When Delhi-based businessman, Mehul Vashisht invested in a residential project in the vicinity of Hyderabad through an individual broker, he had no clue about the mistake he was making. Later, he realised that there were a lot of discrepancies about the project amenities and specifications promised by the broker from actual plan. Neither were there any signs of so-called ‘development plans’ that the broker had spoken about.
When you are buying or selling a home, apart from being a major financial undertaking, it is also an emotional ride. There are various factors involved and most of them are both, cost sensitive as well as time sensitive, the reason why it really pays to have a professional at your side.
Horror stories such as those of Mehul Vashisht and many others often lead people into thinking of side-stepping a real estate agent altogether, but the fact remains that they are important to the sector and are the easiest way to get access to units on sale. While unethical and unorganised agents have a great part in spoiling the reputation of the real estate sector and committing fraud with buyers, it is the buyer who should be careful about not trusting agents who are simply unorganised individuals without any credibility.
On the contrary, organised and reputed real estate brokerage firms are of immense help in scouting deals, negotiating terms and prices, and above all in doing the required legwork efficiently and quickly because it is their full-time job.
Make Better Decisions with a Reputed Registered Agent
The reality is that as a buyer you would not know all the property details — a real estate agent bridges this gap. But in order to ensure a fair deal, you should always choose a credible real estate agent. In fact, due to their reputation and track-record, going for a credible agent can make a world of difference knowing that you’re parking your money into a property that will give you long-standing security and returns on investment.
Furthermore, the Real Estate Regulatory Act 2016 has come as a timely bill to provide transparency to this closed-knit market. All agents must be registered with RERA (or Housing Industry Regulatory Authority – HIRA, if it’s West Bengal) in order to offer services in sale and purchase in the real estate sector. Even developers are required to provide names of authorised real estate agents who are allowed to deal in their projects.
As a prospective buyer, you should always choose a registered real estate agent. And today, it’s easier than ever to verify if the project and the agent are to be trusted. You can simply visit the RERA or HIRA website where registered agents, as well as registered projects, are listed. This not only ensures that you’re dealing with the right agent but also gives you the peace of mind that the project will be completed as promised and on time.
While RERA or HIRA registration is definitely one of the major aspects of identifying a right consultant, buyers should also look into a few other important points which can make their investment more secured. Here’s a checklist of factors every home buyer should consider:
- How experienced is the real estate agent and for how long are they in business?
- Ask for referrals to past clients you can talk to.
- How organised is the agent? Do they have a permanent office, proper contact details, a website, etc.? Is it a one man or two men show?
- Is proper legal due diligence of a project done by them?
- Are they highly knowledgeable about the laws governing real estate, government policies, home loan and bank policies, PMAY, and consumer protection laws?
- Does the agent provide after sales support or entertain grievances?
- Are they able to take up any grievances with the developer?
Of course, there are other due diligence steps you may perform but the answers to the above questions can be an excellent starting point to select your real estate agent.
Reasons of Working with an Organised Consultant
Authentic and detailed information – The primary reason for always opting for an organised consultant is the confirmed assurance of a proper and legitimate deal that has clarity, information and interests of the buyer in its purview. There will be no surprises in the form of hidden charges or penalties. You will find detailed information about every project listed on their website. In fact, every project passes through a rigorous due diligence and legal scrutiny before they are marketed. This is not the case with unregistered or unorganised agents.
Trustworthiness and reputation – Secondly, organised/established consultants had been trusted by thousands of families and are working for a good many years. So they would like to protect their reputation. Hence, they impose rigorous accountability on their salespeople. This means that as a buyer, your chances of being duped are rare as both penalty and punishment is de rigueur in case of any violation of rules and regulations. As a HIRA-registered agent they take these things very seriously. Generally, they keep everything transparent and publish all details on their website. Therefore, any communication by a salesperson can be easily confirmed on their website.
End-to-end solutions – The third reason for always insisting to work with an organised consultant is the provision of complete end-to-end solutions. This is only possible by registered agents who work inside an organised sector. Most unorganised brokers are only interested in sales and don’t spend time in consulting and advising the right property based on a buyer’s need, preferences, and financial capacity.
Few organised consultants have the experience and can advise on dynamics of the market with knowledge of zonal growth potential for real estate investment, offer personalised service, and legally sound options. They also help buyers not only in the selection and booking of a unit but also in the legal registration of the property and other associated dealings and documentation until the final possession of the property.
Time to Become an Informed and Empowered Buyer
Buyers in our country are quite brand conscious as well as sticklers for quality assurance. It is quite surprising, therefore, that in the real estate sector we hear of unsatisfactory transactions and of dissatisfied homebuyers every other day. It is imperative to consider that though property or houses are not a retail commodity, as buyers, your sole focus on price factor may sometimes lead to compromising on the legal veracity of builder brands, projects and ultimately the agent brokering the deal.
For an instance, NK Realtors can be considered as the only organised real estate consultant in eastern India, who has the experience of more than 3 decades with more than 30 thousand satisfied customers.
By being aware, property buyers can be free from the clutch of unscrupulous and unreliable real estate agents who operate solely with their commission in mind. It is imperative that today’s property buyer must avoid the unverified individual estate agents and must insist on working with authentic, knowledgeable, and organised real estate agents.