Reduce uncertainties of home purchase with competent broker 

Professional certification and experience can boost the odds of finding the right individuals

Purchasing a house comes with a fair share of uncertainties. However, these uncertainties get significantly reduced when you have a competent, professional, and credible broker to assist you.

Check credentials

A few elements bolster a broker’s credibility. He should have enrolled with his state’s Real Estate Regulatory Authority (RERA).

Find out if the broker is part of an association, such as the National Association of Realtors (NAR). “If a broker is part of an association likes ours, and he indulges in any wrongdoing, you can report him to the association,”

Also, check if the broker posses a professional certification. “Maharashtra RERA has empanelled five institutes to teach a 20 hour course on real estate to practising professional, which is allowed by a test. The Indian Institute of Real Estate run by NAR is one of the institutes that offer this course”

While the above filters are not fool proof, they will guide you towards a person who has invested time and effort in equipping himself for the job and is present for the long haul.

Experience counts

When it comes to experience, more is better.”An experienced broker would have witnessed and handheld his clients through both bull and bear phases,’ In his view, a broker should ideally possess at least 10 years of experience.

Experience in local market

When you narrate your requirements to your broker, he should be able to suggest a number of options.” The inventory the broker possesses is very important,”

Try to assess whether the broker has good knowledge of the princes prevailing in the area you are interested in, and is able to provide the pros and cons of various projects.” The location of one project might be good, but it developer’s track record may not be sound. The broker should be able to guide you on these counts”

Only by speaking to several brokers and assessing the depth of their knowledge can a customer make the right choice. The developer should also possess knowledge   of the area’s master plan, the government’s infrastructure related plans for it.

Engage with a recommended individual

Don’t get taken in by people who advertise a lot. Go by testimonials.”Ask for the number of the broker’s past clients and speak to a least three or four.

Check with friends, family, and colleagues. If several of them recommend a particular broker, your chances of finding a sound professional increase.

Carry out an extensive online search. Also check their social media accounts. Many clients nowadays share their experiences with a particular broker on social media. Google Reviews is another useful source.

Guidance on valuation

The broker should be able to provide his clients guidance on a property’s valuation. The broker should have a good knowledge of the rates at which recent transactions took place. He should also be able to factor in other variables such as the quality of interiors or maintenance charges to arrive at the right valuation.

Don’t overpay

The brokerage rate can vary from one region to another who operates in the National Capital Region, the buyer and the seller both pay 1 percent plus goods and services tax (GST) in the secondary market. The seller pay 2 % plus GST while the buyer pays 1% plus GST, In case of rentals; the brokerage fee is one month’s rental fee plus GST.

The client should clarify right at the start whether he will be required to pay any additional charges (documentation-related). Finally, the broker should have knowledge of the documentation involved in a real estate transaction. “He should understand the intricacies of the agreement to sell, sale, deed, etc., the key clauses therein, and should be able to explain their implications to his client.

POTENTIAL MINEFIELD

The broker should be aware of who owns the land that the project is being developed on, and whether there are any development agreements between the real estate developer and landowners.

If there is a dispute in the project, and there is stay on it, the broker should keep his clients away from such projects.

The broker must only sell RERA-registered projects and not unapproved ones.

The broker should know whether an under-construction property has received key approvals.

The brokers should be aware of whether a ready-to-move-in project has received the occupation certificate.

For More Details: Pooja Manoj Gupta, visit www.giia26.com
Email: pmgiia26.com Mobile  9868944340