Is Your Real Estate Broker Right For You?
India is a rapidly developing nation, and with rising incomes, growth in nuclear families, urbanisation, government reforms, and economic growth, there is a surge in demand for residential and commercial realty in the country. According to Indian Brand Equity Foundation (IBEF) reports, the Indian real estate market is expected to reach USD one trillion by the year 2030 and is expected to contribute thirteen percent to the country’s GDP in 2025, owing to realty becoming a preferred asset class for investments.
Buying a house (or selling it) is one of the biggest financial decisions that a person undertakes. One always carefully selects the people associated with this sale – the most recommended carpenter, the most reliable plumber and an electrician with a stamp of approval from several sources. Having taken all of this into consideration, more often than not, one fails to consider the importance of picking the right broker. According to reports, the brokerage industry is a USD 4 billion dollar annually, and there are over 10 lakh real estate brokers in India, both numbers which are steadily growing over the years. As a result, it is important to identify the right broker.
Having a good broker means being reassured that they won’t coerce you into making decisions you are not comfortable with. To have the best of this experience, here are a few tips on choosing the right broker for your needs:
Choose truthfulness over gallantry:
While buying or selling a house, beware the broker who quickly agrees with everything you say. The broker is supposed to give you a truthful summary of the house and the conditions you have in mind. They must be able to warn you of any and all missteps you might take while negotiating for your preferred conditions. This includes giving you honest evaluations, coming clear about the history of the house and proper counseling on price.
They should have a clear grasp of the sector:
The most efficient real estate agents are those who are truly knowledgeable about the sector they operate in. This means they should have a good amount of information about the neighbourhood and should be knowledgeable about pricing strategies. Interview a set of brokers and pick the one whose skillset aligns best with your needs.
Negotiation skills are highly necessary:
Negotiation is a major part of buying and selling, even more so for a property. Your broker should have good communication skills and should be able to haggle to get the price you want. While picking your real estate agent, you should enquire about their usual negotiation strategies; if they have none, it is inadvisable to pick them.
Insist on signing an agreement:
An agreement is a binding document which explicitly states the needs and demands of both parties agreed upon in the eyes of the law. It is imperative to insist on making and signing this document to safeguard your interests.
Check their track record:
When picking a restaurant for a meal, we check for reviews and past experiences of their customers in order to make an informed decision; the same should be done while picking a broker. You should check with their past clients about their experience with this broker as well as ask for details on the broker’s previous listings.
They should keep you well-informed:
Buying or selling a house is possibly the biggest financial decision of a person’s life. This can be an intricate process, which is why it is extremely important for your broker to keep you in the loop at every stage of the process.