Role of brokers in real estate has always been important. However, in today's scenario, this role has immensely gained prominence. Just like any other industry, real estate, too, had a number of unprofessional players erstwhile who brought a bad name to the sector, community and themselves. However, things have changed drastically over the past few years, especially post the addition of professional players in the market and with the implementation of the Real Estate (Regulation and Development) Act (RERA), 2016.
At present, brokers are respectable agents who are experts in their own field. Their help is sought not only by the developers but also by the prospective homebuyers. They have in-depth ground-level knowledge, and therefore, they are able to crack deals worth crores within a short span of time. They also help to save their clients from possible pitfalls. The homebuyers tend to seek the help of the agents, not only to locate property but also to give advice and help them during the buying process. This involves help pertinent to legal, taxation, compliance and other relevant issues. The brokers are now strategic advisers to real estate developers.
Organised real estate brokers are gaining momentum in real estate deals across the country. They have significant investor network across the country. This is the reason why the brokers are easily able to sell even the newly-launched projects.
Benefit to buyers
The real estate agents are now filling the gap, which was created by the lack of time required for real estate surveys. They help you to save a lot of time because of their know-how of the latest offerings. These professionals can easily guide the buyer about the projects which fall in their budget and also help in choosing the best option in a given price range. They can also provide the best knowledge about the developer in your region.
In case of young couples who are looking to invest in properties, especially in cities such as Delhi and Mumbai; taking the help of a local real estate agent can help to save cost and hassles. This is because of the fact that the millennials do not have that much time to go and visit each and every property that fits in their budget.
Benefit to developers
As India is witnessing fast-paced activity in real estate circles, it is becoming difficult for the developers to position and sell their projects. Realising the gravity of the situation, almost all the developers have started to work closely with the real estate agents. The professionals not only provide a dedicated network of clients but also exposure to premium networks. For developers, the relationship is also helpful as they get an experienced person to sell and market their products. They can develop a plan for the developer and also strategise for them. These realtors are not in the business just for the brokerage but also for extending professional help in the real estate business and earn a name for themselves and their organisations. The developers are now using brokers as one of the tools to sell their projects. It does not mean that they can do away with advertisements and other marketing tools used for the project, but historically, it has been proven that the brokers have always been the most effective tool for achieving the sales target of the developers.
With the onset of RERA and other compliances, the commitments of the developers are also being taken more seriously as of now. At present, RERA registered brokers are offering their services, and the clients are assured that the services and the commitments will be correct and honoured. However, the onus always lies on the client to choose his broker or professional cautiously. While selecting the broker, always keep in mind the saying which goes, if you find the cost of hiring a professional expensive, wait for the costs after hiring an amateur.