123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Real-Estate-and-Foreclosure >> View Article

Bees Ka Tees – The Importance Of Documenting Real Estate Referrals

Profile Picture
By Author: Ashil Patel
Total Articles: 33
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

The importance of documenting your agreement and agreeing to terms on paper can’t be better illustrated than the following situation…
Telephonic conversation part 1:
Broker 1: Client needs a 1 BHK, vile parle
Broker 2: My commission?
Broker 1: Bees percent
Broker 2: Done
After the deal is done, telephonic conversation part 2:
Broker 1: Deal done, 1cr-1%, sending you 20,000
Broker 2: Why 10,000 less?
Broker 1: 20 % of 1,00,000 is 20,000
Broker 2: Even I know that but we agreed on 30, tees percent was decided.
We can all guess how the conversation would have gone further. Good case of misunderstanding or was Broker 2 cheating? We will never know.
In the age of +1’s (and I’m not talking about google here) we all have a fear that your client will be stolen, you will be undercut. To quote some real estate players, “They are sharks out there.” Typically what happens is that you restrict yourself to a very select few, try to match your leads by yourself or don’t give complete information. All three lead to one thing—LOSS OF BUSINESS.
Thus, ...
... it is very important to have documented evidence of all referral or +1 business done. It should cover split of commission, conditions under which it is applicable and any other conditions deemed necessary. This will not only protect you but ensure your reputation is not spoiled. A few simple techniques for the tech savvy, phone savvy and paper savvy:
Email the terms and conditions and receive confirmation. This ensures transparency and also clears ambiguity.
Paper: Put the terms and conditions on paper and both brokers’ sign on it. The only problem with this is it might get difficult to have brokers present at the time and it’s not suitable to changes in the conditions.
SMS: A slightly less fool proof but most efficient option is to send a text message after a conversation confirming the terms and conditions and ask for confirmation to the same.
If you can think of other ways to safeguard against misunderstandings and cheating please add them in the comments…
If you are looking for a franchise business in India in real estate then RE/MAX has the best new business opportunity in property franchising. The world’s largest selling real estate company can help you become a property broker or real estate agent with extensive training from the top real estate consultants. A RE/MAX franchise office is a network or property agents and real estate brokers working together. Earn money in the most profitable industry with maximum work/life balance.
Hence, we welcome all people who want to be a part of the real estate industry to join us and help us professionalize it in India.

Total Views: 406Word Count: 435See All articles From Author

Add Comment

Real Estate and Foreclosure Articles

1. Tru Meadows Kondhwa Budruk: Discover A Lifestyle Rooted In Nature And Nurtured By Comfort
Author: Armaan

2. What Are The Top Investment Strategies For Uttam Nagar In Delhi/ncr In 2025?
Author: Sanvi Real Estate

3. Save On Endoscopy Charges In Singapore: Tips For Smart Healthcare Spending
Author: alpsclinic

4. Sbk Real Estate Dubai: Your Trusted Partner In The Uae Property Market
Author: MyRealEstate Prop

5. Understanding Zoning Laws And How They Impact Property Value
Author: Taksh Infra

6. Sell House Fast Cash St Petersburg Fl – The Smart Seller’s Guide
Author: Mike

7. Top Reasons Garage Doors Fail Without Warning
Author: DEN Garage Doors

8. Enhance Spiritual Spaces With Elegant Pooja Door Accessories And Thoughtful Design
Author: Artisticks

9. 4s The Aurrum, Sector 59 Gurgaon – Is This The Luxury Investment You've Been Waiting For?
Author: SRV Homes

10. Find Commercial Property In Delhi Within Your Budget On Hub And Oak
Author: Hub and Oak

11. Vihang Luxuria X Factor, Mira Road – Spacious 1 & 2 Bed Homes With A Lifestyle Upgrade
Author: GR Ansari

12. Benefits Of High-return Property Investments In India
Author: codename oxygen

13. Migsun Alpha Central – The Future Of Commercial Spaces In Greater Noida
Author: Gr Ansari

14. Child Development Centre Hyderabad: Supporting Special Needs & Learning
Author: neurolinkrehab

15. Uae Real Estate – Hudayriyat Island: Wadeem Project Launches
Author: Karthika

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: