India, IndiaMLS is unique in its approach and creates one central database of all residential and commercial property listings in each city called a Multiple Listing Service (MLS), and the MLS system maintains the quality of that database, thus little or no duplicate, sold, or junk listings would be found. Brokers do not need to waste time looking on many sites to find properties for their clients.
The MLS is not a Pay-Per-Listing concept. It utilizes a subscription-based model, where brokers pay a flat annual membership fee. They get unlimited listings, and they must agree to operate by the MLS’ Code-of-Conduct. The MLS is a proven concept which comes from the United States where it has been the backbone of the entire real estate industry there. IndiaMLS is a similar B2B solution designed for all professional brokers in India, and it will contain the most accurate sale or rental, residential and commercial listings in the country. This allows sellers to quickly find buyers for their sale properties, making it the most effective target marketing tool for the industry, unlike any other realty portal in India.
IndiaMLS Software Pvt Ltd., founded in 2017 by Jay Patel, is designed to aggregate the largest and most accurate database of property listings in India. The MLS includes both residential and commercial properties (sale and rental), as well as buyers’ requirements, making it the only true property exchange in the country, similar to a Stock Exchange, but for properties. This allows sellers to quickly find buyers for their sale properties, and vice versa, making it the most effective target marketing tool for the real estate industry, unlike any other realty portal in India. The MLS is a B2B solution used by real estate brokers and builders, but consumers also benefit greatly from the quality of the data compared to other real estate portals in the market.
About Jay Patel:
Jay Patel is a veteran of the real estate industry from the US having more than 20 years of experience in multiple facets of real estate including land development, property rehabs, and sales and brokerage. Jay also holds a Managing Broker license in the state of Illinois (USA), and has a vast level of experience in real estate technology. He and his team have brought the MLS concept to India and fully customized it for this country in an effort to help improve the industry and the quality of the data available for brokers, builders, and consumers.