The real estate segment is showing growth. There is a rising demand in all segments – residential, commercial, and industrial. While developers play a crucial role in this segment, the brokerage firms/brokers also play a key role for the sector to function. A broker shows a range of properties to a buyer, trying to make an entire property purchasing process easy and smooth. Check out the roles and responsibilities of a broker here.
What is a real estate brokerage?
A real estate brokerage offers services in the real estate sector. It may include one broker or a company with several agents, or brokers who will work to connect a buyer to a seller, facilitating a real estate transaction. Also known as real estate agents, they are licensed experts.
What are the responsibilities of a broker?
The role of a broker includes tasks, such as identifying leads, helping in a real estate transaction, getting contracts in place, getting the documentation work done with respect to property registration. A broker is responsible for updating his clients about all the latest information pertaining to the deal.
Working of a brokerage firm
- Understand the customers’ requirements
The customer is the king, and a broker should understand what his requirements are. He should narrow down and suggest residential or commercial properties, based on the customer’s budget, locality, configuration, etc.
- Arrange site visits
Once the customer likes some suggestions, the next step is to see the property. This can be done by site visits, arranged by the broker. A property site visit ensures that the interested party gets to know all details, including connectivity, design of the property, amenities, basic infrastructure, etc. This will help the client to take a decision on investing in a property.
- Maintain good relationship with customers and awareness about the market
A customer puts his life savings in a property, so he will have many queries to which he will look for answers. A broker is expected to be aware of what is happening in the real estate market and keep customers updated. Solving a customer’s query will ensure that the broker and the client have a long-standing relationship, which will also help in the broker’s professional growth.
- Property costs and negotiations
A broker is responsible for bringing to the table the buyer and the seller, paving the way for a deal by understanding the requirements and pointers of both the parties.
- Documentation
Once the deal is finalised, the next big step is to proceed with paying the stamp duty and registration of the property. For this, admin work is required, and several documentations are needed. Also, property buying requires paying of taxes and adhering to state and centre specific laws.
See also: Who is a developer?
How to obtain a real estate license as a property broker?
To work as a real estate broker, you need to have a license. For this, you must follow the steps mentioned below.
- Visit the official RERA website of the state, where you will operate.
- Fill in the form with all the necessary details and make the payment. The fees for agent registration differ from state-to-state.
- Submit the supporting documents, such as address proof, ID proof, etc.
- In some states like Maharashtra, the agents should also undertake exams and pass them for their registrations to be valid.
- The agent should also apply for Professional Tax Registration (PTR) that has to be renewed annually.
FAQs
How much does a broker charge for a property transaction in India?
A property transaction, if completed, commands a brokerage of 1% to 2%.
What should a homebuyer see if he is scouting for a broker?
A customer should look for an agent, who is RERA registered.
Will a broker help in negotiating the property price?
Yes, the broker will understand the client’s requirements, and accordingly help in negotiating the property price.
What are the customers’ needs when they search for a home?
Customers look for configuration, locality, and budget when they search for a home.
Is RERA registration important for an agent?
Yes, RERA registration is very important for an agent.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
Email: [email protected]
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