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Whether it’s buying a real estate, selling one or investing in real estate properties, nothing is easy. One needs to do a lot of market research to buy a property suited to his requirements. On the other hand, selling a real estate property is a complicated task and takes much time in most of the cases. Besides, price negotiations are always a troublesome issue. In such a scenario will not it be nice if someone guides us regarding the best property to buy, the best price to sell or the best way to manage our realty?
Fairpockets, a Noida based startup is doing all these for you so that, you can buy and sell properties easily. The startup even helps you to manage your existing properties profitably.
Know more about Fairpockets Company Profile, Founders, Funding, Business Model, Revenue Model, Challenges, Future Plans, Logo
Fairpockets - Company Highlights
- Startup Name-Fairpockets
- Headquarter-Noida
- Founders-Ritesh Anand & Rumki Sengupta
- Sector-Real Estate Tech
- Founded-2017
- Website-FairPockets)
- Parent-OrganizationChilin Prop Pvt. Ltd.
Fairpockets is a Fair price property portal and a SaaS based builder broker mobile marketplace. It is an online platform that connects the buyers, sellers and brokers.
In the case of sellers, Fairpockets allows free property posting on its site and property valuation is done for resale property before going live. After selling a property, it even suggests reinvestment options to the sellers. One can also rent properties through Fairpockets. Price calculator, Inventory management, Lead management, communication system are some of the features used by sellers.
The company’s short term goal is to help builders and brokers bring sales growth, efficiency and transparency. Fairpockets is working towards a PAN-India broker network and connect them with builders and ultimately to the end consumers. All information flow happens seamlessly so that there is transparency of information, speed of connecting between builders & brokers and professional response to the query of consumers to build trust between these three stakeholders.
In thelong term, FairPockets is looking forward to connecting serious property sellers to its broker network and help them in selling the property fast within a specified timeline and hence bringing predictability.
Our website will help us in identifying serious sellers at the right price and our app will help in pushing inventories to the broker network.
Fairpockets' Target Market
Fairpocket’s current target market in the Real Estate industry is Builders and Brokers as it is currently providing SaaS solution. In India, the real estate CRM is currently used by only large developers and few brokers.
“As per our internal estimates the market size of real estate CRM is around 30cr and is currently a very underserved market. Going forward we will be leveraging our broker network for transaction services which as per various media report is around $4bn” Says Ritesh.
Founders of Fairpockets and Team
Ritesh Anand and Rumki Sengupta are the founders of Fairpockets.
Fairpockets Founder - Ritesh Anand and Rumki Sengupta
Ritesh Anand is the Co-founder & CEO of Fairpockets. Ritesh completed his MBA from Ivey Business School, Canada and has been part of Media/Internet industry for over 15 years in Sales, Strategy and as Business Head before starting Fairpockets. He has worked with organization like Radio Mirchi, SHL, Monster and Times Internet. He has been a long time real estate investor in cities like Mumbai, Delhi NCR, Patna - having executed residential/commercial/land/JV with developers and related transactions. He is also passionate about teaching and had been a visiting faculty at IIM Raipur & IMT Ghaziabad.
Ritesh is also Co-founder and Director of India Canada Alumni Network (ICAN), an organization that represents Canadian Alumni residing in India. Ritesh handles Product, Sales, and marketing departments in Fairpockets.
Rumki Sengupta is the Co-Founder & Director of Operations in Fairpockets. Rumki has around 14 years of experience in Human resource and Operations. She has worked with companies like Patni Computers, L&T Infotech & Octopus Retail. She has completed her MBA from Pune University & Sunstone Business School. Rumki is also a professional artist who has participated in many group shows. Rumki takes care of research and operations.
Another core members of the team is Digpal Singh, the Tech Lead. Digpal has over 6 years experience in developing small to large web application using PHP, CakePHP, Laravel framework. Digpal has done his masters in physics & computer science.
How was Fairpockets Started
Ritesh has been a long time real estate investor and has bought and sold multiple properties in 3-4 cities. One problem which he faced all the time is that of selling the property. It takes a long time to sell a property. He observed that people have to wait for months and sometimes even years to find suitable buyers for their property. He realized that it's one of the biggest challenges in the real estate sector and also a large opportunity.
Ritesh with a motive to find a solution to this issue started speaking to many property owners and brokers in Delhi NCR, Mumbai and Bangalore to understand the selling cycle and process. This dawned upon him that there are many problems in the real estate sector that requires a solution.
There are primarily 2 ways by which any property owner or developer can sell their property:
Advertising is moving away from print and shifting to the internet. Most of the property portals have a lot of broker listing with fake pricing or very low pricing. Because of this, the buyer gets attracted and brokers get the leads. On the other side, the owners generally post at higher than market price with the hope that they will negotiate when they get serious sellers but that doesn’t happen so easily.
As far as broker network is concerned most of the property owners may not have time to be in touch with them on a regular basis. There are so many unsold inventories so brokers generally push only the ones which are on their top of the mind.
To solve these issues that have been prevalent in the real – estate sector for years, Fairpockets was formed. Fairpockets was launched in Noida.
Fairpockets - Name and Logo
The name Fairpockets was given focusing on the company’s mission to establish price transparency in the real estate sector.
Fairpockets Logo
If you have ever bought or sold any property either through a new or any resale property then the one thing which you are not sure about is the price. You speak to multiple brokers about the same property and everyone will quote you a different price as there is no standardization and you may find it very unfair at times. So our idea was to bring price transparency in the entire selling and buying process and make it a fair transaction for you. The name Fairpockets syncs with this idea .
Fairpockets - Business Model and Revenue Model
Fairpocket’s business model revolves around providing mobile project listing and software service to builders and brokers. Builders can provide all the relevant information related to their project, price, inventory, leads etc to their sales team and channel partners through Fairpockets mobile or web platform.
Fairpockets earns revenue through the subscription of its web and mobile app services to builders and has just started the same for brokers as well.
Fairpockets - Funding and Investors
Fairpockets is currently bootstrapped.
Fairpockets - User Acquisition
Being a B2B service Fairpockets reaches out to its customers through direct interaction. However, for its B2C services, Fairpockets uses online marketing to reach out to users/customers.
Reaching out to customers directly is the best way for us, but we are exploring some strategic alliance to reach out to customers quickly. Though we are getting some good referral as well and we are very confident that with time our model has the potential to go viral. Currently, our marketing spends on Campaign is nil as we are building through organic mode.
At present, Fairpockets has some good clients associated with it. Its rate of client acquisition is also on a growth trajectory. The company’s app user base is also growing and its services for brokers will help it further in increasing the base. The company is also focusing on its B2C business. It plans to start the process of raising funds to speed up growth.
Fairpockets - Startup Challenges
One of the biggest challenges faced by Fairpockets was getting the business model right.
“We wanted to solve a very large problem of reducing the time to sell the property for owners and developers. When we started exploring the solutions, we found some direct ways to solve this problem but none seems very effective. So we broke our problem into 3-4 small or tactical problems and started solving them one by one, making sure that each solution generates revenue for us and is a step towards solving our big problem in a much more effective way” says Ritesh.
Fairpockets - Competitors
Currently, Fairpockets is operating in B2B SaaS space in Real Estate Sector. Some competitors of Fairpockets operating in this domain are mini ERP/CRM players like FarVision and SalesForce.
Fairpockets - Future Plans
Going forward, Fairpockets will be focusing on the transaction services which is a very fragmented market but have some large players in it.
Fairpockets - FAQs
What is Fairpockets?
Fairpockets, a Noida based startup is doing all these for you so that, you can buy and sell properties easily. The startup even helps you to manage your existing properties profitably.
Who are the Founders of Fairpockets?
Ritesh Anand and Rumki Sengupta are the founders of Fairpockets.
When was Fairpockets Founded?
Fairpockets was founded in 2017.
