Interview of Sudarshan Purohit, Ankur Agarwal and Kailash Rathi, Zenify.in
Established in 2012, Zenify.in, is a Bangalore based rental management company which offers easy rental solutions by using analytics and technology. Initially called Realtykart.com, it was started by IIT-Madras graduates – Sudarshan Purohit, Ankur Agarwal and Kailash Rathi. They briefed Realty Plus about the trend of online property buying & renting and their own business model.
The need for online rental services provider in the Indian real estate
In India, real estate is considered as the best investment option which can give a long term return through the property rental. However, the property renting process has /is –been in chaos due to absence of process and standardizations.
We started with standardizing the entire rental process which will pave the way for the growth of the industry. Such standardization is desperately required for the sector to streamline the entire process or else, the quantity of vacant properties will keep on increasing. As per the recent research, India has more than four million unattended properties which belong to NRI’s. Therefore, such a setup is a need of the hour for Indian real estate space. If the process is not standardized, the segment will possibly experience the property purchase decline since the buyers will have no options to get a decent return on their investments.
The challenges faced as a startup
The main challenge was acquiring properties from owners. It was quite difficult to create that trust and confidence among owners. Secondly, our business model is such that picking the right kind of property is extremely important. Understanding the market, knowledge of the area and the psyche of the people are some of the key aspects that we need to consider while acquiring a property. When we started out, there was very little information about these aspects. Figuring out which property to pick up and which one to drop was another big challenge for us. Also we faced issues in finding good employees. We were able to overcome these challenges through in-depth market research and we have built long-term relationships with our customers.
To read more: http://realtyplusmag.com/home-rental-solutions/