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
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  • 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.
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  • 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.
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  • 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
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  • Originally Posted by steve001

    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.



    Originally Posted by steve001

    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
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  • 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
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  • local associations

    Originally Posted by kirpalsinh
    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
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  • 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.
    :)
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  • Armin - Dont defame the community

    Originally Posted by arin_12
    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
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  • Qualified Real Estate Agents

    Dear Steve,

    You have raised a very valid & pertinent point. India is supposed to be a license regime where you require a license even to piss. Yet, in the real estate industry which contributes 8% of GDP, nobody requires any license and nobody is accountable to anybody. It is high time this is changed and real estate forum must form a pressure group which pushes the government to introduce this legislation which has been pending for a long tome.

    Any uneducated, unscrupulous person can today operate as a real estate agent & customers cheated by him have nowhere to go for justice. I would like to mention that there are good institutes like Indian Institute of Real Estate ( affiliated to NAR, USA), imparting education in real estate & I, myself am an alumnus of this Institute.

    The basic course from such institutes must be made mandatoty for issuing the license for real estate agents. Only after this, the malpracises will come down
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  • need licencing or laws from govt.

    dear sir
    as u all discussing about licence or rules 4 real estate sector in INDIA, d situation become more critical, like people goes one more step 4 licencing but Uncertainty remain same in pricing & more.
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  • Originally Posted by steve001
    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

    Hi Steve.
    Steve, I believe the question of transparency is not limited only real estate dealers, but also applies to real estate developers. They are the biggest mafia. Even if we have say registered real estate agents, but what about the practices of accepting the cash/ black money, selling false promises, cartelization of prices etc. These things are done on the behast by the real estate agents. Do we have any guidelines/ regulations for real estate developers and even if we do have guidelines/ regulations, whether they are being followed. The govt/ state govt and the central govt is not serious enough to enforce even the basic guidelines/ regulation. They turn there back against deviations committed by developers and take up case only when it is taken over by Courts through PIL.
    Some times back I was interacting with a local Developer in Mumbai region having land bank in excess of 1000 acres with regard to Maharashtra govt decision to sell property on the basis of build up area and not on the basis of super build up area (i.e. including staircase, common area etc) and a Recent High Court judgement about not charging for parking area. His reply was they are stupid organs which make silly noises when they are not paid enough (i.e. bribe).
    He said if they are not allowed to charge for the super build up area, than they will jack up the prices of build up area by 20% to 30%.
    So should be go regulating agents or should be bring these developers under regulations?
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  • First i want to make it clear as far delhi is concered the price of land will not decrease,It will increase with everyday thats i am not saying because i am a builder,I can give you all relevant proof as well.
    Secondly we have a registered west delhi real estate association,the associstion fights not only for the real estate agent when they dont get commision but also fight for anyone who feel they are being cheated.
    Moreover you must buy a deal through real estate agents,They are more beneficial as compared to their 1% commision.You cant get a good deal without a agent in between that i can assure you.everybody has their views,some will not agree with me.But what i am saying is practical as we are in this field for over 20 years now.being a builder we will not sell any flat or buy a plot without an agent in between.
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