How a broker can help
"The broker has a deeper knowledge of the locality and can offer you more suitable choices in your budget," says Pankaj Kapoor, managing director, Liases Foras. Other than helping you identify homes that meet your requirements, brokers also escort you to these homes, even when they are locked and unoccupied by procuring the key from the owner beforehand.
As the broker knows the seller, he can help you break the ice, which may not always be possible if you directly approach the owner. The seller too would not be comfortable entertaining a stranger who approaches him directly.
Also, the broker has some knowledge about the locality and its problems. Suppose a particular area has water logging or water shortage issues, he would be sure to know of it.
"The broker has researched the property and knows whether it is a distress sale or if the owner is temperamental. Since he can earn a commission only if he manages to sell the house, he will provide a realistic picture of the price of the house to the seller as well as inform the buyer of any problems to ensure a smooth sale," says Sandeep Sadh, CEO of Mumbaipropertyexchange.com, a realty portal.
However, the property agent may try to whitewash over some issues, so it's best if you prepare a list of questions to ask before you approach him.
The real estate broker also understands the legal process. So, he can provide guidance and assistance in the registration process after you buy the house. He can help you with the kind of documents you would require and format an agreement with the seller that will be in your favour. A reputed agent will know bank representatives, legal experts and other people related in the field, which can ensure that your work gets processed faster.
Advantages of hiring a broker
-- The broker puts in the effort to find a suitable house and get the best deal, which saves you time.
-- He helps you with the legal processes.