Before you call a place home, you have to tread a long path of detailed planning and years of savings. Though it is universally believed that it takes a good real estate agent to close a deal, there is no such thing as ‘free lunch.’ Hiring a broker is expensive and the price can be often beyond your budget.
- The first disadvantage of hiring a broker is the charge they quote. A property agent usually charges 2-3% of the value of the property as his fee. For this reason, an agent usually keeps the sale price high rather than getting the buyer a discount.
- The broker may also conceal information like defects in the property, or pressurize the buyer into a quick sale so as not to impact the sale.
- Brokers are
many a timesnot transparent about the quality of construction. He might do anything and everything to make a sale happen, and if hiding certain fact helps him get the sale done, he will definitely go for it. Most brokers just care about the transaction happening.
- Real estate websites are full of misleading listings by brokers. Agents often use fake photos, false specifications
andlow prices to draw attention, generate leads and gain popularity.
- Also, there are many brokers who are neither registered nor regulated. Lack of adequate regulations and certifying bodies for real estate agents creats UN-professionalism.
- A broker is not answerable for overpricing. If you have been overcharged, the broker does not intervene.
- A broker may drop names of upcoming projects which may be just a speculation.
- Brokers rely a lot on persuasive skills. A common strategy is to cite
increasein valueof other properties in the locality to create a fear of price rise so that the buyer panics and takes a quick decision.
- Often the parties of buyers and sellers don’t meet face-to-face. In such cases, deals are rushed entirely on brokers’ insistence.
If you’re not keen to hire a broker, the Internet is your best bet. You can check the houses online at your leisure and choose accordingly. You can usually find a better deal on your own. By taking trading into your own hands, you can eliminate brokerage bias altogether.
Or you can simply visit RealtyMonk. It is an online property listing platform where the hassles of the real estate industry are solved without any brokerage. With an array of choices falling in the preference bracket, we constantly work on making the user-experience the finest. Be it selling, buying or renting, RealtyMonk is the answer to all your woes.