Is It Wise To Purchase Property Through A Broker?

Purchase of a property is becoming a task in today’s times. With the new RERA act in place, it has become more difficult to understand whether to buy a property or not. RERA is the abbreviation for Real Estate Regulation Act. This act will ensure that the builders or the brokers do not cheat the property buyers and that every real estate builder and an agent will need to be registered with the state to make a transaction. But do you feel the need for a broker to buy a property? Well, this is an answer that can be given by the property buyer themselves.

How do you identify to buy a property?
There are many ways to buy a property these days. You can do so by logging online and finding a property for yourself or you may consult friends and family for a good property which they have come across. But all these things will not help you to get all the minute details which the brokers and builders have. A broker is a middleman for the builder and buyer and bridges a gap between them to strike the deal. But brokers do not do all these activities for free. They have a price attached to it and it can be huge when you buy a property. They usually work on the percentage of the property value for any kind of deal.
Before you even crack the deal with the broker, you need to know of suitable brokers in the area. That will be possible when you have done a good study and research on the brokers available in the region you are willing to buy a property in. It is no easy, trust me! Once you are able to find a broker who understands you and is working not for one’s selfish interest only will help you get the best property at the best price.

What do the brokers charge?
The brokers usually charge 2% of the property value when you deal with them. This is quite huge when it comes to dealing in sale of property. However, it can be negotiable if you know the right tricks. You can avoid this brokerage if you know all about the properties and can do all that is required. But it is not a wise decision to jump into the pool if you do not know how to swim. There is a lot of buying and selling of a property, be it residential or commercial. Brokers have a good hold over the procedures and can negotiate with the builders to get you a good price. They also complete all the paper-work for you and get your property registered with the state as per the rules and regulations. Moreover, the rules are different for every state and you would not know about them if you are new to this.

For brokers, this activity is a daily job and should be a piece of cake to be done. They have a good hold over the market and they know who wishes to sell their property and who needs a property. This way they can bring the buyer and seller together to strike the deal. It is wise to take the help of a broker irrespective of the brokerage which can be negotiated. But it gives you a peace of mind to get all the work done without much hassle. It does not matter if the property is a commercial or a residential, as they can be dealt with ease by the brokers.

Tips to follow
• Make sure you have quoted your budget so that you don’t waste time looking around for inappropriate properties
• Almost everyone buys the property from a broker and you will have to follow the same process. Ensure that you know the broker’s experience and expertise well.
• Learn of the brokerage. Fix an amount with the broker before you even start hunting for a property. There shouldn’t be confusion or discrepancy later.
• Check the history of the broker of finding properties for other clients in the past. You will have a fair idea of his span of control and his ability.

A property is everyone’s dream to own and it is wise to purchase property through a broker because you might not have access to all the properties in a particular area which the broker does have. You only need is a broker whom you find suitable from every aspect; communication, knowledge, brokerage fee, professionalism and much more.