No Brochure, No Building, Still Sold: Trust Formation and Buyer Decision-Making in Pre-Launch Real Estate Sales

In India, pre-launch real estate sales occur in highly uncertain environments where buyers commit without access to physical evidence such as site visits, brochures, or sample flats. This study examines how trust is formed between salespersons and buyers under such high-risk conditions. Primary survey data were collected from 85 customers and 40 real estate sales professionals operating in the Mumbai Metropolitan Region. Exploratory Factor Analysis (EFA) identifies three dominant drivers of trust: salesperson credibility, emotional connection, and transparent communication. The findings indicate that in the absence of tangible cues, the salesperson becomes the primary trust anchor influencing buyer decision-making. The study offers practical managerial implications for developers and sales teams engaged in pre-launch property markets.