A broker is a linking pin between a buyer and a seller. A good one can facilitate a healthy deal, keeping the interest of both the parties in mind. However, with multiple options in the market, it is imperative to select the right broker, who would help you sail through the home buying journey with much ease and comfort. To reach at an informed decision, we recommend keeping the following factors in mind:
Market Knowledge: Your broker must be well aware of the local market dynamics. Ideally, there is no better person than him who can divulge the nitty-gritty of a locality, the realty inventory and the prospects. Information about property trends is a must, too. If you find a broker who is well-versed with the rules and regulations associated with the property buying procedures of the state/city, you are in safe hands. You should preferably opt for a licenced broker – one who is a member of National Association of Realtors (NAR).
RERA registration: In addition to being a member of a credible organisation, the brokers must also be registered under RERA. You can ask the broker for their registration ID which is generated after they register with RERA. All the details of the agent or consultant are published on the State’s RERA website. You can search for these details on the website using the registration ID.
Contacts: A credible broker networks with multiple developers, owners, and his real estate counterparts. He should be able to present a good assortment of options in your budget and location.
Comfortable with realty jargons: Real estate jargons can be confusing, particularly for a first time buyer. Thus, if you have a broker or agent who knows how to decode these terms, it becomes easier to deal with legal documents and paper work without getting duped. You should try and hire someone who understands and helps you apprehend encumbrances, carpet and super area, building and development permits, among other important things. The dealer should also be able to aid you in different procedures related to home loan facilitation, registration and stamp duty processes.
Get reviews about the broker: Once you are fairly sure about a broker, enquire about his previous clients. If he enjoys goodwill in the market, he would have clients who would willingly give him a reference. If possible, try getting reviews from his previous clients.
Be clear about the brokerage: There should be no ambiguity when it comes to brokerage fees. In most Indian cities, the fee is usually 2% for transactions priced above Rs 50 lakh and 1% for anything lower than this. You may negotiate on this count if the broker is a newbie. However, established brokers might charge a premium.
Consider multiple brokers: Do not finalize on a broker straightaway basis a single recommendation. Explore the market and interact with at least two or three dealers. Follow the tips and tricks listed above before taking the final call.