About NoBroker
NoBroker is a Bangalore-based startup in the real estate search domain, which connects flat and property owners with tenants and buyers directly through their platform, thereby making buying, selling, and renting of properties simpler, transparent, and affordable.
Mission
Lead India's real estate industry towards an era of doing real estate transactions in a convenient and brokerage-free manner. The future for digital-age proptech companies is to provide full-stack services to customers.
Statistics
1 Crore +
Downloads
3.9 / 5
Play Store Ratings
$1.63 Bn
Valuation
1.25 Cr+
Happy Customers
14 million
Monthly Visits
Value Proposition
The platform offers end-to-end one-stop solution for property seekers including services such as movers & packers services, interiors, repairments, Home services. It also facilitates online rent payment via NoBroker Pay. It's a one-stop-shop for processing the paperwork and documentation, associated with the lease agreement registration, bank franking, police verification, etc.
Business Model
- Subscription model — Plans for buy, sell or rent a property for users for 45 days
- Commission model — Cuts on Home Services, NoBroker Pay
Competitors
- Property Space
- Home Services
NoBroker - Home Services
- Home Painting
- Bathroom Cleaning
- Packers & Movers
- Electrician
- Plumbing
- Carpentry
- Home Renovation
Why venture into Home Service?
- To address user needs beyond property transactions, providing a comprehensive platform for homeowners, tenants, and property owners. This expansion aimed to fulfill a wider range of requirements, catering to evolving needs and pain points.
- By diversifying into home services, NoBroker seized a significant market opportunity for growth, expanding revenue streams and leveraging its user base to drive adoption of its comprehensive platform.
- Home Services TAM in India would be US$65.51 Bn and the penetration is currently only in Tier I cities. It's a high on demand and low on supply market.
- There is an upper hand for NoBroker as they are already in that space, where the next step for the users is to opt for the home service.
Job To Be Done
- When I, a house owner living miles away from it, want to prepare my house for the new tenants, but don't have time and ability to personally supervise, please help me with a reliable and all-inclusive solution for deep cleaning and repairs, so I can relax and trust that my house is in good hands.
- When I, a working single mother, want to repair my electrical appliance, but don't have the skills and time, please help me with a cheap and quality electrician, so that it does not get heavy on my pockets.
How are NoBroker services different from other online portals?
The home services are cheaper than competitors like UrbanCompany, better quality of execution. They are not aggregators. Other online portals merely put users in touch with the service providers leaving the service quality upto individual vendors. On the other hand, all NoBroker services are owned and fulfilled by NoBroker Partners who adhere to a strict quality criteria. They complete the cycle of property selling, buying and renting. They offer a house inspection to find what needs to be fixed.
Where is this present?
The current penetration of NoBroker Home Services is in 12 major cities include Noida, Ghaziabad, Faridabad, Hyderabad and Ahmedabad.
User Personas
- PR
Pranita Shende
Age: 43 years old · Lives in Pune
A working mother with two naughty kids, has a demanding job and little time to spare for household chores.
Needs
- Her house is often messy and very disorganized due to busy schedule and young kids playing around.
- Requires deep cleaning and repair services to maintain a clean and tidy home environment.
Pain points
- Lack of time and energy to clean and organize her house.
- Difficulty in finding reliable and cheap service providers that is safe for both house and kids.
- SA
Sandeep Nair
Age: 58 years old · Lives in Dubai
Industrialist and owns a property in Mumbai, currently tenants in Mumbai house who will be vacating soon.
Needs
- Requires comprehensive maintenance services for his property before new tenants move in.
- Needs assistance with plumbing and electrical repairs, as well as painting and other necessary preparations.
Pain points
- Its difficult to personally oversee repairs and preps of his property.
- Finding reliable service providers who takes care of everything in the process of renting a space.
- HE
Heena Khan
Age: 21 years old · Lives in Bangalore
A young individual who has recently moved to Bangalore from Nagpur because WFH is over.
Needs
- Looking for a new rental place in the city and has found a suitable option on NoBroker.
- Also needs assistance with shifting his belongings to the new place without looking for other platforms.
Pain points
- Being new to the city, she is not familiar with reliable movers and packers services.
- Tight on budget and needs affordable moving options.
User Journey for booking a service
3 entry points to home services
Select a city
Select a service
Select a tier in that service
Add to Cart
Select the granular details of the service
Select Add-ons
To increase the AOV
Select pin on the map
Fill in the textual address
Select convenient date & time slots
Cart Visit for confirmation of the services
Select the payment mode & done!
Things that stood out
- Visibility of Home services — Entry point is prominent. Users can easily notice the new addition to the app
- Add-on services are on point — It's trivial that it's a measure to ensure a greater cart value, but they are relevant
- Discounts displayed on top of services — Offers are promptly shown above service icons, attracts users to make a positive decision quickly.
- Social Proofing and Reviews on display — Prompts below banners of total services given give a proof of work, reviews are easy to access.
- Deep thought on each service — The experience of each service is unique. This shows that deep thought has been given on each service
Scope of improvement
- Too much text information — Nobroker can instead write in short what is readable and does not get overlooked
- Map is not intuitive — It is tricky to feed location, and move the cursor manually, this can lead to drop-off or cancellations
- Zero visibility of multi-service cart — If I make a cart consisting of >1 services, I can't see a preview of my entire cart at once
Key Metrics
North Star Metric
The NSM here would be total number of services booked and delivered successfully per day, that is number of people who are coming on platform getting converted to book a service without cancellations. Conversion = #people booking a home service on NoBroker / #people visiting the services home page per day
Revenue Metric
The revenue is what we chase as a business outcome and it is a direct function of number of customers and average purchase value per customer. Revenue generated = average #services booked per user * #users * AOV
Supporting Metric
Retention = % customers booking the service again. #unique services availed per household in a month. Customer Satisfaction = Ratings or NPS. #reviews written by the users = #customers * %customer giving reviews
Counter Metric
Cancellations = #services cancelled / day. Drop-off rates at actionable steps = % people dropping off at ATC, % people dropping off at Payment Gateway
Coming up next
- NoBroker aims to save customers Rs 3,000 crore in brokerage fees in the coming year.
- The company plans to achieve profitability within two years and turn cash flow positive by the financial year 2025.
- NoBroker intends to expand its services to 50 Indian cities, specifically targeting tier II and tier III regions, over the next five years.
- To gain a competitive edge, NoBroker has partnered with ElectricPe to establish over a lakh electric charging points in residential communities. NoBroker has also collaborated with EV maker Bounce to provide battery-swapping services.