Does Your Broker Have A RERA Id?

Does Your Broker Have A RERA Id?

Does Your Broker Have A RERA Id?

It happens all the time. No matter how patient you are by nature, you would like to complete your home purchase without having to invest too much, time-wise. Reasons for a buyer “making haste” in the matter might vary, but everyone seems in a hurry to move to their new homes—and, understandably so. Since your property advisor would play a crucial role ensuring it does not take too long for you to find your dream abode, care must be applied to pick the right one. Now, who is the right one for the job?

They have a RERA ID!

Before we dive into the personal traits of a broker, let us make sure whether they are legally ready to do business with you. One of the oft-repeated complaints of homebuyers in India before the real estate law was enforced was that it was hard to find professional brokers. Most of them, the complaint ran, were in the market to dodge people, make their unfair share of money and fly by the night. To address that pet peeve, the Real Estate (Regulation & Development) Act, 2016, made it mandatory for all real estate brokers to register themselves with the state Real Estate Regulatory Authority. This is the first thing you have to know about a broker today—what is their RERA Id? This would ensure you are going to do business with a professional you could rely on. If anything goes wrong, this broker would be responsible to make up for your loss in the eyes of the law.

A broker not registered with the RERA and still doing business has to pay Rs 10,000 as penalty per day for the entire period during which he concluded his illegal occupation.

They think globally, act locally!

Strange as it may appear, among many things that could significantly impact your house purchase plans are external factors such as increasing oil rates. If the US Federal Reserve decides to hike interest rates, you could bet borrowing home is going to go pricier for you, too.

This makes it important for someone who is in the property brokerage business to have a global perspective.

Then, there are issues of national policy changes that impact home-buying plans of us all. The Reserve Bank of India changing key policy rates is one such move, and so is a state government’s decision to reduce stamp duty on property transactions.

At the same time, a broker must be well aware of the market he is dealing with. Your understanding of the global markets will never make up for your lack of knowledge of local issues. An ideal broker would know his localities inside out.

They are progressive thinkers!

Long gone is the time when a broker could operate from a tiny office and landlines phones would just do. This is not to say they must rent a bigger space or buy expensive phones to be successful. This is to say a broker would change when the time demands so. This is to say they have to equip themselves with the modern technology to survive in a market that now heavily relies on technology. If buyers demand visual tours of houses before they narrow down their choices, for instance, the brokers must have the resources to supply. If the buyer wants to go for a background check, they would use company websites and social media platforms to access the information about their broker. Old-schools professional values go quite well applied in harmony with technological advancements.

Last Updated: Tue Sep 18 2018

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