Technology is influencing lives by changing the world. The pace of change is very high if we look at online transactions. However, there are a variety of challenges yet to be solved in multiple areas.
While technology helped streamline different aspects of life, there are scopes of development before it can be claimed as a the defacto standard for conducting business.
Real-estate is one of the industries in India, which is yet to be revolutionized by technology. While major players like Magicbricks and 99Acres are still working on one side of this sector, the $180 billion industry is attracted entrepreneurs to play with its different agendas.One such start-up, Cozee Homes is trying to bring about a positive change in the home rental market.
Cozee Homes is A Managed Home Rental Platform which has been operating in the rental real estate market for over 1.5 years. Having concluded over 500 transactions in its life time, it presently manages over 200 rental units through its platform (Currently, has operations only in Bangalore).
Cozee Homes partners with home owners and real estate players to take their residential rental inventory and converts them into branded homes. Tenants who rent these homes are assured of a standardized experience during their tenancy including rent ready properties, 24 hour guaranteed resolution for home maintenance requests, online rent/deposit payments etc. Residents can also avail a suite of curated services including internet, rental furniture, home delivered dinner, home cleaning, laundry, etc. all of which enhances their experience during tenancy.
Owners who partner with Cozee Homes are assured of a hassle free experience as the platform takes care of finding tenants, documentation and deal closure, rent collection, home maintenance, tenant management, etc. on their behalf.
THE FORMATION OF COZEE HOMES
Ajay Kumar was not a startup enthusiast, and was working in a corporate firm. He encountered a problem while shifting his house. The problem was with the realtor who got him the house.
Searching the internet helped him in some way or other but the experience with the existing real estate agents boggled his mind. Classified ads helped him getting numbers of some dealers, but most of them ended up showing different property after promising other.
Along with Ankit Oberoi and Nafeen Abdul, the trio launched TheHouseMonk – A Technology Powered Real Estate Brokerage, which was aimed at using technology and processes to streamline the Indian brokerage industry. After building the business for over 1.5 years, the team decided to pursue a seemingly better market opportunity in the property management segment. After adding Balaji Varadharajan to their founding team, the team launched Cozee Homes!
THE EYE OF AN ENTREPRENEUR
“We need to think beyond a world which is a mere facilitator of search. Unless you can enable a transaction, you’re probably not solving your customers’ pain points. Real estate, rental included, is a challenging vertical coz most of the transaction happens offline. Companies like Cozee Homes are changing this – we’re building an end-to-end platform which can facilitate, search, discovery, transaction and much more”, says Ajay Kumar
“We’ve got great response from both owners and tenants for our offering. NRIs and HNIs who have rental property in India are certainly keen on having a company like us take care of their investments here”, adds Balaji.
THE INDUSTRY & ADVICE
Property management seems to be picking up of late. Many owners(especially those living abroad) are turning to professional property management companies to manage their properties in India. This is a superb trend and will help the rental industry in the long run. With more funded competitors like Nestaway, NoBroker, etc., we’ll have to wait and watch how Cozee Homes manages to differentiate and scale in this market.
“In God we trust. All others bring data”.
Don’t blindly trust Subject Matter Experts. Do your own research, think via first principles, collect data from prospective users/customers and then take decisions.
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