LONDON--(EON: Enhanced Online News)--According to the latest procurement intelligence report from Technavio, the global real estate agents and brokerage services market is expected to grow at a CAGR of more than 5% over the next five years due to the economic development and global expansion by MNCs.
“The supply market is highly competitive with global suppliers expanding their service portfolios to meet customer demand for CRE consulting and formulating real estate strategies at an organization level”
The research report titled ‘Global Real Estate Agents and Brokerage Services Market: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The global real estate agents and brokerage services market is expected to grow steadily due to the rise global GDP rates, which will likely increase in the development of infrastructure. Furthermore, favorable trade pacts and government policies are boosting the market growth,” said lead Technavio procurement expert Angad Singh, specializing in research on category spend intelligence. “The supply market is highly competitive with global suppliers expanding their service portfolios to meet customer demand for CRE consulting and formulating real estate strategies at an organization level,” added Angad.
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Cost saving opportunities in the Real Estate Agents and Brokerage Services Market
Adoption of various cost optimization levers allows buyers of real estate agents and brokerage services to not only realize direct cost savings but also enhance category management and value benefits, including reduction in procurement complexities.
Technavio procurement experts have segmented the cost saving opportunities in the real estate agents and brokerage services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology
Suppliers are increasingly introducing mobile applications that help in tracking real estate news, managing transaction activity, and for receiving alerts and notifications. For instance, Cushman & Wakefield has launched the C&W app that provides the latest market data and analysis along with research reports and publications.
JLL offers its clients an analytics platform called RED that manages client-specific data from several dimensions and offers a plug-in to integrate with clients’ existing systems.
Optimization of procurement practices
Buyers should engage with suppliers that conduct an environmental sustainability assessment to check if the building might be prone to violations due to past usage or possible changes in regulations. Suppliers should have a collaborative partnership with environmental engineering firms that can conduct such an assessment.
Bundling of services
Buyers should engage with suppliers that provide them advisory support in managing real estate decisions as well as market insights on trending property markets. Buyers should engage with suppliers that use data-driven strategy in obtaining optimal office or industrial locations. The use of demographic data and occupancy trends help to customize plans for leasing strategies and go-to-market plans.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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