Secrets that no one would dare to tell you about the real estate agents in the current market, here are some of the eye-opening things about real estate agents before you trust them.
I completely agree that when it comes to putting up your life savings into real estate investment, you want the best possible options to invest in.
Searching for a Real estate investment might take a lot of time and energy, Property portals are helping you choose better.
Still, there is something holding you back, what if some other good options available out there?
You now turn to your friends, family relatives and if no one could do better in helping you get one sure you would finally turn to Agent/Broker.
Let me give you what are the different types of brokers or agents available in the market?
He is the one who has taken up this as a Profession. He is the one who is more likely to deal with in the particular area and surroundings, has complete knowledge about the prices and location details. He is pretty well versed in his profession. You know how pushy he may be towards the sales.
He is the kind of a person who has another full-time job somewhere he has taken Real estate as part-time profession he also has greater knowledge but limited to particular area or surroundings.
Agent 360 degree
These kinds of agents usually deal with all over the city that he has to resell with. He has connections all over the city and has a large number of choices, according to your budget and specific location.
These kinds of agents who usually deal with the company or locally developed plots that are available he is directly connected with the builders and developers where he provides leads to the company directly or deals on behalf of them.
Without a real estate, agents selling might be a little bit of a hard job in real estate. You might want to sell your property through Property portals available, if your property is in a good location the first call you would receive is from the agent.
Today’s buying decision has been influenced by several factors such as print ads, online ads, social media opinions and ratings, friends, and families.
You have full information on what you are buying but you are not in control of what you think as I said above you are influenced.
You buy it with emotions and try to justify logically that your buying decision is right for you.
Because a whole lot of savings are going into a particular investment that you have dreamed of for your whole life to have one. How could you miss the opportunity to make the right decision?
If you want to make the purchase through property portals and making a direct purchase is also fine when you want to explore the best of the options available you would surely turn up to agents.
Or because someone suggested this agent is too good and has lots of options available in a particular area that you are looking for.
Most of the agents or maybe sort of property consultants who will give you consultancy will provide you a clearer picture of the whole city, what’s going on which area seems to be better for investment, he gives you a whole level of clarity if he has greater knowledge.
This is where agents not only try but sure they will show you a greater authority that they are more knowledgeable than you.
A person who has such tremendous knowledge and seems right from every corner how would you miss his opinions on your lifetime savings?
In these situations, most of them stick to a particular agent to buy them the best property only if he shows certain expertise and authority in Real estate sales.
No wrong in holding on to them for your property purchasing but at what cost?
I don’t say that every agent tries to make a hole in your pocket, but there are certain kinds of agents who wait for a particular opportunity.
The main aim of the agent is to make you the best options available and has an intent to make your life savings worth with 2 percent commission.
Not the person who is too pushy for a particular property and has an intent to make lakhs of rupees altogether.
These kinds of agents are growing day by day and harming the reputation of the agents who are genuine and clean in the transactions.
I will tell you how you may get into the traps of these kinds of agents.
I have also been working in the resale of the property and be with them for a couple of years. I will give you certain examples here of how you may end up paying the higher price of the property than actually is.
In this situation a person who wants to sell his/her property will directly hand it over to agents and ask them to sell, agreeing that he/ she would pay them 2 percent commission on the sale value.
These transactions are very much clearer, the agent may connect you to the seller directly and you ask for a certain amount of negotiation and finally, the deal happens, you pay the agent 2 percent commission.
In this situations where a seller hand over his selling responsibility to the agents where he is not interested in paying 2percent commission to the agents he/she says for example if property worth is 35 lakhs he assists agent to pay me 35 lakhs whatever the amount you make above 35 lakhs that you can keep.
In this situation you have to be careful. A genuine person would directly add his 2 percent commission and tell you the price and explain this is the case.
If the agent is greedy to make money he would surely pump up the price to at least 2-3 lakhs more ( this is just an example ) this is where you are really losing money for yourself.
Negotiations are being done by agents, until registrations are taken care of by himself.
In these kinds of situations make sure you talk to the owner and make things clear, if you are ok with the prices and everything feels correct, think and analyze if this property is worth paying,then only try to move forward.
Try for hardcore negotiations if property he holds for long time he is losing money if atkeast 2 percent commission would work out for him he will surely will try accept the price.
These types of agents are growing in n numbers because they have seen a lot of easy money. I say lakhs together easy money has spoiled the resale real estate industry.
To speak in the shoes of customers would be a greater pain for any one who has collected whole lifetime savings together and putting it into a lifetime dream.
For most of them who are middle and lower class of people a lakh or two would make worldly differences to them.
So make sure you check certain credibility of the agent before buying it from them.
This is the same as situation two here you are dealing with the agent who is directly connected with the builders and developers who provides direct leads or deals on behalf of them.
A builders or developer would ask him to sell for certain amount and pay him 2 percent commission,
Or a builder or developer might agree that if you sell it for a certain amount pay me these much rest what you sell upon it that would be yours.
For example if a plot price is Rs 1200/- per square feet from the developer the agent may say up to Rs 1350/- to Rs 1400/- after negotiation also he is making a certain amount as profit than 2 percent commission.
Just for example even though after negotiation he would earn at least Rs 50/- to Rs 75/- per square feet as his commission.
Whenever you come across these kinds of situations ask them for higher negotiations, so again if you are dealing with certain agents make sure you check their credibility and ask opinions and save yourself from losing lots of money.
( Above given examples are not accurate these numbers are given just for the better understandings )
I am not speaking about every general real estate agent or broker here, there are very much genuine and super helping agents to make their clients own their lifetime dream.
This article is written on those who would see their customer as an opportunity to make lots of money i say, and making customers aware of how they might get trapped in these situations.
How to avoid losing money and check the credibility of agents click here to read another article.
What you think about this article let me know in the comments below.