Edit |Yuer Lake
Produced by |Chaoqi.com Yu see the column
Generally, when companies mention doing "difficult but correct things", they are somewhat suspicious of peddling feelings, but this sentence is not at all when put on Beike (hereinafter referred to as Beike). Because, in the seemingly heavy real estate transaction market, Beike has indeed always bowed into the game and matched its words with deeds.
Moreover, Beike is also using the platform's rising performance and user scale growth to justify the chaotic real estate industry in the past. Recently, Beike released its third quarter report for 2023. According to the data, as of September 30, the company had 40,903 active stores, a year-on-year increase of 30%, the number of active brokers was 399048, a year-on-year increase of 71%。
In terms of performance, Beike's net revenue in the third quarter was 17.8 billion yuan, a year-on-year increase of 12%, net profit 11700 million yuan, a year-on-year increase of 634% and adjusted net income of 215.9 billion yuan, a year-on-year increase of 144%, showing a steady growth trend as a whole. Beike has passed through the downward cycle of the real estate industry and shown great performance resilience, which is enough to prove that Beike's business logic is indeed a compound market law. Moreover, Beike is not only strategically correct, but also has a certain forward-looking development strategy.
Stick to the hard but right things from the inside out
Mencius Youyun: "If you can't do something, you should ask for yourself." The implication is that if the action does not achieve the desired effect, you should reflect and find the reason in yourself. The chaos in the real estate industry has been going on for a long time, although there are macro factors such as the external economic environment and social development, but the fundamental problems still appear within the major real estate enterprises.
For example, in the early years, because the industry's benefit distribution mechanism was not clear, the industry fell into vicious competition or even a vicious circle. As a shell born out of Lianjia, it has also experienced the darkest moments such as "plundering" customer resources among peers and attracting customers through fake **. However, Beike, which was launched in 2018, wants to stand at a higher height than Lianjia to break the situation for the industry.
At that time, Beike brought together franchised brands such as Lianjia and Deyou, as well as real estate information platforms, to form a platform with online and offline advantages, and gradually established Beike's industry status and competitive advantage in the industry.
What is commendable is that Beike has "revolutionized" the launch of ACN rules and "real estate dictionary" and other digital resource libraries, and integrated countless domestic real estate brokerage companies and real estate agents, and laid the foundation for the entire industry to enter a virtuous circle.
In August 2020, Beike rang the bell and listed on the New York Stock Exchange, becoming the largest real estate transaction and service platform in China. Since then, Beike has also entered the fast lane of development, and insisted on doing the difficult but right thing in the changing real estate market.
For example, in response to the long-standing chaos in the industry, Beike took out its own "iron fist" and strictly investigated it from within. According to public data, as of the end of November this year, Beike Chengdu Station alone will investigate and deal with 1,447 people for violations such as illegal flight orders and rebates in 2023, and delist 63 stores. It is said that in the future, Beike platform will continue to strengthen ecological governance, strictly investigate and crack down on the illegal and untrustworthy behaviors of merchants and brokers.
As the saying goes: freezing three feet is not a day's cold. The formation of stubborn diseases in the real estate agency industry is not overnight, and it is not easy to completely manage and completely manage it in a short period of time. It is observed that since its establishment, Beike has been guided by the guiding ideology of breaking the chronic disease of leakage and cutting off the industrial chain of illegal profits, and has begun to implement its grand vision from the internal governance of the platform. Therefore, the development concept of Beike platform has also won the support of more and more real estate brokerage companies, brokers and other practitioners.
Since there is internal governance, there will inevitably be internal contradictions and conflicts of interest, so how to make internal penalties and other provisions fair and reasonable, it is also necessary to have a set of dispute resolution mechanisms that can level the water.
To this end, the Beike platform has more than 2,500 jurors nationwide, covering more than 100 brands. It is understood that the jurors covering many brands of Beike have corresponding entry thresholds, and have corresponding requirements for the age of the company and the deduction of points for violations, most of which are served by brokers with sufficient experience and industry knowledge, so that the mediation is fair and convincing.
According to reports, as of January to November 2023, the jury of Beike Chengdu Station alone has mediated a total of 2,318 disputes, and 2,117 have been successfully mediated, with a stable dispute rate of less than 5%, 56 "court trials", 32 penalties for violations, 56 penalties for violators, 16 penalties for performance awards, and assistance to at least 30 people to recover their performance.
In addition, in order to ensure that the platform's benefit distribution mechanism and operation specifications are more reasonable and perfect, Beike has also established a "Store Owner Committee". The platform autonomous organization recommended and voted by the store owners of the settled brands can realize the joint construction of the platform, supervise the operation and management of the platform, and protect the rights and interests of brands, brokers, consumers and other parties.
It can be seen that Beike, as a platform party that "stands taller", not only aims at the ever-changing real estate market, but also realizes strict autonomy through "inward" to ensure the fairness and sustainable development of platform specifications.
Contribute to the digital development of the industry and demand quality for growth
As an old industry in the new era, the digitalization of the real estate industry is also a major trend. Even as the development of the entire industry accelerates, the digital revolution is imperative and urgent. As a pioneer in the real estate industry, Beike has also become a pioneer.
As a typical traditional industry, the biggest pain point of the real estate industry is that the industry practitioners are mixed, and the working time of industry practitioners is very short, and the average working time of the industry may only be 10 months.
At the same time, buying a house is a low-frequency demand, and it is less likely to repurchase under normal circumstances. Therefore, it is easy for practitioners to fall into the psychology of "making a handful and leaving", and in terms of transaction and viewing experience, real estate agents also pay more attention to the former. As a result, its upward experience and line experience are relatively poor.
Therefore, in order to attract customers and get more transaction opportunities, many real estate agents have also begun to release fake** that looks high-quality, trying to connect with consumers. When consumers discover such a "routine", they naturally lose their basic trust in real estate agents and even the intermediary companies behind them, so the final marketing effect will be counterproductive.
Over time, the industry also fell into a vicious circle. Beike's solution to this problem is to continuously improve the digital level of the platform and establish industry standards, so that there is nowhere to hide in various industry chaos.
First of all, in terms of information, the "real estate dictionary" launched by Shell in the early years is to establish a file for each house and let it be filed in the **"database", in short, it is to describe the information of a house through more than 300 fields, and constantly enrich it dynamically. It is understood that Beike has completed the real estate dictionary of more than 200 million houses in the country.
Secondly, Beike has also established service standards for brokers and real estate agents, and formed standardized service procedures to solidify them in the SOP system. At the same time, through dataization, the results of dataization can be reversed to optimize and reconstruct the process, so as to achieve a sustainable development upgrade and iteration system.
Thirdly, in terms of improving service efficiency, Beike has also continuously deepened its digital level from property viewing to real estate delivery. For example, in addition to the aforementioned real estate dictionary, Beike also uses advanced technologies such as VR to make each set of ** online and digital, which greatly improves the efficiency of consumers and the service efficiency of real estate agents.
Facts have proved that with the blessing of digital technology, the development of Beike is accelerating, and in the whole life cycle service chain, it has also brought about a great improvement in efficiency due to the improvement of digitalization, and its growth is also high-quality growth under science and technology.
Diversified development consolidates the fundamentals and builds the superstructure ecologically
Guan Qingyou, an economist and president of the Institute of Financial Research, commented on Beike: Beike is exploring a new business model, which not only provides a public cooperation platform for the industry through the construction of systems and systems, but also guides cooperative brands to self-govern and coexist together, so that resources and information can be truly shared, so as to make the entire industry more efficient.
This expert highly summarized the value of Beike's platform and development vision, that is, to establish a healthy ecosystem for the sustainable development of the industry and achieve win-win cooperation among multiple players. In fact, before forming such a benign ecosystem, Beike also made an advanced layout in terms of business diversification.
It is understood that in terms of main business, Beike is mainly divided into stock housing business and new housing business. At the same time, Beike has also diversified its layout in emerging services such as rental management and operation and other services, and delivered a brilliant report card in the third quarter.
According to the data, Beike's net revenue from emerging services and other services in the third quarter was 2.4 billion yuan, a year-on-year increase of 2027%, driven by the growth in the scale of the rental management operation. As of the end of the third quarter, the number of "worry-free rents" in Beike's rental business increased from 50,000 units in the same period last year to 160,000 units, and the occupancy rate reached 959%。
Overall, the revenue of non-real estate transaction services increased by 112% year-on-year, accounting for more than 30% of total revenue. This also means that in addition to the basic markets such as new housing and second-hand housing transactions, the second growth curve of Beike housing is becoming more and more prominent.
In recent years, with the bursting of the bubble in the real estate market, the confidence of industry practitioners has been frustrated, and even with the collapse of some real estate companies, some industry insiders are also constantly singing about this relatively traditional industry.
However, as one of the rigid needs in clothing, food, housing and transportation, no one denies that the demand for real estate still objectively exists. Therefore, Beike uses the development vision of "long-termism", as well as the development strategy of digitalization and diversification, to try to stand at the height of the healthy ecology of the industry and "revolutionize" the industry. At present, the infrastructure construction of the shell to the superstructure has been completed, and the future is promising.
Conclusion
As a leading real estate agent in China, Beike has been solving the pain points of the real estate industry and "working hard" for the sustainable and healthy development of the industry. What is commendable is that although it is difficult to reform the industry, Beike has led the industry out of the predicament and seen the dawn.
The most obvious change is that the chaos in the industry represented by fake ** in the past is becoming less, and all kinds of internal chaos have been gradually cleared up because of Shell's various intervention and governance "policies". We expect that under the forward-looking vision and model innovation of Beike, the development of the entire real estate agency industry will become more and more healthy and promising.