Points to remember while choosing a Real Estate Broker

In India, a real estate agent is often referred to as a broker. The reason being, these real estate broker are not like the ones which you come across abroad. Here, they are just for setting up the deal and have no liability whatsoever about the property. However, in a market as busy and congested as Mumbai or any other urban metro in the country, Real Estate Brokers play a major role in pushing a property to a prospective buyer.

If you are familiar with a broker through any past references or a direct dealing, then you are in safe hands. However, if the broker you are dealing with walked up to you seeing an advertisement or is a person who has found you through contacts, you must be very careful. Here are a few points which you should look out for before trusting your property dealing or buying decisions based on their recommendations,

·         Experience matters! – As it is with most things that are associated with Real Estate, the experience of a broker too matters. If this is his first venture, the probability of him being taken for a ride by the other party is highly likely. Steer clear!

·         Double check contacts – If a real estate broker brings in a contact, do not go blindly by what he says! Check and double check the contact and the claims they make.

·         Check on previous clients – If the broker has introduced you to his / her past clients as a token of his experience, never hesitate to get a piece of advice from them.

·         Do your homework – No matter what the broker says about the buyer or the developer he is showcasing, do your own homework on the authenticity

·         Compare pricing – Do not ever go by the pricing which the broker claims to be the best or is the par rates of property in the locality. Always ask around and decide for yourself if you are getting the best deal

·         License – Though most property brokers in the country are not license to any governing body or organization, there is always no harm in asking them about it. If a broker is licensed to a governing body, he can be held answerable and hence could be more genuine. Some of the certifications available for Real Esate Agents are:

o   CRS – Certified Residential Specialist

o   ABR – Accredited Buyer’s Representative

o   SRES – Senior Real Estate Specialist

·         Tests – There is nothing wrong if you test the skills of a broker yourself. A good agent should have a thorough knowledge of the prices and trends in and around the locality.

·         Other Misc Points:

o   A real estate agent charges a percentage of the value of the property as commission for helping in closing the deal.

o   Never yield to pressure and close a deal. Take your own sweet time.

o   Avoid dealing with brokers who hold power, especially in high political positions.

o   Do not give anything in writing unless you are sure that it is going to work in your favor. Always get a legal opinion.

Kuldeep is a retired Navy Officer who follows politics to the tiniest specifics. He hailsfrom Mumbai and loves the street food there.