The willingness to be entrepreneurs, the resources to polish their skills and gumption to take a bold risk and start from scratch:The husband wife duo Mohit & Nidhi Sancheti were plagued with multiple problems in the real estate world –from connecting with agents in an unorganized real estate fraternity to wading through a barrage of information and struggling to find the right property amid so much noise and chaos .The experience of going through the ruckus got them thinking. In January, 2018, MONEST was born- a real estate platform that helps buyers and sellers of property share their requirements and get the best deal online. It enables the agents to get listed and discovered on one platform by developers and consumers alike. Given that nearly 70 to 80% of the transactions in the real estate marketplace are routed through the agent with approximately 70% of the sales being agent driven , the idea was to bring the agents at the forefront and give them more visibility. The founders envision a LinkedIn or Zomato for the real estate Industry. MONEST is one of few prop tech products in India that attempts to do so.
THE FEMALE ADVANTAGE OF REAL ESTATE
One of the most recognized sectors in India and the second largest employer after agriculture, the real estate industry has quintessentially been a masculine affair where women have essentially been underrepresented. However, in the past few decades , the industry has witnessed a significant shift in paradigm. As per industry’ s sources , over 30% women now lead property related decisions in their families and approximately 50% women are joint decision makers in property investments along with other family members. The skill set that a woman brings to the industry in terms of empathy, insight and assertiveness is being recognized today with women steadily climbing the ladder ,to the extent that many today hold senior executive positions in the industry. They are redefining the goals of this industry. With the social demographics of the industry changing, women are becoming sole breadwinners of their families. A career in the real estate industry recognizes this and also offers women the opportunity to become financially independent. One successful deal in a month can contribute nearly 30 to 35,000 INR, thereby enabling them to contribute significantly towards household income or building on their savings. Hence, what one foresees is that the future of women in the industry is exceedingly bright and transformational. From being hidden figures who could not even get to buy property without a male co-signee , women are changing roles and coming into the limelight today.
REAL ESTATE SIMPLIFIED
With over 2 million agents in the Indian real estate industry , only 0.36% have an online presence. As a standard operating procedure, most agents do business through references from existing customers. So, they never felt a need to go online. However, with grocery purchases going online , consumers today believe in ease and convenience of purchase. Analogous to this,If given proper guidance, buying property online can become the next new thing. Buying a property is heavy investment decision. Finding the right place often requires one to go through hordes of useless information and run the risk of being overcharged for the property. Moreover, finding the right agent who is licensed to sell property is another arduous task in itself. MONEST aims at addressing the pain points of this industry by building the largest network of accredited real estate agents who are rated and reviewed by consumers and developers. Creating a digital profile, rating agents based on consumer feedback and getting RERA verified agents, the product aims at becoming a trusted realty discovery platform. The search algorithm of Monest assigns weightage to the ranking of the agent and matching properties based on preferences. The Kolkata based start up is currently operating in Pune and Kolkata and has recently expanded into 8 more cities in a span of less than a year. Till date the start up has serviced over 500 customers with a network of over 2000 verified agents. By fiscal year 2020, the start up plans to expand into 22 other locations targeting a revenue of over 210 million.