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Transparency in the Indian Real Estate Industry

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Transparency in the Indian Real Estate Industry

Last updated: June 14 2008
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  • Transparency in the Indian Real Estate Industry

    Educated, Licensed Realtors! Will this even happen?

    Greetings everyone!

    I just came across this great forum on the Indian Real Estate Industry. I have visited many web portals that let you add your property requirements so that the real estate agents can contact (hound) you.

    However, I fail to find anyone addressing the real issue of transparency. Who are these real estate agents? What are their backgrounds? What do they actually offer? What is the guarantee that they will not cheat you and finally pass on the right information?

    Isn’t it about time that the Indian government passed a legislation/bill to make it mandatory for Real Estate Agents to be qualified and have a license. (Like in the USA and other developed countries).

    Are there any real “Real Estate Dealers Association”?

    Thanks
  • #2

    #2

    Re : Transparency in the Indian Real Estate Industry

    Hi Steve,

    I am sorry to say this, but in India we don't have any license for the Real estate agents , That is the reason why every Tom and Harry here becomes a real estate agent. They don't loose any chance of providing the false information to the customers.

    I don't say that all the agents fit into the same category , but the genuine ones are a few.

    It is really important that the government takes up this issue and decide on some sort of criteria which the Agents should meet before they can be called as Real Estate Agents. In this way they will be more accountable to their business and customers.

    Wish you good luck.

    Comment

    • #3

      #3

      Re : Transparency in the Indian Real Estate Industry

      Re:Transparency in the Indian Real Estate Industry

      Finding a good real estate agent / broker is essential to enjoying a painless real estate transaction. The saying is "20% of the agents do 80% of the business," and it is true. The question is how can you find a good real estate agent? The best agent for you doesn't necessarily work at the largest brokerage, close the most transactions or make the most money.

      The best agent for you is an experienced professional who will listen to you, conduct herself in an ethical manner and knows your market.All Realtors® are licensed to sell real estate as an agent or a broker but not all real estate agents are Realtors®. Most real estate agents stay in business because satisfied clients refer them to friends, family, neighbors and coworkers.

      Ask the people around you who they have used and ask them to describe their experiences with this real estate agent.There are plenty of Web sites that will refer agents to you but that is no assurance of quality. The agents they refer are those who have paid the Web site owners a fee to be listed in their directory.

      A better bet is to Google the top real estate companies in your area, go to those Web sites and look up profiles of individual agents at offices near you. Agents who are experienced will tell you but newer agents might have more time to spend with you. Look for customer testimonials.By going to open houses, you can meet real estate agents in a non-threatening working environment and interact with them.

      Collect business cards and make notes on them.Ask other real estate agents for referrals. Agents are happy to refer buyers and sellers to associates, especially if the service you need is not a specialty of the agent who is referring you.
      Last edited March 4 2008, 12:44 PM.

      Comment

      • #4

        #4

        Re : Transparency in the Indian Real Estate Industry

        Not India relavant

        Hi Ria
        Your article is not relevant to the indian context
        here there is no distinction between Realtor and Real Estate Agent
        Brokers here dont work on exclusive representation basis
        Ram
        Ram

        Comment

        • #5

          #5

          Re : Transparency in the Indian Real Estate Industry

          Originally posted by steve001 View Post
          However, I fail to find anyone addressing the real issue of transparency. Who are these real estate agents? What are their backgrounds? What do they actually offer? What is the guarantee that they will not cheat you and finally pass on the right information?
          Hi Steve,
          The Indian Realty business is not very organised when compared to other developed economies. It is however on the path of growth. Choosing a Broker to work with, is similar to choosing any other professional. Brokers are not in the business of buying or selling realty, it is in the truest sense of using market information to locate the best property for the cleint. Many unscruplous brokers and developers do give this trade a bad name. But isnt it true for all other professions as well ? You have quacks as doctors who play with valuable human life, you have Matric fail people who pose as accountants... Utlimately its on the consumer to select the right professional. As we normally say Caveat Emptor - Buyers Beware..... Be utmost careful in transacting the deal.

          [/quote]

          Originally posted by steve001 View Post
          Isn’t it about time that the Indian government passed a legislation/bill to make it mandatory for Real Estate Agents to be qualified and have a license. (Like in the USA and other developed countries).

          The various State govts in India are already in the process of enacting legislations to bring Realty under a Law and make Licensing mandotary for brokers

          Are there any real “Real Estate Dealers Association”?
          Almost all major cities have local Realtor / Broker associations


          Thanks
          Ram

          Comment

          • #6

            #6

            Re : Transparency in the Indian Real Estate Industry

            Association of Real Estate Agent in INDIA

            Dear Mr. Gupta,

            I dont think is its everywhere in india, Might be you are having there in Pune, B'lore or Mumbai, We dont have yet in Ahmedabad.

            Regards,
            Kirpalsinh

            Comment

            • #7

              #7

              Re : Transparency in the Indian Real Estate Industry

              local associations

              Originally posted by kirpalsinh View Post
              Dear Mr. Gupta,

              I dont think is its everywhere in india, Might be you are having there in Pune, B'lore or Mumbai, We dont have yet in Ahmedabad.

              Regards,
              Kirpalsinh
              Most of the agents association are location specific rather being city centric
              Large cities like Mumbai have more than 25 associations, which are location centric.

              I am sure every city has an informal or formal network of brokers
              Ram
              Ram

              Comment

              • #8

                #8

                Re : Transparency in the Indian Real Estate Industry

                Agent / Association

                The agent or the association both are born in the same plate. Do you think that if they Cheat you the association will come to help you. Presently in bangalore Every Corner you can find real estate shop floourishing. Do any one has a license to run the shop. Police are also very calous. Busy making money. Again you need to feed them 2%(Officially) for their poor service.
                I think it is better for buyer/seller to use the internet/website/news paper for putting ad. We can avoid paying them as well as get real good price for the property.
                We are in era of internet so no harm using this media as communication, You have lots of site to post your requirement.

                Anyway Hold your breath !!! Price is falling in all the City... Don't listen to your broker/agent. They are always in hurry to close up the deal.
                Either land or AIR and FOOD. Choice is yours.

                Comment

                • #9

                  #9

                  Re : Transparency in the Indian Real Estate Industry

                  Armin - Dont defame the community

                  Originally posted by arin_12 View Post
                  The agent or the association both are born in the same plate. Do you think that if they Cheat you the association will come to help you. Presently in bangalore Every Corner you can find real estate shop floourishing. Do any one has a license to run the shop. Police are also very calous. Busy making money. Again you need to feed them 2%(Officially) for their poor service.
                  I think it is better for buyer/seller to use the internet/website/news paper for putting ad. We can avoid paying them as well as get real good price for the property.
                  We are in era of internet so no harm using this media as communication, You have lots of site to post your requirement.

                  Anyway Hold your breath !!! Price is falling in all the City... Don't listen to your broker/agent. They are always in hurry to close up the deal.
                  Armin,
                  Seems you have a big grudge against the broker community
                  Let me clear some misconceptions for you
                  1. Credible Associations will always have a strict entry norm to regulate the membership and ensure that unscruplous brokers don’t get entry as Members. Besides memberships in active associations are monitored to ensure that there is no breach of code of conduct with clients.
                  2. There are grievance cells in each association to settle grievances between Broker - Client, Broker - Broker & Broker - Developers. Most of the time, settlements are amicable and are a better option to the other tedious arbitration or legal routes. And guess what, it doesn’t cost the aggrieved party a single rupee.


                  I can tell these things from my running an association in Mumbai in various capacities for the last 8 years. And I am ready to answer any questions, queries on this topic.

                  Coming to the point of mushrooming of agents in Bangalore, it is common knowledge that Realty Development will spawn unprecedented rise of Agents. And not all agents are overboard. The basic problem in India is that Construction is not accorded an Industry status. And there are no regulatory authorities or laws to control the construction business. Estate Agent business have no entry barrier to the business. As in developed economies, there is no minimum basic requirement for people to practice as estate agents. So you have all kinds of people who want to be estate agent and earn a quick buck. The real problem lies in clients who patronize these estate agents.
                  In every sphere of life, we go to a specialist for getting our work done. When we are ill, we don’t do self diagnostics neither do we go to the roadside quack to treat our self. We go to the best Doctors in town that we can afford. Similar is the case with Chartered Accountants, Lawyers etc. So why do you wana take a chance by not working with a professional estate agent ( Realtor ® ) when your want to do that once or twice in a life time realty deals. As it boils down to the typical Indian psyche of saving those few thousand rupees, we turn to the unorganized estate agent. Whom would you then blame if your estate agent doesn’t know the local laws, the taxation part and the most important the financial part of the deals ? For professionals who value their time and resources, they always seek help of another professional.

                  As of now, estate agents require no licenses under the law. So armin, you cant question the license issue.
                  I am just wondering how does the Police figure in the picture here ? Is it a figment of your imagination ? Please elaborate on this if I am missing a point. And how do your generalize that every estate agent is a source of poor service ?

                  In India, where net penetration is very low, you don’t expect everyone to log on and buy n sell homes. Is there a guarantee that the seller who has listed his home online has put the right information and is not doing things with malafide intentions ? With an agent on your side, you have accountability.

                  So stop criticizing the entire community. I repeat, if you have a genuine complaint, discuss it here
                  Ram
                  Ram

                  Comment

                  • #10

                    #10

                    Re : Transparency in the Indian Real Estate Industry

                    Please read this link

                    http://www.indianrealestateforum.com...ands-2723.html

                    Comment

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