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It is a well-known fact that most buyers and sellers do not like spending money on brokerage charges. Such people think that they can do the work on their own and many of them often succeed in it. However, when one looks at the bigger picture, there are more benefits to hiring a broker than doing the work on your own, when it comes to selling a property. Listed below, are the benefits of hiring the services of a realty agent.
RERA-registered brokers are likely to be professional
Brokers/agents now need to be registered with the Real Estate Regulatory Authority (RERA) under the Real Estate Act and are bound by its rules. Prior to 2016, small contractors or even a neighbour could double-up as brokers but not anymore. To be a professional broker, you need to be registered with the RERA.
A broker can help you arrive at your home’s right value
In case you wish to sell a property on your own, you may be clueless about the prevalent real estate prices in your locality. You may also be unsure if you are giving way to the right deal or not. A broker has your best interest in his/her mind and given that they are entitled to a commission, it is a driver for them to work to your satisfaction. In recent times, many real estate portals have made it easier for home sellers and buyers to estimate the right price. A broker’s presence makes the transaction more professional and accountable. Moreover, an agent could prevent you from pricing the property way above the market rates, or resist the temptation to give in to the emotional requests of prospective buyers.
A broker can help to negotiate a property deal
Real estate negotiations can get very complicated. While you may be selling what you have cherished for a long time, a prospective buyer is the one who will put in quite a lot of his/her savings into your property. There are chances that you may not be able to negotiate as well as a professional broker. An agent is a mediator and it puts him/her in a good position to explain to the buyer, your reasons to stick to a price. A broker’s experience may also make it easy for both, sellers and buyers, to negotiate with the broker than with each other. Brokers usually tend to be clear about money matters and it could save you from any miscommunication.
See also: Common mistakes by property sellers in India and how to avoid them
A real estate agent can source many buyers for a property
At any given point of time, a professional agent’s network of local prospective buyers will be larger than yours and this means good chances of a quick sale. Not just potential buyers, your broker may know other brokers too and in this way, you could get access to good clients.
An agent can save your time by staging your property
You cannot be very sure of when your property will be sold. There may be numerous enquiries and site visits that you may have to entertain, before an actual buyer comes by. While you may have plans to sell your property, being at the beck and call of interested, potential buyers is no easy task. Some clients may even take a lot of time and ask for multiple visits before rejecting the property altogether. However, a broker can take on the job of staging your property and being available for a video or actual property tour, in case buyers ask for it. Thus, you save time while the broker does the job for you.
See also: Things to do before you sell your home
Hiring the services of a broker comes at a cost and this is the only reason why many people shy away from taking their help. Nevertheless, a broker’s commission of 1% to 2% may be a small amount, compared to the work they do for you.
How much commission can brokers charge in Haryana?
The Haryana Real Estate Regulatory Authority, Gurgaon has put a ban on charging more than 1% commission (combined) from the buyer and seller.
How long is an agent’s registration valid for with the state RERA?
Real estate agents are given a registration number by the state’s RERA which will be valid for five years, after which the agent will need to renew his/her registration.
Can RERA penalise brokers?
Yes, the penalty for brokers can range from Rs 10,000 per day to a maximum of up to 5% of the value of the deal, on a case-to-case basis.