Tips for working with real estate agents ??

[kkrish]

Hi,

Iam a newbie to real estate and wish to work with RE agents/brokers to widen my search for a plot in Bangalore. I have
been browsing these forums and somewhat confused as to how to proceed. For example, I read that you should never reveal your budget to RE agent.
But If I don't , then won't the broker show me lots of plots that may not be relevant to my budget at all.

Pls let me know your suggestions/tips based on your experiences. It would be helpful to me and possibly others as well.

[chidu]

kkrish,

Real estate agents are professionals whose business is to connect owners, buyers, investors, architects and contractors. They add value by providing you with a choice of properties suitable for your budget or find clients for property owners. There are big companies like Jones Lang LaSalle, CB Richard Ellis, Cushman and Wakefield, Cassidy Turley etc who structure suitable properties for their international clients worldwide. Treat them with the same honesty, respect, professionalism as you would do for any other business. Having said that, being a non-regulated industry there are individuals and SMEs like in any other profession who would take you for a ride, however if you deal with good people or agencies you would be certainly happy that you used their services.

[PlotGuy]

Very few real estate agents are professionals and most of them are dishonest. I am only talking about people I meet and nothing personal against you. They don't add any value for a buyer.

[msn1270]

Chidu

How many Real estate agents have the practice of giving Receipt(with TIN & Service tax) for their so called professional charge(whatever we may call like 2% & Above, as commission/Brokerage/margin....etc) they collect from the clients, Shows how many are honestly doing their profession in this field.

[sreekbda]

kkrish,

Real estate agents are professionals

[chidu]

Let us not discriminate people and professions here. I think I have made my point, there are bad people in every profession, understandable that people who enter into real estate agencies are typically from lower strata of the society. But that should not be a reason that so many educated of us to ill-treat them or talk with disregard to them in this open forum. If possible please be an angel or mentor to someone and help them to establish a proper business.

[pyaretaj]

With regard to my experience with these guys, I have bought plots and all the time I bought, I got cheated due to lack of information and resources to know the backup forces, who incline to join-up in order to cheat the innocent buyer, if he is like an NRI or person with lack of real estate knowledge. When I bought my plot in HBR layout, the agent joined up with the seller, including the advocate who was their friend too, for preparing the sale deed. The price of the land was then only 9 lakhs and they togethed sold it to me for 10.6 lakhs. Apart from this, they made me shell out excess commission and other expenses. All in all, its a set of gang amongst them who have a circle to trap the buyer or seller, depending the person's knowledge with whom they come accross to loot handfully.

My Tips to a buyer or seller:
1. Do not show that you are too eager to buy a plot or house.
2. Let the brokers show you properties and you tell them that you need time to think and decide.
3. Check their network of other brokers and you stick to your word and be strict with them.
4. Act bold and possess self restraint as its after all you money that you wish to shell out.
5. Request for face-to-face meeting with owner before settling the property.
6. Use your own advocate to get the property papers scrutinized.
7. Always take guidance from your friend or relative while dealing with brokers. Do not go alone with brokers for a survey or deal. Show them you have professionals around you for guidance.
8. Possess good knowledge about Realty market before you venture out on property hunt. Read newspapers and find good deals from direct owners if possible.

Take care.
Cheers.

[knair]

No RE agent had shown me any good property, finally I found the property of my interest from online, directly from the owner. So no agent was involved and it saved us some money. My suggestion is first try if there is any property listed by the owner directly. Now a days, there are many online RE sites. You have to do some research as well on the price, area etc.

[msn1270]

Best is to avoid them. Else Its like finding a good one out of a basket having rotten tomatoes.

Do your own research online or give an ad online or in newsprint media and directly deal with the property owners.
Agents don't do any great miracle in finding the owners of any asset which is for sale. They also put ads online or
TOI or DH Classifieds for sellers. Else in areas like BSK, SMV or Anjanapura, they put one of their guy to roam around
the layout through out the day to find the visitors of that layout and identify them as Sellers/Owners.

Even though you need to invest good amount of effort and time, it gives you good knowledge and you will have
satisfaction at the end of the deal and never regret that you got cheated by someone.

[tvsh]

If possible please be an angel or mentor to someone and help them to establish a proper business.

Could you please walk the talk and mentor others to establish a proper business, so that each one of us is fortunate to meet a good "professional" Real Estate agent. The number of so called professional Real estate agents is so miniscule that it has become next to impossible to meet a good professional Real Estate agent.

For a start, how about "full disclosure" when it comes to cons of a site to a propective buyer. I have dealt with atleast 15 different Real estate brokers and have done business (either bought or sold) with at least six of them. Only one of them a real old timer, who took up Real estate after taking VRS from a bank would put in the effort to take a look at the docs, understand them and then suggest it to prospective buyers only after he is satisfied with the docs. Most other brokers just push all the sites in their inventory so that the prospective buyer would atleast like one and close the deal and earn them commission and kickbacks.