From Family Broker To Modern Realtor
In the past, real estate brokers were mediators who facilitated the meeting transacting parties. Homebuyers and developers negotiated the agreement alone, without the help of brokers. However, the Indian real estate markets are changing. Today, homebuyers are more knowledgeable and market savvy. They research more and ask brokers more intelligent questions. They know that the credibility of real estate developers vary widely and so does the time they take to deliver flats satisfactorily. They also know that the market gives them many options to choose from.
Brokers play an important role today. They are no longer “family brokers”, as they were in the past. Earlier, buyers were not too interested in the additional services that brokers provided. Real estate developers are powerful, and buyers do not personally know them. So, middlemen can help them strike the best possible deal. Homebuyers still prefer their family broker because they can trust them completely, and can get advice suited to their needs. This is where real estate consultants have found a market opportunity to exploit.
How has the market changed?
- In the recent past, changes in customer profile have led to changes in the way business is done in real estate. This is where the first stages of makeover developed.
- Modern real estate consultants do not talk about properties alone. They focus on trends and look at the markets as a whole.
- They are aware of how the world is changing. So, they make sure that they are equipped with analytical tools and data to take the right decision.
- They understand the needs of buyers, and after carefully studying the trends in the markets, they come up with deals that are perfect fits for their buyers.
- Homebuyers prefer to deal with professional brokers who are aware of market trends. Buyers prefer brokers who they can easily trust while handling one of the toughest investment decisions of their lives.
- Many brokers are sprucing up their offices and building better websites. Listing properties on the internet has become more common. Real estate agents are now taking to the e-marketing.
- Real estate brokers are now waking up to the need of becoming organized. As technological tools in the real estate sector are now more advances, going by your gut feeling alone does not help much.
What led to this transformation?
- When the Indian economy opened up, many international firms started doing business in India. This has led to greater demand for the services of real estate agents and developers. Now, real estate brokerage services are expected to be comparable to that of real estate brokers in developed countries.
- The large number of transactions that happen, preferences of buyers and the abundance of choices has led to systems that allow customers to search, view and select a home from the comfort of his home. Inputs for decision-making have to be made both comprehensive and simple. So, agents are doing everything they can to improve their image.
- The role played by large real estate associations, the process-driven approach they formulate, the expertise of the market they share and the awareness of tools and technology they bring makes the modern day consultant/broker better equipped to handle such challenges.
Such factors have improved the performance of real estate developers and has raised the bar for everybody. The real estate developer provides a larger platform for brokers to talk, learn and be aware. They enrich the market with knowledge and analysis that helps brokers to look at the big picture instead of closing the deal as quickly as possible.
Real estate agents have started working globally using various business models and options available to trade internationally. With bigger players entering the market, it has become critical for all players to do the best they can.
The government passed the real estate bill at the right time because it is in line with the changes that are happening in real estate sector.
From planning new projects along with the real estate developers to pricing and marketing strategies, the role of a broker has changed a lot. A broker is no longer a mediator alone.