India’s real estate industry has always been beset by risk, and many unwary buyers and investors have burned their fingers on it. When buying or selling on an unorganized real estate market, trustworthy advisors are worth their weight in gold because they can make the difference between time gained and time wasted – and between financial gain and substantial loss.
When an experienced real estate agent guides a client through the intricacies of buying, selling or leasing property, he or she is basically ensuring that the client makes the right choices and is not taken advantage of. The wrong agent may, at best, lack the required competence – and, at worst, take the client for a very expensive ride.
The Qualities Of A Good Real Estate Advisor
A competent real estate agent understands your requirements and is able to present clearly and impartially all available options that meet your needs. He maintains confidentiality, networks with other agents for your requirement and keeps your costs down. He listens to you, behaves ethically and does not try to rush you into a decision. He does all he can to get you the best deal possible – even if it means a lower or deferred commission – by pointing out to you the pros and cons of every option to help you make a better decision.
He gives advice on the risks involved in every offer before you, informs you of the available risk mitigation strategies and helps you with the paperwork. He communicates clearly – he will not tell you that every offer is the best. He has exhaustive knowledge about the local market, general market practices, rules, regulations and legal aspects that he shares willingly and succinctly. He performs the task he has been appointed for with the client’s best interest at heart.
He is professional, aggressively follows up on a mandate and adheres to all expected processes.
The Search
- Check the real estate agent’s background, review his track record and get references from past clients
- Evaluate his knowledge of the real estate market and its offerings as well as his willingness to go the extra mile for you
- Eliminate all prospective advisors who attempt to push you into a deal to make a fast buck or suggest unlawful shortcuts to legal procedures
When considering a real estate advisor, be clear on what you require of him or her. If you are not sure, use his expertise and experience to identify and crystallize your objectives – are you looking for an ideally located and appointed home for actual use, or are you more interested in investment potential?
Referrals from family, friends and colleagues are great sources for finding the right advisor. In the absence of such referrals, you can launch an initial search through newspaper ads and web listings. Interview at least two or three advisors in person and establish the person’s local expertise and database depth before you take a decision. Finally, clarify all aspects of the fees and ensure that these are in line with current market benchmarks.
Your choice of a real estate advisor has a direct bearing on the number of options you will have, the quality of information and the final price. By choosing the right advisor, you can save time and effort in finding the perfect home at the right price or selling your property at the best price possible.
The author, Ramesh Nair is Managing Director – West India, Jones Lang LaSalle India
