manpreet

Dear all,
It is fantastic to see the unity among Indians in the real estate sector too. The actual aftermaths could be seen only after observing the change in trendz this association brings. But let me make you aware wid the recent update I read.

Pinnacle

Its been almost 4 years that NAR (National Association of Realtors), USA, wanted to bring about some credibillty to the Brokers in India.
As we are all aware, Construction as an Industry doesnt enjoy the status of INDUSTRY which has been long overdue. Add to that is the woes of Brokers not having any legal status as professionals while conducting business.
This was harmful for both the customers and the brokers themselves.
Unscruplous fly by night operators became brokers and fleeced cleints as there are no standard structure for brokerage fees.
At the same time, when cleints duped brokers of their fees, brokers dont have recourse to legal remedy to recover the fees. As a result, bad debts for brokers are a way of life with no options for recovery.

Local brokers association have always existed, but that did not have a great impact on the national scenario. I have been part of a local association in Mumbai for the last 8 years and reaped the benefits of being a part of the community that is getting organised.

So when NAR intended to come to India, we immediately saw the benefits that would accrue to the realty community. I among with 30 other brokers were part of the first batch who took the NAR course in india and qualified to become Realtor(R).
After that i completed 2 courses - CIPS (Certified International Property Specialist) and TRC (Transnational Referal Certification).
These and other course offered by NAR is a tremendous oppurtunity for local brokers to get the coveted Realtor(R) Tag and add value to his business. Not only do these courses make them more productive and systematic in their work, but it opens a worldwide window of oppurtunities for brokers to do business all over the world. They become eligible to refer overseas clients and recieve referals from fellow Realtors(R) all over the world.

With NAR coming to INDIA, the local broker now gets an oppurtunity to go global.

Please feel free to ask for any more inputs members would like to have on this. I would be more than glad to contribute here

__________________
Ram

Aadesh

After reading the above posts, I have a question in mind, if you please answer:

• Is a member/broker of NAR legally protected against clients duping them?
• And if a broker under NAR takes to unethical deals whom do the clients approach?

Pinnacle

Dear Adesh,
As of now, there are no laws that cover the real estate transactions, from the Brokerage Point of view, under its gammit. Therefore a broker will not be protected under the existing laws if the client dupes the broker. However what is changing is the pressure from such National Level body to the powers that be, to modify the law and incorporate the necessary changes.

The NAR has a code of ethics which every member has to abide. Any member who violates the code of ethics, which among other things covers the conducting of business, is liable for penal action including termination of membership. Add to this is the existence of a grievance mechanism, which addresses such issues.

Hope this covers your query

mishthi

It’s great to read such informative posts from the Industry specialists. Thanks Ram for sharing your precious views among all of us. Your posts have always been informative discussing actual scenario going on in the industry wherein i guess every forum member is able to acquire some knowledge.