IndiaMLS, a company whose mission statement is to create the largest and most accurate database of property listings in India, has brought the greatest invention in real estate to India. The company does not take credit for inventing the MLS (Multiple Listing Service) of course, but it has brought and customized the MLS for the Indian market.
An MLS is the single most important real estate tool in western countries such as the US and absolutely the need of the hour for the real estate industry here. The Indian real estate market is so fragmented, unstructured, and mired with junk data that visitors on real estate websites often call on property listings only to learn those listings are not even available. This happens because the source of the property is not verified, thus their data also cannot be verified for accuracy.
Founded by Jay Patel, who has 20+ years of real estate experience, IndiaMLS is a membership-based, professional software solution for brokers and builders. Due to its structure as a B2B company, not only does the MLS contain the most accurate sale or rental listings, but it also includes buyers’ requirements, creating a large database of buyers and sellers on one platform, similar to an exchange like the Bombay Stock Exchange. This allows sellers to quickly find buyers for their sale properties, making it the most effective marketing tool for the industry, unlike any other realty portal in India.
Considering the current scenario of the realty sector and property portals in this country, Jay Patel said, “Most real estate portals in India have so much junk data because they operate with a ‘Pay-Per-Listing’ structure which essentially means people can advertise whatever they want as long as they are paying for it, since there is no verification of data after it has been entered.”
Patel further went on to explain that besides having garbage data, the Pay-Per-Listing concept used by portals cannot be sustained over the long term, because eventually, brokers will realize their sale inventory is even more valuable for the property portals than it is for the brokers. “If the real estate portals did not have the listings which brokers provide them, what revenue or value would portals have? Zero! That’s why portals should NOT be charging brokers for their listings. In fact, since they really need the listings, the portals should actually be paying brokers for their valuable data.”
IndiaMLS aims to change the quality of the real estate market in this country through the implementation of a national MLS system. Key company USPs include:
- IndiaMLS is a unique property portal which includes a database of active sellers and buyers, thus creating a true marketplace, similar to a stock exchange.
- There are NO FAKE LISTINGS on the MLS, unlike most real estate portals which have many junk listings posted by brokers only to generate leads.
- There are NO DUPLICATE LISTINGS because all multiple listings for the same property are consolidated into a single listing, making it much easier for all users.
- The MLS contains only LIVE listings, thus no old or Expired Listings.
- The MLS has a subscription revenue model, is operated by a Code-of-Ethics, and includes no PPL (Pay-Per-Listing), thus no need for brokers to buy large listing packages to advertise their properties or enter junk data.
- The MLS is the only system which can provide accurate metrics, based upon local demographics – a very valuable tool.
On his efforts for making his vision a reality and creating IndiaMLS, Jay Patel said “After having undergone more than two years of real user testing and feedback from more than 10,000 Indian brokers, our MLS product is perfected for this market. It’s very important to recognize that IndiaMLS is not just another tech company. We are completely different from traditional real estate portals, and we are positioned to shake up this industry as we introduce the greatest real estate tech invention to India.”