Do You Really Need A Property Broker?
At a time when there is no lack of platforms that help buyers get directly in touch with sellers, property brokers seem to be losing their relevance. Given a choice, you and I would not like to involve a third party in the transaction, which on a personal level, is the biggest investment we may be making in life. We would refrain from doing so, especially because there is a charge to pay for availing of the services of a broker. There is also a perception that the Real Estate (Regulation &Development) Act, 2016, poses a big question mark on the existence of property brokers. Unless a broker is registered to do business following all the preset rules (something most brokers would find hard to comply with), he would be eliminated. However, we are far from the point where the broker community, as many claim, seems on the verge of annihilation. In fact, the reverse might be true. You and I may need property brokers more than ever. Also, gone are the days when we ran the risk of hiring a wrong person. The real estate law ensures practitioners of foul tactics are not there anymore.
Here are four things that make property brokers more relevant than ever:
- There are absolutely no chances that buyers will be able to mug up the entire rule book for property purchases. There are so many legal, financial and general rules and regulations which may be hard for a common man to understand. Would it not be better if there was someone who could help us with all that? All you have to do is find a broker who is registered with the Real Estate Regulatory Authority of the state concerned.
- Location is the mother of all factors when we want to pick a property. Brokers have a vast knowledge of local markets, something in which big players with their big names might be lacking. Your next-door neighbour might be a property broker who would take you through the home-buying process smoothly.
- We often focus on the negatives without evaluating the good that comes along when we hire an expert who knows better. Let us not start with a preconceived notion that brokers are sitting in their office just to trick you into paying a hefty amount. While that may be the case too, undermining their role as a middle man out and out may not be factually right. As a buyer, you may not be comfortable negotiating certain terms and condition with the seller. The opposite is also true. A third part comes handy at a time like that.
- Your work does not end after the property is bought. To address issues that might arise in future, you may seek the help of the broker in case you hired one. In case you did not, you will be on your own.