Do I really Need a Broker

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Admin 03 May 2024 757 Views

Advice Recommendation

Real Estate is a huge market that revolves around a lot of ambitions, dreams and capital. Since this market deals with a lot of hard-earned money, it is also attractive for scammers and ethically challenged elements. It is therefore obvious that every property deal should be executed with utmost vigilance and care. This is where a Real Estate Broker or HonestBroker comes into the picture.

As they say – “The work suits in the hands of the one skilled to do it”.

Brokers are experienced and hard-working professionals who bring a lot of local market knowledge and innate skills of negotiation. Working as a Broker takes a lot of tenacity and it is not easy to deal with setbacks and letdowns involved in every deal. A successful and honest Broker spends a lot of time earning goodwill, following up with clients and also handling rejections at the same time. It is their full-time job and they get their well-deserved commission when the deal is successfully closed to the satisfaction of their clients.

It is a “service with guaranteed results”. Imagine hiring a lawyer who promises to charge his fees only when the verdict is in your favour. Sounds great, isn’t it?? Well, this is exactly what you get when you hire a real estate HonestBroker. The Broker works for days and months to get you the most favourable deal and charges you when everything is settled.

We surveyed random individuals about their experiences and preferences. Here are a few that you might relate to:

My uncle was kind enough to recommend his realtor friend to handle the sale of our house in Delhi. Though I was offered 15 lac lesser than the market price, I agreed to close the deal asap. I had no qualms until I got to know that the buyer actually paid the market price and the extra was shared between my uncle and his realtor friend. Things could have been better if I had taken services of an independent and honest broker

– Mr Suraj Ahuja, Mumbai

We paid 1 lac as a token for a plot that we liked in a new township. Later we learnt that there was some confusion and we have been shown the wrong property. We followed up for months but ended up losing 50k to the broker. I wish we had chosen a reputed Broker after checking his credentials

– Ms Geetha Jaikrishanan, Kochi

I wanted to sell my apartment and was referred to an elderly lady by my office colleague. He was quite helpful and arranged our meeting at his residence. I was happy since I saved money by not needing a broker and still found a genuine buyer. My excitement was short-lived since my colleague revealed that he quoted a slightly higher price to secure his commission. I would never get into a deal which is not transparent to buyer and seller. Therefore I had to quit and I got my property sold in a more transparent way with the help of a reputed Broker

– Mr Sachin Girdhar, Nagpur

I was lucky to have encountered the right Broker at the right time. I was buying my first home and had a fixed budget. The broker was quite confident that the deal would be closed in my favor even when he knew that the buyer is demanding 1 lac more. He drove me overnight to the buyer’s residence and could negotiate to a final price which was still 50k above my budget. He unexpectedly volunteered to fill the 50k gap from his own commission. He did that to keep his words and make the deal a success. That’s what we call a true business-minded yet an honest Broker

– Mr Paresh Jain, Surat

In the end, it is your decision whether you want a middleman or wants to handle everything yourself. Here are some pros and cons of taking a Broker’s service:

PROs:

1. Local real estate market knowledge –

An online real estate portal may get you Brokers who claim to operate at PAN India level but you will miss the insights that a local Broker can give. It makes more sense to trust a local Broker who has spent years and decades around a locality and best knows the market trend, future prospects and most importantly any legal issues.

2. Negotiation skills –

If not done well it may cost you huge money. It might lose more than you saved by not hiring a Broker./p>

3. Urgent Buy/Sell –

Good brokers have a vast network and they can connect you to a large number of prospects very quickly when you have an urgent requirement.

4. After Sale assistance –

Good brokers understand the power of word-of-mouth. They do everything to maintain a good relationship with their clients and will not mind assisting you even after the deal is closed.

5. Save time –

You get rid of taking care of follow-ups, talking to leads, property visits, legal and much more

6. Save Money –

Yes. If your broker negotiates well, he can save you more than what he charges you for his services. A win-win for all.

CONs:

1. Middlemen have their own pace –

You might not like frequent follow-ups on your property and want to take it slow.

2. Less control –

You share the control with the Broker and therefore might not be fully involved in each and every communication. It is more likely an advantage for most people.

3. Pay Commission –

Though it’s completely worth it, you might save some money by not having a Broker. But you have to accept the risk of things going unfavourable without a middleman.

About Author

Jatin Dubey

An enthusiastic content writer who is a law graduate and has been working as Real Estate Consultant for around 9 years.
He has worked with top Real Estate Agencies and Builders in Delhi, Bangalore and Pune. His skills to perform market analysis and explore high potential localities has helped many clients in the past.

Do I really need a Broker?