Would you blindly trust a real estate broker who gets recommended by your friends or relatives?
Property buyers, especially first timers, struggle to find an agent or a consultant not because there is a dearth of such professionals, but because it is difficult to trust anyone with your life’s savings. Irrespective of how youfind a broker, be it through social recommendation or through directory listings, as a buyer you must apply your due diligence to evaluate whether you can trust that professional assistance or not.
So what are the qualities of a real estate broker that you must look for or on what basis can you evaluate them?
Team Composition, background and experience
First of all find out how much experience your real estate broker has in realty domain. If he has a team, then what expertise the core members have. For example, our firm Spacio Realtors have key management team members from realty and finance domain. As a result, we are able to provide value added services to our clients including property investment, tax and legal advice. For every deal that we work on, we are able to assist our clients with tax structure, proactively take care of legalities involved including paperwork, check the financial potential of shortlisted properties, etc.
Check the credibility of the broker or agent who you are dealing with. Some of the ways include looking for any certification (e.g. ISO) awarded to the firm and membership of any reputed real estate association. Also, what are the company’s customers saying? Customer feedback speaks volumes about a product or service provider.
Every real estate agent or broker has an inventory of properties and they also rely on their network’s inventory as well. So if a firm only specializes in providing say buying, selling and renting real estate services for residential properties, then their network will also be effective if you want to sell or buy a house. In that case, searching for commercial space through this firm could be time consuming or perhaps may not yield sufficient options.
Real Estate is much more than just initiating a for sale sign on your property or driving you around to view properties. More than an agent, you need a consultant with their vast experience and market knowledge equipped to provide one window service.
So let’s say if you are an investor, then how about letting your property advisor firm manage your real estate investment portfolio or advice you about the type of place to put your money in- all in addition to the basic buy-sell-rent service. Another example is where NRIs can find a residential or commercial project in Mumbai through an agency and continue their relationship and let that agency manage the premises pre-lease and post-lease while taking care of statutory compliance like tax etc.
Related Content: Evolving role of real estate brokers as consultants and advisor
Trustworthiness and capability of the real estate broker firm can can play a very crucial role when you are dealing in property. Instead of blindly trusting someone with your hard earned money, evaluate the firm you plan to hire even if it was recommended by someone known to you.
Spacio Realtors and Advisors Pvt. Ltd. is a real estate broker and advisory firm in Mumbai, India. The firm’s advisory services are ISO 9001:2008 certified and deals in residential and commercial properties in and around Mumbai including but not limited to Navi Mumbai, Thane, Pune, Lonavla, Khandala. Spacio has a team of experienced professionals, who are highly skilled in the domain of realty and finance.