Real estate industry is a globally recognized industry. Real-estate is a real property that comprises of land/property & enhancements that incorporate fixtures, roads, structures/ designs, and utility systems. Property rights provide a label of ownership to the improvements, land, and natural resources for instance minerals, animals, plants, water, etc. There are various types of real estate, each with the unique purpose and utility. Real estate brokerage industry is a key area of real estate industry. Real estate agency and brokerage sector is one of the vital sub sectors of real estate that plays a major role in selling properties between seller and buyer by acting as an intermediary between two parties. A brokerage business is a form of business where business transfers the agents or intermediaries, help buyers & sellers in the buying or selling process. Real Estate agents estimate the business value and advertise it for the sale. They also handle the prospective buyer interviews, consideration and negotiations with prospective buyers in the business sale.
As per study, “Real Estate Agency and Brokerage Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies that are currently operating in the global real estate agency and brokerage market include Newmark Grubb Knight Frank; Century 21 and Keller Williams, Jones Lang LaSalle Inc; CBRE Group. The leading companies are determining the market in new geo-graphical regions by adopting a variety of market growth strategies such as expansions, mergers & acquisitions, investments, and others. These companies are investing in artificial intelligence (AI) applications to perform different functions for instance property search, building management and design. AI is helping the real estate firms to find that people, who are looking to buy and sell the properties, find an appropriate property based on clients requirements, re-design the office spaces based on user behavior.
On the basis of type, real estate agency and brokerage market is segmented as mini warehouses & self-storage units’ brokers, residential buildings & dwellings brokers, non-residential buildings brokers and other brokers. In addition, on the basis of mode, market is segmented as online mode and offline mode.
The real estate agency and brokerage market is driven by increase in penetration of the internet, followed by ease of use & implementation of the real estate investment software and growth in development in the real estate industry. However, issues related with data security & privacy and high acceptance of traditional methods may impact the market. Moreover, rise in demand from individual real estate agents is a key opportunity for market. Furthermore, integration of services Such as IT and analytics solutions is a major trend for market.
Based on geography, the Asia-pacific is a prevalent region in global real estate agency and brokerage market owing to growth in economy coupled with urbanization across the region. The Europe and North-America regions are likely to witness higher growth rate due to increase in young population and better banking system & easier home finance over the forecast period. It is projected that future of the global market will be bright as a result of better government control & transparency during the forecast period.
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Ankur Gupta, Head Marketing & Communications