With World Broker’s Day commemorated earlier this week, two association
heads share views with Vijay Pandya on how their significance and role have
evolved over the years
Concrete Perspective
Vijay Pandya
Concrete Perspective
Vijay Pandya
Ramprasad Padhi,
President,
Association of Real Estate Agents
Traditionally the
role of a broker or as the modern day avatar known as realtor, was more of an
exercise of showing properties and making buyer and sellers meet. But the
modern day broker is evolving and keeping in tune with the times. The role is
evolving from that of just finger pointing to being a true consultant in every
sense.They need to have all round knowledge of not just real estate but all
peripheral areas like housing finance, property laws, insurances related to
real estate, property management, etc.
Brokers represent
the buyer and seller and ensure that both their interests are protected at all
times and the entire process of the deal is not only transparent but also
hassle-free. Today, brokers also have to effectively network with brokers in other
locations so as to represent their clients in areas outside their jurisdiction.
Even in this era
of direct marketing by builders, realtors hold a very important role in
ensuring that your ‘once-in-a-lifetime’ dream home acquisition doesn’t run into
rough weather. Again here, how smooth is the process, depends on what your
realtor does for you. Is he ready to walk that extra mile to make your
transition smooth, hassle free and memorable in more ways than one? That
depends on choosing your realtor wisely.
Buyer/ seller
checklist
1 Is the realtor
full time in the business? Part timers in brokerage are not serious about their
work and can’t represent the clients faithfully and do justice to their deals.
2 What are his or
her qualifications? A well-educated and qualified realtor will certainly be
more professional than his or her counterparts.
3 Do they operate
from an office? That way, he or she will be accessible when you need them. Also
look for people who have assistants and fully equipped offices so you can be
attended to when they are not around. Usually avoid brokers who are one-man
shows and don’t have time for all the clients.
4 Do they have
adequate knowledge? All around knowledge of current market scenes, rates,
developments, latest in legalities, etc.
5 Is the
reputation established? Get references from past clients, ask about the
broker’s service levels, scope of services, etc.
6 What about
networking capabilities? He or she needs to be in touch with a variety of
lawyers, builders, architects and other real estate stakeholders.
7 Is he or she the
member of an association? This shows him or her as a part of the organised
fraternity.
Typically, home
buying or selling is the single most important and expensive decision in the
Indian middle class life, so it makes sense to get an expert to guide you
through the process. The realtor’s experience will guide you through the
complex maze of buying or selling a property and also advise you on the
reputation of various builders and projects, current market scenario of realty,
and the various pitfalls, so the client can stay away from problems. The
realtor can be a one-point contact for all the components that go in a deal,
like a single-stop boutique in realty shopping.
Changing roles
Real estate
transactions have become more complex in recent times due to constant
amendments in property laws, taxation and introduction of newer levies like
service tax and VAT, etc. Add to this is the digital chaos with numerous
portals offering endless property listings coupled with direct marketing blitz
by developers. The home buyer is a busy professional who doesn’t have time to
cut this clutter and there is a need of a professional realtor who can be his
friend, philosopher and guide who will help him navigate the complex maze of
the transaction. So now the role of a broker is more than a mere sales person.
he is a transaction enabler.
Brokers have
evolved and are now all rounders with working knowledge of law, taxation and
are in a position to advise clients. They also help in understanding the ground
reality for customers’ requirements and advise them on the best options with
respect to not only properties but also select the best financing options.
Since brokers work
closely with clients, they understand the changing preferences of the client
and help developers create the right product mix coupled with customer-friendly
finance schemes so as to make it a win-win for all concerned.
Broking is a very
unorganised business with no entry barriers. There is no standardisation of the
services being offered. The trade gets a bad name due to the fly by night
operators and this invariably hurts the image of the professional brokers as
well. With RERA in place, this business will be regulated and lead to
elimination of so called part timers from the business and also gain
credibility. Training can help brokers be better sales people and work
effeciently
Most brokers have
a flat hierarchy. Businesses are run the family way with a monopolistic style
as there is a lot of attrition and employees turn entrepreneur with only 6-12
months on the job. But many professional broking companies have reinvented this
business and have SOP’s in place with proper hierarchies defined and business
is run in a corporate manner.
CRM and inventory
management systems have now been integrated by professional brokers and
websites are their showcase to the world with client getting to see pictures,
walk-throughs and videos even before they come to the site. The professional
realtor is able to manage his prospect pipeline better now and ensures a
seamless experience for his customer by using the tech on his phone and stays
connected to his back end office as well. Technology is a big tool for them.
In India, home buying will
always be an emotional decision and the broker can never be replaced by the
Internet. Online portals offer plethora of choices, but only a expert broker
can help the client close the right deal with no hassles.
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