Finding Office Space in Mumbai – 5 Problems
Jagaha has been in the commercial real estate segment for over three years, but prior to that, the parent company ran a local residential real estate brokerage that eventually started assisting clients to find offices on rent in Mumbai. https://www.jagaha.com/office-space-for-rent-in-Mumbai
The idea behind Jagaha.com came from a very bad experience the parent company, Bandra Rentals Pvt. Ltd.(BPRL) had in trying to find an office for one of its clients about five years ago.
The client asked the rep at BRPL: “do you do commercial as well?” and the answer of course to that question, was, “Absolutely!”
Having never done a deal for an office space in Mumbai (https://www.jagaha.com/office-space-in-Mumbai), BRPL had to scramble and contact all local brokers in Andheri to find the right commercial space. It was a disaster.
In BRPL’s vast broker network across Mumbai, overwhelmingly the real estate agents had no pictures of their property that they offered to BRPL. In representing the client, BRPL couldn’t even share pictures for the client to shortlist. Makes it a bit tough to offer great service to one’s client, no?
The well-known property sites servicing commercial real estate in Mumbai did not verify properties, so when BRPL went online to inquire on potential properties they were overwhelmingly ‘already taken.’ What does this mean? Many real estate brokers spend money on these platforms to post non-existent and/or non-available properties. Massive time waster.
BRPL finally scrounged up enough properties to do its first commercial real estate client inspection! However, of the five properties, all with different brokers (which takes incredible coordination and extreme dependence on others to perform for one’s client) – two of them didn’t show up and two were twenty minutes late each. Frustration for the client? Absolutely.
Even after a few more inspections that BRPL provided for the client. The client was forced to go to other brokers as well, not only because of perhaps the poor initial inspection BRPL offered him, but also because there was no way to be sure that all the appropriate & available offices for rent in Andheri (https://www.jagaha.com/office-space-for-rent-in-Andheri) that fit the client’s specs were shown. Time-consuming for the client to take time out of their business to actually be out on the field looking at properties in Mumbai? 100%.
The client, even after putting in the work, time and energy, going thru multiple brokers and doing seven to eight different inspections still couldn’t be remotely sure that he saw all the available office spaces in Andheri(https://www.jagaha.com/office-space-in-Andheri) per his requirement. There was no way to check online to get a better feel from a reliable site – the search was all based on actually pinging as many brokers as you can and seeing as many properties as possible. To not be able to verify & shortlist online before or after inspections, is far from ideal for the client – are we right or are we right? We’re right.
Now fast forward to the present, how much has changed when looking for an office on rent in Mumbai(https://www.jagaha.com/office-space-for-rent-in-Mumbai)? Largely speaking, not much.
Jagaha.com was created & launched in 2016 to meet all of these challenges when looking for commercial property in Mumbai. Whether it’s Jagaha.com or another firm, the bottom line for those searching for commercial real estate is simple (or any property for that matter!) – make the client experience successful & efficient.
There are a number of reasons why the industry hasn’t changed, and why clients are still going thru the exact same situation as we mentioned above to this day! If you were making money the old way, would you want to change? It’s a classic problem in all industries.
Eventually, a firm or firms will emerge that will consolidate a massive amount of verified properties that are direct with them, with videos, pictures and all the correct details so that clients can properly shortlist online and close the deal with the same firm, one point of contact – a one-stop-shop if you will. The best client experience involves a far less fragmented real estate industry, one where a brand is recognized and trusted. Whether this change happens this year or in five years from now, it’s hard to say, BUT…. in the near future, a real estate company will emerge that will be an online to offline model, with excellent customer service, intensive and effective use of technology, advisory services, full of integrity, and ownership of the marketplace (huge inventory) that will prevail.
And years from now, we will discuss the wild west (east?) of finding office space in Mumbai that occurred in the early 2000s. Until then…. Stay strong property seekers in Mumbai!