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Real Estate 2015-09-19

Realty of real estate franchising in India

Realty of real estate franchising in India

One of the lading names in the real estate franchising, Coldwell Banker has been a premier provider of full-service residential and commercial real estate since 1906. It is one of the oldest national real estate brands in the United States and today has a network of more than 84,000+ sales agents working in approximately 3,000+ offices in 44 countries and territories. We spoke to Ramnik Chopra, Managing Director, Coldwell Banker India about his expansion plans for the brand and how he sees the real estate market in India.

Tell us about Coldwell Banker’s presence globally and in India.

Coldwell Banker India is borne of the legacy of Coldwell Banker, the global leader in real estate franchising and provider of real estate advisory services. It is part of the $5 billion Realogy Holding Corporation. Coldwell Banker India owns and manages Coldwell Banker, Coldwell Banker Previews International® program, and Coldwell Banker Commercial® marks in India, and has exclusive rights to appoint franchisees to develop the Coldwell Banker brands in the Indian Subcontinent.

It is building the brand in the nation of 1.2 billion, the most populated democratic nation in the world, concentrating its initial efforts in major metropolitan areas, beginning with Mumbai, followed by Pune, Bangalore and NCR; and eventually going pan-India.  Coldwell Banker India has a franchising strength of 25 and 95 agents are associated with the company.

Why do you think real estate franchising and consultancy is the next big thing?

Real Estate franchising is the next big step in the evolution of the organised real estate business. Franchising adds value of process and systems and organises the various stakeholders under the umbrella of a renowned brand. Consultancy differentiates the brokers from the advisors. Research based knowledge empowers brokers to transition to consultants and advisors rather than just becoming transaction facilitators.

Via which business model do you operate in India and in other countries that show your presence?

We operate in the Real Estate Franchising model in India and we have a presence across 44 different countries.

Why did you opt for franchise route? How it has helped the brand to excel in different ways.

Franchising was the most professional approach to take for a market like India, where the Real Estate sector does not enjoy an Industry status and the market space is largely unorganised. The brand has managed to carry forward, in India, the legacy of 108 years that started in the US. We have taken the best practices of a century, culturally adapted them to India and have made the real estate franchising business a lucrative opportunity for investors and the next step forward for existing real estate players.

So, any requisites you seek in a franchise partner for your brand?

  • A commitment to the brand for a minimum period of 7 years
  • A financial commitment towards the franchisee fee and the infrastructure required to run the business

What are the major challenges for real estate franchising in India and how is your brand overcoming the same?

Real Estate Franchising in India faces a challenge of this model not being limited only to the existing real estate players, but even having an appeal to the investors who find this to be an extremely viable proposition. A few operational challenges can be listed as below

  • Getting the right recruits
  • Inculcating Domain knowledge
  • Getting business owners to work collaboratively

Our Brand has been overcoming the above by:

  • Using our brand name to attract and retain the right talent pool
  • Holding extensive trainings and interactions with some of the top industry talent
  • Having our systems and process support a collaborative way of functioning rather than a competitive one, which other is the norm.

How many more branches do you plan to open by 2015-16?

We plan to expand to Gujarat/Pune and Delhi NCR and look to extend our network to 50 franchisees in Mumbai, 20 in Bangalore and 15 in Pune by 2015-16

Franchise facts:

Area

Investment

Breakeven

RoI 

700 sq ft

Franchise fee 

25 lakh+ OpEx

1 year

55%

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