IndiaMLS, a company whose mission statement is to create the largest and most accurate database of property listings in India, has come out with one of 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 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."
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.
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