subject: Importance Of Brokers In Real Estate Transactions In India [print this page] Brokers have always been an inevitable part of the property transactions in India. Unlike some other countries of the world where they are required to be duly registered as brokers, there is no such regulatory requirement in India. Whenever the people go for buying the properties they would not ignore the brokers of the area. So, what makes them so indispensable?
First, as is the case with all the intermediaries, be it any business, these agents or brokers act as one-point source for discussing a range of property options instead of visiting the places of many builders. So, you are saved of the time which you would have expanded in going to the different location for preliminary survey of the properties. Dealers can tell you about the most viable options for buying the property.
Second, each product owner would describe the advantages of own project and would pitch for its sale. You might have to use your own judgment and reasoning to a large extent to determine whether what is being said is correct or not. The dealers or brokers might also be working at the behest of the developers only but they might be having more than one project to offer to the customers as per their needs.
Third, by being in the market and having relations with the people who are into this business, the dealers have a better insight into the reputation of the builder and are, therefore, better positioned to guide you in the right direction. If there is any lawsuit against the builder or it has done any financial goof-up, all these can be better known by the dealers of that area.
Fourth, agents are aware of all the documents which are required for transacting the property. Most of the people in India do not know about the documentation and the relevance of the documents for their transactions. This is where the dealers, being independent parties, are in a better position to check the adequacy and relevance of the documents.
Fifth, if there is any dispute then a reputed dealer or broker stands in a better position to resolve the dispute and devise some solution. Dealers also prefer to work with those builders who are reputed since they are able to get easy sales.
People can approach the builders directly as well, bypassing the brokers, in the hope of getting better rates from the builders and even the genuine builders would be willing to oblige by providing the same discount to you which would, otherwise, have been given to the dealers.
