The outsourcing bug seems to have bitten the real estate sector as well. With professionals looking into project feasibility, demand and supply analysis, future projections, market conditions as well as public relations and brand building, the going has become a lot easier for investors, developers and companies eyeing a piece of the real estate pie.
The trend is called transaction management and includes a range of areas such as needs analysis, geographical survey, future market potential, survey of the upcoming potential area, request for proposal process, shortlisting of suitable options, price analysis, space feasibility, title due diligence, negotiation services, competition study, relocation processes and administration and lease management.
Says Harinder Singh Hora, chairman and managing director of Realistic Realtors Pvt Ltd, a firm offering these services, ?It?s like the outsourcing trend which is followed in sectors like IT, food, HR consultancy, infrastructure, collection, manufacturing and logistics etc. Rather than getting into the hassles of hiring a team themselves, developers and investors alike now prefer to reap the advantages of outsourcing. The services provided include promotional activities, leasing, sales processes, accounting, finance, customer care and legal paperwork for a particular project.?
Internationally, transaction management has been successful in various areas of realty. The Indian realty sector being a booming but unorganised market today requires professional organisations who can implement transaction management and create a win-win situation for the client, developer, government and the end-user.
The potential clients of this service include high-networth individuals, land parcel owners, corporates, investors, property funds or NRIs who have the funds but no relevant experience in real estate trade.
Says Hora, ?Transaction management reduces expenses, saves time, enhances efficiency, establishes a competitive advantage, and provides the necessary flexibility. Whether the client is entering in development, expanding, relocating, consolidating, looking to renew or restructure existing leases or trying to establish the best strategies for off loading its real estate investment, transaction management has all the answers.?