Role of Real Estate Broker and Things to Check before choosing one!

Role of a Real Estate Consultant With the tremendous growth in real estate industry in the last few years, the role of real estate broker has become much more important and diverse. Earlier, the role of a real estate broker was limited only to a mere mediator between buyer and seller, but now the expectations of buyers and sellers have increased and they want one stop solution for their real estate needs. Due to this, the brokers have moved up the value chain and diversified their portfolio and service offerings to customers. Even the developers are laying more emphasis on outsourcing the sales role to the brokers. In some cases, they are even providing media budgets which can be used by brokers for branding and leads generation activities. Be it sale, resale, purchase, renting, transfer, auction, mortgage etc., property dealers have become indispensible. From a buyer’s perspective, it is necessary for a broker to have complete information not only about the project and the developer but also about other things like • Background of developer, their past projects and current projects • Comparative price analysis of a project vis-à-vis others • Customized portfolio of buyer according to his/ her income, family size, budget, etc • Availability of social infrastructure and connectivity with major locations of city • Knowledge of banking and finance, application of taxes, eligibility for loan, etc • Information about locality, local authority, new amendments, etc Over and above, the broker in this era is expected to provide 360 degree consulting for all types of property sale, purchase and rent. Tips to choose right property consultant With rising involvement of property dealers in real estate deals, the industry witnesses many types of frauds where buyers complain about false promises, certain discounts or credit notes that could not be realised, wrong information about project and developer, incorrect sale and purchase figures, etc. Most of the property dealers lack proper infrastructure, staff, customer support team, coordination with developers and salespersons, lack of adequate knowledge. There is a serious lack of professionalism among brokers and it has been seen in many case that a number of them don’t respond after booking and do not provide any post-sales support. In such a scenario, it becomes really important to choose true professionals. If a buyer or investor takes few precautions while choosing a consultant or broker, he or she can be rest assured. Few guidelines to follow for selecting a professional broker are as under : • Check profile of the consultant or broker • Do visit the office, analyze their working environment and try to meet with seniors • Communicate only on official email id and mobile number • Always prefer to take commitments in writing accompanied by authorized signatory and stamp of the company • Check for after sales service track record of broker • If a credit note is provided, check for past track record of broker in honouring of credit notes • Credit notes should be on letter-head of broker. Some good consultants even provide credit notes on Stamp Paper. Till the time Government brings regulation for brokers or consultant, these fundamental tips can save one from big troubles while dealing in properties.