Intent & Ability of realtors are crucial for decision making when it comes to buying or selling property. Several factors contribute to assessing the credibility of a realtor:
Credentials: Since real estate consulting isn’t regulated in India, it’s necessary to do a background check of your consultant. Make sure that they they have met certain educational and professional requirements.
- Experience: Consider the realtor’s experience in the specific geographic area or area of specialization, especially the understanding of the Master plans of the area, local market, short to long term factors influencing the development, negotiation skills, and understanding of byelaws.
- Reputation and Reviews: You would come across someone who has worked with them previously and would like to testify their professional standards or the realtor’s reputation within the community about their professionalism and service quality.
- Market Knowledge: A credible realtor should have a deep understanding of the Master plans, Zonal development plans and Local area plans about the physical, social and recreational infrastructure. Added advantage would be the information on recent sales, market trends, and neighborhood dynamics.
- Communication Skills: “Be seen, Be heard.” How effective is the 3C of the Realtor – Clarity, Conviction, Communication. Make sure they’re able to address all your concerns.
- Representation Skills: Make sure that your agent doesn’t play both sides for small gains. Is he a buyer representative or seller representative? Can he negotiate on your behalf? Be aware that you’re hiring his ASK – Attitude, skills, Knowledge.
- Network and Resources: A credible realtor should be known amongst his peers and have a strong network of professionals who assist them with timely updating of knowledge & information. This network can be leveraged to facilitate a smoother transaction process.
- Transparency: No one invests to be short-charged. Make sure that the realtor is transparent about fees, contracts, and any potential conflicts of interest.
- Professional Affiliations: Don’t fall prey to ‘Purchased degrees & affiliations; trust your instinct when you meet the person.” They’re sire to state half the truth on digital professional networks and member affiliated bodies. After all, you’re buying the ethical standards and professional services
- References: “A man is known by the past body of work.” Speaking directly to past clients provide valuable insights into their reputation, working style and reliability.
- Technology Adoption: In today’s digital age, every Realtor leaves a digital footprint of their deeds. Trust efficiency of their real estate Presence & process and measure it with their visibility.
- Local Presence: Everyone wants to be known as the ‘Real Estate specialist” ignoring the fact that the industry is hyper local. A realtor with a strong local presence and knowledge is often better equipped to guide you through the nuances of the specific market in which you are buying or selling.
Don’t be hesitant about discussing business terms with a professional; meet people, ask questions, and trust your instincts when selecting a real estate professional. Try and make a friend for life rather than a one-time visit to a broker. After all, birds of the same feather, flock together.