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Property Brokers are feeling cheated

Last updated: May 22 2014
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  • Property Brokers are feeling cheated

    Hi all. I am a broker. I have a good size brokerage company. We are dealing in Delhi NCR. I am in this business for last three years.
    I have started this topic to share the grievances of brokers. Brokers are investing in marketing & lead generation of Builder's projects & customers are booking directly through builder because builders are giving better discounts to customers.
    some of the recent examples are as below:
    - One of renowned developer pre launched its project at Dwarka Expressway, Gurgaon. the alotment was through draw. The developer set strict guidelines for brokers. Brokers started marketing of this project. Approx. 2500 applications were recieved against opened 250 units. After the draw developer alotted 250 units & is paying brokerage for 250 units only. The balance 2250 applicants are being contacted by developer directly for their other projects. One of the top brokerage firm did an expenditure of Rs. 25 lacs & submitted approx. 240 applications. In the draw 9 applicants got alotment. The total commission of the broker was 24-30 lacs. The broker was feeling cheated.

    - One of the renowned developer prelaunched its project in Mid Noida. One of the broker unerwrote some units at a certain price. The broker could not sell because builder started selling its flats at a price lesser than that of underwriter. The broker was cheated by this greedy & dishonest builder.

    - Most of the builders are selling property in a rate lesser than that offered to broker. In many of the projects we are selling, we do marketing, lead generation, customer site visit, & other expenses on staff & office but the customers book directly through the builder.

    There are many such incidents. Many of broker companies has closed.

    I invite all the brokers to share their good or bad experiences in the current scenerio & wayout. Any person, developer or other can comment as per the forum rules.
  • #2

    #2

    Re : Property Brokers are feeling cheated

    I am sorry Manoj but I don’t think you will get any sympathy from investors/end users here.

    As you sow so shall you reap.

    you like or not, but most of the Real estate Brokers are involved in some of the worst ever business ethics and you have no rights whatsoever to cry foul if builder does same to you.

    Disclaimer: I have nothing against you but yes against you profession where 90% sentences are pure lie.



    Originally posted by Manoj S View Post
    Hi all. I am a broker. I have a good size brokerage company. We are dealing in Delhi NCR. I am in this business for last three years.
    I have started this topic to share the grievances of brokers. Brokers are investing in marketing & lead generation of Builder's projects & customers are booking directly through builder because builders are giving better discounts to customers.
    some of the recent examples are as below:
    - One of renowned developer pre launched its project at Dwarka Expressway, Gurgaon. the alotment was through draw. The developer set strict guidelines for brokers. Brokers started marketing of this project. Approx. 2500 applications were recieved against opened 250 units. After the draw developer alotted 250 units & is paying brokerage for 250 units only. The balance 2250 applicants are being contacted by developer directly for their other projects. One of the top brokerage firm did an expenditure of Rs. 25 lacs & submitted approx. 240 applications. In the draw 9 applicants got alotment. The total commission of the broker was 24-30 lacs. The broker was feeling cheated.

    - One of the renowned developer prelaunched its project in Mid Noida. One of the broker unerwrote some units at a certain price. The broker could not sell because builder started selling its flats at a price lesser than that of underwriter. The broker was cheated by this greedy & dishonest builder.

    - Most of the builders are selling property in a rate lesser than that offered to broker. In many of the projects we are selling, we do marketing, lead generation, customer site visit, & other expenses on staff & office but the customers book directly through the builder.

    There are many such incidents. Many of broker companies has closed.

    I invite all the brokers to share their good or bad experiences in the current scenerio & wayout. Any person, developer or other can comment as per the forum rules.

    Comment

    • #3

      #3

      Re : Property Brokers are feeling cheated

      Originally posted by centennial View Post
      I am sorry Manoj but I don’t think you will get any sympathy from investors/end users here.

      As you sow so shall you reap.

      you like or not, but most of the Real estate Brokers are involved in some of the worst ever business ethics and you have no rights whatsoever to cry foul if builder does same to you.

      Disclaimer: I have nothing against you but yes against you profession where 90% sentences are pure lie.
      I do not completly agree. Can you share some of your experience?

      Comment

      • #4

        #4

        Re : Property Brokers are feeling cheated

        Pot calling the kettle black?

        Comment

        • #5

          #5

          Re : Property Brokers are feeling cheated

          Manoj I am with u if no one else.. Guys ethics are ethics cheating is cheating ok. Manoj numbers u just put like 24 lakhs for 9 flats is staggering to me almost 3 lakhs per flat to u .. This simple number tell me how much they can pAy to keep getting new "Bakras" these days..!

          But Manoj u r issue is genuine this overall business is soo pure hearted clean that such a bad behavior is Surprising .. Afterall Builder is nothing less than saint who save us from future rate hikes and u guys are his Bhaktas or whatever U all guys are sooooooo good

          Aapaske zagde mitao yarr tumhara common business is to suck blood of common man and o sorry i forget u r real important pArtner Banks they are so sane too...

          Sorry Manoj tell us builder name we will do aandolan for u and make sure u get ur fair share..

          Also one free advise start looking for new business When u can sell those idiot deals to IT Folks who listen to u n not their pArents u can sell anything to anyone.. U guys are marketing genious this is pure hearted compliment. Because todays people wong give 30000 for temple but they give 300000 to u for giving them their dream debt trap see how awesome u r...


          http://www.commonmaneconomics.com/20...ng-up.html?m=1



          Originally posted by Manoj S View Post
          Hi all. I am a broker. I have a good size brokerage company. We are dealing in Delhi NCR. I am in this business for last three years.
          I have started this topic to share the grievances of brokers. Brokers are investing in marketing & lead generation of Builder's projects & customers are booking directly through builder because builders are giving better discounts to customers.
          some of the recent examples are as below:
          - One of renowned developer pre launched its project at Dwarka Expressway, Gurgaon. the alotment was through draw. The developer set strict guidelines for brokers. Brokers started marketing of this project. Approx. 2500 applications were recieved against opened 250 units. After the draw developer alotted 250 units & is paying brokerage for 250 units only. The balance 2250 applicants are being contacted by developer directly for their other projects. One of the top brokerage firm did an expenditure of Rs. 25 lacs & submitted approx. 240 applications. In the draw 9 applicants got alotment. The total commission of the broker was 24-30 lacs. The broker was feeling cheated.

          - One of the renowned developer prelaunched its project in Mid Noida. One of the broker unerwrote some units at a certain price. The broker could not sell because builder started selling its flats at a price lesser than that of underwriter. The broker was cheated by this greedy & dishonest builder.

          - Most of the builders are selling property in a rate lesser than that offered to broker. In many of the projects we are selling, we do marketing, lead generation, customer site visit, & other expenses on staff & office but the customers book directly through the builder.

          There are many such incidents. Many of broker companies has closed.

          I invite all the brokers to share their good or bad experiences in the current scenerio & wayout. Any person, developer or other can comment as per the forum rules.
          Last edited June 25 2013, 03:56 AM.

          Comment

          • #6

            #6

            Re : Property Brokers are feeling cheated

            Problems of brokers

            Originally posted by Manoj S View Post
            Hi all. I am a broker. I have a good size brokerage company. We are dealing in Delhi NCR. I am in this business for last three years.
            I have started this topic to share the grievances of brokers. Brokers are investing in marketing & lead generation of Builder's projects & customers are booking directly through builder because builders are giving better discounts to customers.
            some of the recent examples are as below:
            - One of renowned developer pre launched its project at Dwarka Expressway, Gurgaon. the alotment was through draw. The developer set strict guidelines for brokers. Brokers started marketing of this project. Approx. 2500 applications were recieved against opened 250 units. After the draw developer alotted 250 units & is paying brokerage for 250 units only. The balance 2250 applicants are being contacted by developer directly for their other projects. One of the top brokerage firm did an expenditure of Rs. 25 lacs & submitted approx. 240 applications. In the draw 9 applicants got alotment. The total commission of the broker was 24-30 lacs. The broker was feeling cheated.

            - One of the renowned developer prelaunched its project in Mid Noida. One of the broker unerwrote some units at a certain price. The broker could not sell because builder started selling its flats at a price lesser than that of underwriter. The broker was cheated by this greedy & dishonest builder.

            - Most of the builders are selling property in a rate lesser than that offered to broker. In many of the projects we are selling, we do marketing, lead generation, customer site visit, & other expenses on staff & office but the customers book directly through the builder.

            There are many such incidents. Many of broker companies has closed.

            I invite all the brokers to share their good or bad experiences in the current scenerio & wayout. Any person, developer or other can comment as per the forum rules.
            As you sow, you will reap.
            While I have seen some good brokers who work with ethics,many of the brokers cut corners and try to be too business minded.
            Anybody can become a broker,there are no real hard rules governing the trade.I know brokers who demand 5age from both buyer/tenant and seller/owner.

            With re facing problems,builders are also trying to get rid of inventory.Ethics becomes a casualty.
            I read about your example of one firm spending 25 lakhs.Did they enter into any form written agreement?Commission of three lakhs per flat in the deal was quite high anyway.
            If you want the environment to improve for your business
            try and be more accommodative of customer concerns,no fast ones on gullible customers,be prompt about returning phone calls and show higher level of commitment to satisfy customers.

            Comment

            • #7

              #7

              Re : Property Brokers are feeling cheated

              Originally posted by mumbaiguy007 View Post
              Manoj I am with u if no one else.. .......

              Sorry Manoj tell us builder name we will do aandolan for u and make sure u get ur fair share..

              .....................

              Common Man Economics: How Real estate in India keep going up n how will it burst ...

              He seems to be talking about Tata Gateway, Gurgaon .
              Please read IREF rules | FAQ's

              Comment

              • #8

                #8

                Re : Property Brokers are feeling cheated

                Originally posted by MANOJa View Post
                He seems to be talking about Tata Gateway, Gurgaon .
                Oh you mean Tatas are Doing these things now a days?

                Comment

                • #9

                  #9

                  Re : Property Brokers are feeling cheated

                  Manoj S ji

                  Do some favour to aam janta:-

                  Do divulge some more inside stories lol...Market ka haal aap logon se jyada kon jaanta hai!

                  Will be really appreciated.
                  Good luck

                  Comment

                  • #10

                    #10

                    Re : Property Brokers are feeling cheated

                    Originally posted by mumbaiguy007 View Post
                    Oh you mean Tatas are Doing these things now a days?

                    Every body does it at one stage or the other . Here, the blame of "no allotments" & all stories related to it would be dumped by the Builder on the Brokers ( no body would believe the Brokers - they r a maligned community, because of their actions & some overreactions ), so here the Builder can have the cake and eat it too .
                    Please read IREF rules | FAQ's

                    Comment

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