Agents and Brokers are often clubbed together but they represent different categories of professionals.

In india, the terms agents and brokers, in the real estate parlance are used in intermittently, though both represent different categories of professionals, especially in developed economies.

An ‘Agent’ is one who front-ends a transaction. He identifies the clients, shows them their desired properties, highlights the features and details of each of the properties, negotiates and finalizes prices, facilitates their shortlisting and closes deals. Though, he works mostly on his own, the Agents is dependent on a Broker for his identity, office, market knowledge, details of listing, tie-ups with developers, referral clients and deal closures.

On the other hand, a Broker is the owner of a realty broking business, has an office of his own, employs or managers a team of agents and ensures delivery of quality and requisite services, value-added support and above all, customer delight, through his agents.


A Broker

ü Trains his agents.

ü Helps them in carrying on with their day to day business.

ü Upgrades their industry know-how and knowledge on various aspects.

ü Helps them with new technologies and referral network tools.

ü Above all, mentors them to practice ethical and transparent real estate.


How do you choose an Agent?

In case of going for an independent agent, one needs to carefully evaluate the agent, on the basis of his inventory list, his past deals and record, his affinity to the developer and importantly, if he acts more on behalf of his clients or is interested merely in closing the deal and earning his revenue. A reference check is most advisable through close acquaintances who might have used the agent’s services in the past.


How do you choose a Broker?

Its easier to select one as he has a brand, body of work and identity for evaluation.

ü A Broker has an office for customers to reach out.

ü He has his own or a corporate brand.

ü He is authorized by the developers.

ü He represents his clients.

ü He should be interested in broking and not just profit sharing.

ü He demonstrates transparency and doesn’t hide critical information.


Aspects to verify

A person aspiring to be a real estate broker or an agent, must value his customers and place their interests to nuture a life long relationship. He has to act on behalf of his clients, as their consultant, feed them with correct, critical and timely information, guide them with respect to the policies, regulations and practices; facilitate their loan and insurance requirements. At the same time, he should be capable of conducting and furnishing due diligence reports and pricing through his own valuation. Above all, the person should be passionate about the industry and be convinced that he is in the real estate broking, as a systematic and analytically considered career option for life.


Do’s
Don’ts
Research the neighbourhood, pay attention to location.
Don’t by a house for its looks alone. Don’t let yourself by overwhelmed.
Evaluate several options prior to finalization.
Don’t trust everything blindly in ads.
Due diligence/professional background check, especially in high value transactions.
Don’t buy the most expensive house on the block.
Buy based on needs, not wants, Understand what you are getting into.
Don’t underestimate the problems you may run into.
Look for potential in the property being purchased, especially for investment.
Don’t ignore big problems for a lower price.