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Thursday, 24 September 2015

Moving Towards Tech & Trust

Even if you are a rookie when it comes to the subject of real estate, you may have had to inevitably deal with one real estate broker or another at some point in life. With an estimation of nearly 5 lakh brokers in India, the real estate space is turning ruthlessly competitive. When they say it's a dog-eats-dog world, they can really draw reference to the real estate industry. The concept of real estate brokers gained prominence in the absence of the internet when it was nearly impossible to get hold of any sort of information about a property. Adding to the woes, there were fewer ways to advertise properties among people. Those were the days when brokers possessed all the real estate related information. Since then, brokers have been playing a major role in the promotion of any property. The role of a real estate agent primarily focuses on helping consumers untangle the inflow of housing information from one to the other. Today, however, the role of a broker has witnessed a drastic change from simply being a gatekeeper of information to being touted as a local real estate expert.
In the present scenario, the methods of operation for real estate brokers have changed and their working pattern has become more transparent with time. They add a lot of value to the overall transaction process by playing a critical role in helping buyers and sellers come to a conclusive agreement. No more can they be called agents or advisers; instead they are a one-stop solution for the potential customers.

In the ambit of regulation

Traditionally most of the brokers are unregistered in India and have no set standard of qualification or license to be in this business. This is one of the main reasons for this profession having a severe trust deficit and other malpractices that are prevalent today. Having proper licences and checks and balances in place will make a world of difference for consumers. The real estate regulatory Bill proposes licensing of brokers. The biggest benefit of mandating registration of brokers is that there is some accountability built into the system. The early attempts at training real estate agents started in the late 1990s when the Housing and Urban Development Corporation (Hudco), through its training wing Housing Settlement Management Institute (HSMI), ran a real estate training course. Key parameters were identified and training imparted. Today, those trained realtors have formed an association – ACRI.

The Real Estate (Regulation and Development) Bill, 2013 will primarily benefits the consumer. Government agencies such as the National Housing Bank have been trying to find the formula to get brokers together. ACRI is a good initiative as it will tell the user that a credible set of people are working on the brokerage of the real estate transaction.
The Bill regulates transactions between buyers and promoters of residential real estate projects. It establishes state level regulatory authorities called Real Estate Regulatory Authorities (RERAs). Residential real estate projects, with some exceptions, need to be registered with RERAs. Promoters cannot book or offer these projects for sale without registering them. Real estate agents dealing in these projects also need to register with RERAs.

Going digital

With the dawn of the internet, real estate brokers have become more organised and planned. More than just being information providers, they act as trained professionals who guide you in buying your dream property. With the number of e-commerce portals escalating day by day, the brokers now draw maximum advantage along with the developers to display the properties available for sale. E-commerce metamorphoses into an innovative platform for real estate brokers, which provides them a collection of tools to maximise their conversions and revenue and provide efficient service to their end users.
A broker can now easily access the portals either on his desktop or via mobile phone, making the process easier. The new age of digitalisation also introduces the brokers to certain software wherein they can submit their customer's information on a property in 60 seconds against the three to four hours it took earlier.

2 comments:

  1. Really amazing article, Now a days everyone want information about residential,commercial projects.One of my friend recently buy Gulshan Botnia Noida in Noida Expressway great project with all luxury facility at reasonable price.

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  2. Great Blog Now a days residential apartments in demand, whether it is Mumbai,Noida and Delhi.Many Builders Provide essential Features with their Projects, But I think if you have any dout on any property. You can check forum, so that you can easily understand about Project. Search India Property is one of the best forum, where you can check out discussion about projects and ask your question. See more on http://searchpropertyindia.com/indian-real-estate-forum

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