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Steps to Picking the Right Real Estate Agent
By
siliconindia
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Tuesday, March 18, 2014
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BANGALORE : A real estate agent is usually considered as an important piece of the property buying and selling puzzle. A realtor acts as an intermediary between sellers and buyers of real estate properties and attempts to help sellers who wish to sell and buyers who wish to buy a property. When acting as a buyers' agent, a realtor assists buyers by helping them purchase property for the lowest possible price under the
best terms. So, the real-estate agent may assists buyers in the acquisition of property but still represents the seller and the seller's interests. The agent usually works on commission and earns a small percentage of each sale of a property. The verdict is not yet out on realtors, and buyers still face apprehension while approaching them. However, a realtor can make the process much easier for buyers. It is important to weigh the pros and cons of a real estate agent.
Why Real Estate Agent ?
Buyers have to go through several steps to finalize on a particular property. It is often difficult for sellers to choose from various bid options for the property. Real estate agents, however, can help in picking the most qualified buyer for a property. Similarly, they can also help buyers to find the right property according to their preferences from various available options.Sometimes, a realtor can also work with financial institutions to help
people get the loans they need to be able to buy properties.
Real estate dealings may not be easy for a common man to understand. It requires a considerable amount of documents that have to be examined and signed during the home selling and buying process. Real estate brokers usually have ample knowledge about the procedures and documents involved in selling and buying property. Good brokers will definitely convey all the required information regarding paperwork in layman's terms. Reputed agents will know bank representatives, legal experts and other people related in the field, who can help in processing the work faster. Apart from having good recompense of hiring realtors, paying commission to them could be one of the shortcomings. Also another concern is that they could conceal some information such as some defects in the property and locality of the property. They can also pressurize the sellers or buyers by distorting facts about the variation in prices for their private gain.
Choose the Right Real Estate Agent
Consumers have a propensity to trust the advice of brokers at face value and later realize that they have been misinformed as their choices relating to service and price options are constrained by the informal anti-competitive practices that brokers indulge in.So, it is very important that the selection of real estate agent is done carefully. Check whether brokers are not playing tricks for their own benefits, and are taking care of sellers' or buyers' interest. It is also difficult to know the actual prices of the property. So, different property portals and newspapers should be checked to get rough estimate. Another option is to contact several people who have recently sold or bought a property.
Brokers are often not transparent about the quality of construction. Two similar properties in a locality can be priced the same but one may give more value for money in terms of construction quality and amenities. So, it is necessary to ask for detailed information. When sellers and buyers are in different locations, the dependence on the broker is more. So, insistence of face to face interaction is required to finalize the deal. If the broker wants to close the deal without the buyer and the seller getting to know each other,something may be awry.
Altering Scenario :
Real estate brokerage community in some sub- locations has been highly undercapitalized, highly pressurized on the incentives and highly driven by specific relations in the market. However, with the entry of organized players in the market and several global players organizing themselves in far better ways has changed the scenario. Today, brokerage has become the key factor in the success of the real estate industry. Organized brokerage industry can help transmit information, which is accurate,timely and in a far more professional manner and in a package, which the end customer can use. Royal Institute of Chartered Surveyors (RICS), a self-regulatory body, has launched a code for real estate brokers. The code has been supported by several leading brokerages regarding conducting business,ensuring clients with proper communication in correct way, avoiding conflict of interest and giving a realistic assessment. Even though it is possible for some people to sell or buy a home on their own, the process is not as simple as it is assumed or imagined. So, it can be really worthwhile to have a realtor's help on the side. However, one must keep the aforementioned cautionary measures in mind.
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