There are countless real estate apps on the market but there’s nothing like house hunting and physically looking through various houses. The physical experience of going to each house, checking your preferences and even talking to people around is why real estate agents are still sought after. Even though they are considerably pricier than using a free app, real estate agents in Bangalore have an in-depth understanding of the area, the house, the landowners and a lot more.
So unless you are purchasing or renting a property directly from a builder or a company, it is essential that this significant step needs a real estate agent. This is solely due to the amount of misinformation and mis-selling in the Indian real estate market.
But finding the right real estate agent is also a task that needs your attention. There is a common misconception that real estate brokers only work for landlords. It’s a valid thought but with the right agent, you could find the best real estate agency that would find and negotiate the best offer for your next home.
Let’s go over 7 things to know before choosing a real estate agent -
1. How familiar are they with the neighbourhood?
You wouldn’t want someone who has little to no clue about the neighbourhood you’d like to live in. Keep in mind that there are tons of changes every day and a good real estate agent would know these developments like the back of his hand. Ranging from newly constructed buildings to the type of water that is available in the area, a good agent must be familiar with his area if he were to provide the best service. Make sure you ask plenty of questions about the area, properties, water, utilities, etc before setting out to visit properties. This could help you save a lot of time and find the best home for you.
2.Word of mouth is the best advertisement
A particular real-estate agent might've helped your friend in finding his or her own home. They could have had a wide range of homes to choose from and were very good at negotiating the prices for rent and deposits.
This kind of recommendation is a clear sign of a good real estate agent. Since they are hard to come by, finding one that has the best options, contacts, negotiation skills and more is a good find.
Ask about the agent from your contacts and find the right details such as budget margins, fees, kinds of homes, etc. This would most likely be your best bet as these are people who have recently moved to the area and have already gone through the experience.
3. What do they specialize in?
Many new home buyers and renters fail to understand the real estate agent’s area of expertise. Each agent has his own set of unique requirements to fulfil and has options relevant to those. For example, an agent adept at buying and selling farmhouses might not be the best in terms of helping you find a 2 BHK home for rent. This is due to the number of things to keep in mind regarding prices, paperwork, government regulations and a lot more.
Some of the best real estate companies in Bangalore have specialized agents for the particular needs of your house hunt. Make sure you give them a good brief as to your requirements so that they can find the right home for you within a reasonable time and with property options.
4.Trust in the experience
Sure, experience doesn’t come with time but it is an essential factor in hiring the right real estate agent. The years of expertise help you determine the number of landlords they know, how many homes they have shown, the kinds of homes they show and negotiation leverage due to this experience. It’s best to avoid agents who are real estate agents in their spare time as they will not be fully invested in finding and showing you the best home.
This kind of experience is required for both renting and purchasing a home. If you are a homeowner, make sure you find an experienced agent who can show your home to the right kind of potential tenants and also negotiate a fair price.
5. How are their negotiation skills?
It’s hard to ascertain the level of negotiation skill in your real estate agent. This would be something that could be observed during the course of finding your home where multiple offers will be made to the owner.
One of the best ways to negotiate is to be fully aware of market prices, rental laws, amenities of the house and good leverage on the owner/customer. Your real estate agent needs to keep your interest in mind and make sure it is effectively delivered. The best way to find out more about this skill is by going through the experience of looking for a home. This skill usually checks out with experienced real estate agents and other pointers from this article.
6. What’s the fee?
Real estate agents need to be paid for their services. Based on the type of requirement, each agent has their own margins but a universal general margin for rentals would be a month’s rent and for sales, it would be around 6% to 7%. There are additional options and costs for property owners like property management which the agent would undertake.
Make sure you ask other customers about the pricing and negotiate the best price for you. There is no regulated number for commission so the price is always set for debate.
Is the agency licensed?
The Government of India does not have any kind of regulatory clauses for real estate agents. Unlike real estate developers, anyone can have an agency or be a broker. But, a property consulting firm needs a license to operate. Make sure the real estate agent has their license to operate as they fall under various jurisdictions and you can be protected by law.
These are a few questions to ask yourself and verify before going ahead with a real estate agent. Real Estate advisory companies in Bangalore have these pointers checked out and have experienced brokers working with them. Various other verification methods can be done online such as checking the reviews on Google Maps or JustDial.
Happy house hunting!