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How to choose the right real estate Agent?

Last updated: July 28 2010
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  • #11

    #11

    Re : How to choose the right real estate Agent?

    No licensing for Agents in India yet

    Hi John,

    As far as I know, there is no licensing for real estate agents as such in India now.

    Ask if your agent has a license and is it up to date.
    But we surely hope that as investors become more informed and educated, qualified Agents and licensing will become an important part of Indian real estate business.

    Comment

    • #12

      #12

      Re : How to choose the right real estate Agent?

      Not relevant to the Indian Realtor

      Originally posted by John View Post
      Dear Parul
      I completely agree with you...It is your responsibility !!!


      Well you can at least query on the following lines before appointing your Real Estate Agent.

      • Ask if your agent has a license and is it up to date.
      • Ask if they are part time or full time, because you want a full time agent to assure you get the most attention.
      • Ask them what type of training they take to stay updated, and how good are they at using the Internet, and what type of training they have for marketing homes on the web. Its better have an Internet savvy real estate agent.
      • Ask them if they are a broker or an agent. Brokers are more experienced, and it's more difficult to become a broker, so they are more resourceful.
      • Home buyers and home sellers should both ask their agent if they will get them a printout of all the recent selling prices AND the original and full details of the homes.
      • For sellers, ask the agent how they plan to market and sell your house. Get it all in writing, absolutely no verbal promises. You want them to market it aggressively and get your house into the premium listings and the free listings, and all the online web sites. You want your house to be found. You want no surprises or excuses later on. Get them plan in writing. This is a major source of miscommunication and resentment but can be avoided.
      • Ask if they will accept a contract for 90 days or less. Many agents will force you into exclusive contracts for 6 months to a year or more. It is better to stay out of long term leases. A 60 day contract is the max that you want, and ask for all their disclosure forms to study first, BEFORE YOU SIGN!

      Dear John,
      No offence, but your cut and paste advice is not relevant to the Indian market at all.

      As posted by Rashmi, Licensing is not yet a realty in India
      Secondly, there is no concept of distinction between Broker or Agent here. Invariably, the terms mean the same in India where as in the developed economies like US n UK, Broker and Agent mean two different things.
      Currently Indian laws have no provisions for agreements in writing between Seller and Brokers and also between Buyers and Brokers. The Indian Contract Act is perhaps the closest that comes for reference, in case of disputes.
      WHAT contracts are you referrring to when you say dont sign contract more than 60 days.

      Please chek the relevance of the contents before you post on this board buddy. Information is surely welcome, but with irrelavant information, we are all wasting time

      Ram
      Pinnacle Realty
      Ram

      Comment

      • #13

        #13

        Re : How to choose the right real estate Agent?

        Appreciation

        Thank you Mr. Ram.

        You wrote:
        Please chek the relevance of the contents before you post on this board buddy. Information is surely welcome, but with irrelavant information, we are all wasting time
        We appreciate your effort for highlighting the relevence of the forum and putting forward your views so as to maintain the sanctity and mission we seek to accomplish; i.e to educate the people on Indian real estate.

        And we all can contribute to it by
        Raising the issues of concern and educate people by making meaningful & relevant post that can make a difference to Indian Realty.

        Last edited March 2 2007, 12:52 PM.

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        • #14

          #14

          Re : How to choose the right real estate Agent?

          Need information on Indian Contract Act

          Hi Ram,

          Well Appreciated.

          I would like to know more about 'Indian Contract Act' as you have mentioned:
          Currently Indian laws have no provisions for agreements in writing between Seller and Brokers and also between Buyers and Brokers. The Indian Contract Act is perhaps the closest that comes for reference, in case of disputes.
          Will you please throw some light on it and what relevenace and importance it has in context to disputes in properties.

          Thanks.

          Comment

          • #15

            #15

            Re : How to choose the right real estate Agent?

            The Indian Contract Act

            In absence of any specific laws governing the client-broker relationship in India, the closest reference for guidelines of solving any dispute, can be the Indian Contract Act

            This law can be the guiding parameter to work out solutions in cases of disputes
            A broker is liable to provide all services that he may have agreed to, even if such a agreement may not have been in writing. The broker is bound to give the client, those services against which he is entitled to recieve commisions.

            The client has a right to demand such services and also ask for remedy in case, there has been deficency in the services. In India though, its a long drawn process to get your grievance redressal done. But that doesnt mean that the client has to endure bad service at the hands of his broker

            At the same time, brokers can file for relief in case their payments are not given, after due delivery of all promised services.

            Ram
            Ram

            Comment

            • #16

              #16

              Re : How to choose the right real estate Agent?

              Licensing to come in Indian real estate

              Hi Everyone!

              Good news for all people suffering at the hands of property developers especially the ones who hardly know anything about the industry and call themselves 'real estate agents'. Although, there is no existing system prevalent of licensing of Brokers/professionals connected to Indian real estate till date, but it is likely to come now.


              Read this:

              Small Property Developers Passing Sleepless Nights

              Small Indian real estate developers are highly anxious these days. The real estate management bill, which the government is going to introduce in the ongoing Budget session, aims at putting a full stop to unethical practices that the Indian real estate is famous for.

              Primarily, the bill asks to make it mandatory for neighborhood property dealers to get a license for practicing. The bill also restricts developers from issuing advertisements till the project gets cleared. Moreover, the dealers cannot accept money before the execution of the sale agreement.

              While prominent real estate developers have expressed happiness at the proposed legislation, it is the small-time builders next who cannot take a sigh of relief. The higher authorities denies to comment on the legislation before it’s introduction, but maintains that licensing is a state subject and cannot be taken up by the Center.

              Not all the property developers in India share the same opinion regarding “to be introduced bill”. Many are there who see it as a good step to prevent shrewd developers from bringing a bad name to the industry.

              Also, banning pre launch projects is another welcome step. “It is small time builders who practice such things to grab money from investors to buy land – a step that may result in big loss if the deal dies not get a go ahead”, says many builders.

              Comment

              • #17

                #17

                Re : How to choose the right real estate Agent?

                Indian Real Estate in the path of Solidity

                Hai Everyone,

                I think this step will really provide Indian Real Estate some sort of authentication and foundation, on which more and more realty investments will took place and thus increase our GDP.

                Property prices are booming across India. Making the right choice with regard to property is essential for every investor. On the other hand, keeping track of the real estate market, being able to forecast trends and understanding the needs of property buyers and sellers is an important part of the job of a real estate agent.

                Indian Realtors are a big time issue from the past. In my personal opinion Indian Real Estate System needs such a licensing system like in USA and UK so as to control the rising number of frauds and disputes. Unlike USA and UK where there are only Licensed real estate agents as compared to India, where there are no such criteria, I think this step by Indian government about lilcensing of real estate agents will play a crucial role. This will limit the cases of frauds in the real estate market.

                Also in a study it is proved that there are only 10% full time realtors in India. The Indian realty market is not very organised and trained and professional real estate agents are difficult to come across. If this bill will be passed then a huge change can be seen in the way all the deals are handled in between buyer - broker - seller.

                After this bill the next thing that should be targeted I think is the Real Estate Institutes which will further teach realtors and bring more and more authenticity.

                Comment

                • #18

                  #18

                  Re : How to choose the right real estate Agent?

                  Originally posted by Jack View Post
                  Hai Everyone,

                  I think this step will really provide Indian Real Estate some sort of authentication and foundation, on which more and more realty investments will took place and thus increase our GDP.

                  Property prices are booming across India. Making the right choice with regard to property is essential for every investor. On the other hand, keeping track of the real estate market, being able to forecast trends and understanding the needs of property buyers and sellers is an important part of the job of a real estate agent.

                  Indian Realtors are a big time issue from the past. In my personal opinion Indian Real Estate System needs such a licensing system like in USA and UK so as to control the rising number of frauds and disputes. Unlike USA and UK where there are only Licensed real estate agents as compared to India, where there are no such criteria, I think this step by Indian government about lilcensing of real estate agents will play a crucial role. This will limit the cases of frauds in the real estate market.

                  Also in a study it is proved that there are only 10% full time realtors in India. The Indian realty market is not very organised and trained and professional real estate agents are difficult to come across. If this bill will be passed then a huge change can be seen in the way all the deals are handled in between buyer - broker - seller.

                  After this bill the next thing that should be targeted I think is the Real Estate Institutes which will further teach realtors and bring more and more authenticity.
                  I second this.

                  Comment

                  • #19

                    #19

                    Re : How to choose the right real estate Agent?

                    When looking to buy, sell your home/Property the first thing you will need to do is appoint an agent. Here are some tips to help you find the agent that's right for you: Understand the benefits an agent should offer: Your home/ Property is, likely to be your most valuable asset, so professional expertise and assistance with the sale is worthwhile. For this reason, most home sellers engage a real-estate agent.

                    Working with an agent should offer you the following advantages:

                    * Access to market appraisal data,
                    * Advice on the most appropriate method of sale/purchase
                    * The development and implementation of a marketing plan,
                    * Advice on how to present your home to the public, negotiating the best price
                    * Access to a large numbers of buyers, Screening of potential buyers,
                    * Effective administration of all legal and financial requirements.

                    It may seem tempting to try to sell or buy your home without using a real estate Agent. But by using an Agent, you have the advantage of information and knowledge through what can often be a complicated and confusing procedure! With so many resources available, an Agent may be able to help you come out with the same amount of Rupees or more than you could command by selling it yourself."

                    An Agent is a professional who knows all that needs to be done. They have the experience and the resources to advertise, find the homes that suit your needs, and make all the preparations that save you the time and effort of researching it yourself.

                    When you are selling your home, an Agent who knows the local market can help you set a fair market price. You want to get the most for your home, but overpricing can prolong the time it sits on the market making it even more difficult to sell.

                    An Agent can help you show your home to potential Buyers to its best advantage. They will advise prospects of all aspects and conditions of your home, and protect you from later objections.

                    An Agent can also help you with the home-buying process. Buying a home can be financially intimidating, but an Agent can help you determine how much home you can afford and show you some financing methods. The goal of home ownership remains one of the most commonly shared ones, and an Agent can show you how to make it achievable.

                    An Agent is familiar with all the local and current real estate values costs, and services that could affect your purchase. Your Agent can show you the homes best suited to your needs, and can also suggest simple changes that could make a home a good choice. It helps to have some one both objective and knowledgeable when looking at a home to buy!

                    When buying or selling a home, there are a lot of details that can overwhelm you or be forgotten. Using an Agent is the best way to be sure that you have some one on your side to get you the best deal and see that everyone is satisfied.

                    Choosing your Agent could be the most crucial element of the home buying and selling experience. This is where it is important to realize the difference between a real estate Broker and a REALTOR. While a Broker is simply freelancer to do business, a REALTOR has the additional advantage with his vast experience and knowledge and adheres to a strict Code of Ethics. No Dirty Tricks of any kind!

                    This Experience and ethics obligates them to be fair to all parties involved in a transaction whether it is a buyer or seller.
                    Last edited September 18 2007, 08:45 AM.

                    Comment

                    • #20

                      #20

                      Re : How to choose the right real estate Agent?

                      This thread looks like it has gone way "off topic", but back to the first post on this thread:

                      In Spain there is no licensing as let and if it did it would probably turn real estate on its head in Spain, there are lots of real estate associations etc but who really cares about them?

                      When finding an agent you need to look at it from the buyers point of view, what a buyer wants. So what does a buy need? Think about it yourself as if you are the buyer.

                      The best form for finding anyone for any kind of purpose is recommendation isn't it? If someone else has had a good experience that you know of 9 times out of 10 you will experience the same service.

                      We have been trading for some five years and the best form of business is the repeat business if you like, we have had clients in the past that had a good experience buying through our company - friends and relatives use the good old "word of mouth" and time and time again people pass through our door recommended by past clients.

                      This is the best way of finding a good, reliable and trustworthy agent to purchase your property through.

                      Comment

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