Brokering change

It is common for Chetan Narain to pick up his clients from a plush suburban hotel in his Porsche. And then catch up on the latest business deals over a round of golf.

He also oversees all his client’s legal formalities. Narain is not a hospitality manager, but a real estate consultant. As CEO of Narain Corp, he shatters every stereotype of the paan-chewing neighbourhood broker one dealt with earlier.

The big makeover

“Earlier, the broker’s task involved merely showing clients around sites and then handing them over to the seller,” says Bharat Tolani, Casper Properties. “Today, a consultant’s role begins from this point.” The first meeting is spent identifying the client’s requirements.

“We start with the basics. For instance, where the child’s school will be, what kind of amenities the client needs, proximity to places of leisure and so on. Today, consultants are well-read and pro-active,” says Tolani.

Tolani feels it is the entry of NRIs and expats that has brought some amount of sophistication and corporatisation to the business. “They expect legal and prompt transactions. Large-scale property dealings have proven that we are transparent and reliable. They trust us now because we are involved and keep them updated.”

The neo broker also reaches out by organising seminars and keeping his audiences updated. Narain and Sandeep Sadh, CEO, mumbaipropertyexchange.com, write real estate columns for newspapers. Narain is also president of the India Institute of Real Estate (IIRE), which offers a certificate course in real estate.

“The very change of term — from ‘broker’ to ‘consultant’ — illustrates a paradigm shift,” says Rashmi Rohida, director, Aryan Properties. “People now understand that we add value to the earlier service of just
showing every available real estate in the market. It is a consultant’s duty to negotiate with authorities for legal documents, verify the authenticity of the buyer and seller and check loopholes in the lease, if any.”

Almost legal

Harish Pandeya, director, Andromeda Marketing Private Limited, says the profile of the consultant has undergone a sea change as he offers legal expertise that gives him authority throughout the deal.

“We are almost like lawyers now. Buyers are more demanding and having legal know-how saves time and resources. I once faced a situation where a landlady refused to rent her apartment to a non-corporate. She was convinced only when I cited the laws that protected her legal interests.”

Getting the right mix

Real estate consultancy is also no longer a one-man army. The once suspicious broker reluctant to delegate is now scouting for talent and building teams, sometimes with an unusual mix of people.

“My team consists of people from the hospitality industry, airlines and even event management industry. They have great interpersonal skills and a flair for business,” says Narain, who leads a team of nine.

So what goes into making the contemporary consultant? Pandeya says higher education is not a prerequisite but good math skills and the willingness to work on Sundays certainly is.

“I choose people who exude maturity. Customers cannot rely on the judgement of a rookie,” he explains. Narain, though, feels education does lend a touch of professionalism to a consultant’s demeanour. But he cites exceptions too. “I once rejected a highly qualified and competent applicant because he breezily addressed me by my first name.”

Those wanting to make the consultant grade can also avail of training. Associate consultants receive classroom coaching — basics in understanding loans, transactions, phases of payment and handling site visits. Eventually, smaller deals are delegated to them. They get to keep all the incentives on these deals.

Of pdas and databases

Worn-out calculators and dog-eared notebooks do not adorn the broker’s profile anymore. A high-flying corporate and a true techie at heart, he flaunts chauffeurs, laptops and PDA phones with élan.

Also noteworthy is the broker’s database-driven approach. “Our profession will be in shambles if it doesn’t acknowledge the need for a strong database. Gone are the days when the broker paraded the entire city to a client. Now, we believe in putting the best wares on display.

There are tailor-made packages for every area to suit every budget. Every inquiry is answered in a matter of hours and the property package list is e-mailed. Verbal communication is confirmed on paper for credibility and to avoid any confusion,” says Rohida.

Tolani seconds this and highlights that a consultant is only as good as his network. He regularly scans his customer database and keeps in touch with old clients as they ensure business on recommendation.

The frills get fancier

There are many other frills and add-ons that Mumbai’s consultant offer. For instance, if you are looking for the best place to buy electrical fittings or get second-hand furniture, who do you call? Your broker.

If you are looking at a checklist that tells you to ensure that there are no leakages and rodents in the house, that all old curtain rods should be replaced and that kitchen cabinets should be repaired — chances are it is from your broker.

Says Sadh, “From waiting for hours when the client wants to rest to choosing home furnishings and buying electric fittings, a consultant does it all.” He recounts the time he stocked an assortment of Italian breads and confectionery in his car for the client’s children who were accompanying them on site visits.

Consultancy, he jokes, is more a PR job — all about managing individual temperaments and being affirmative to demands. Pandeya learnt an important lesson by identifying this role. “A few years back, I forgot to tell an important client to renew his lease because I did not consider it my ‘job’. I cannot afford to overlook that today.”

The road ahead

With multitasking and super-specialisation, their dreams are getting bigger. “The role of a consultant in generating loans will increase. The future will also see us offering specialist legal views, especially to the NRI community.

Though bigger consultants will consolidate, the individual broker will not fade away.” Narain says, “I see fortnightly webcasts of real estate news as my next challenge.”

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