Real estate is not just about sales, it’s more a business of trust that involves high value transactions with property consumers investing their life-long earnings to buy their dream home. And in this context, the role of brokers assumes considerable significance, as they are the interface between the developers and property buyers. All the more so when we observe that the profile of customers has undergone a sea-change. Today, a large number of property buyers comprise of youth who are well-educated, discerning, internet-friendly and tech-savvy. They want hassle-free, fair and transparent transactions. They look for tailor-made offerings that promise good property appreciation. Vinod Behl writes this time on the brokerage business in the Realty sector for NRI Achievers. Read on.
The real estate broking business has made rapid strides in recent years by way of embracing professionalism. Significantly, brokerage business has been continuously evolving for the last few years, undergoing considerable transformation with self- styled brokers giving way to educated and well- trained professionals. As industry bodies like NAR are taking initiatives to train brokers and equip them with suitable skills, it is paving way for the entry of high quality talent. The growing corporatisation of the sector with the entry of IPCs, MNCs and global brokerage chains has not only raised the standard of brokerage but also brought in the much needed professionalism and transparency. The growing number of corporate occupiers has further contributed to the real estate marketing services becoming more professional. A professional realtor or professionally well-managed brokerage firm can help its clients reap really rich dividends in property investment. Property brokers are today no more just the go-between for property buyers and sellers. In fact the new-age brokers are providing complete leasing, buying and selling services with customised solutions. Their comprehensive services include investment advice with portfolio management, home-loan and due diligence including the legal and taxation aspects of property sale and purchase. The increasing use of ICT tools and internet- based solutions has also made the property purchase/selling process much more easier, faster and transparent. At the click of a mouse, one can select property to suit one’s budget and requirement. The expertise and knowledge gained by realtors has raised the level of brokerage and changed its image. And with the upcoming Real Estate Regulator set to govern realtors, brokerage business will gain further credibility and respect in the days to come. And it will improve the investment climate, and help enormously in realizing the high growth potential of real estate sector.