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Best Real Estate Agents In Mumbai
Importance Of Real Estate Agents
Buyers and sellers both are on separate sides when it comes to home buying or sales. What one is trying to achieve is mostly opposed to what the other wants to happen—the first usually wants to buy the property cheaper while the other wants top earnings. But both of them are sharing the same ultimate goal. They want a deal to happen.
Both buyer and seller can benefit significantly by appointing a real estate agent to assist them, but their reasons always can be different.
If you are planning to buy a house in Mumbai, then this is the most right time. The property market has gone down due to the Covid impact, and this gives you an advantage while making a decision to buy a flat in Mumbai.
Owning your own home is a dream come true for every individual. And we, being one of the best real estate brokers in Mumbai, helps you make your decision stronger to buy a flat in Mumbai.
With a vast network of experienced and well-educated real estate broker’s network in Mumbai, K2G is the ...
... right choice for you. We not only understand your preferences but also helps you to look further at those choices.
There are so many technical aspects to be taken care of before you buy an apartment in Mumbai city. Our team of expert real estate agents will guide you throughout the entire circle of buying a home for you.
Purchasing a house in Mumbai is not an easy process. And also when you want to buy an apartment you should be aware of everything inside out of the whole buying process. Right from choosing the right location and right building, you also need to understand the right type of builder to deal with. There are few builders who are really genuine with their customers and they sell their properties in the most ethical manner. However, apart from the right type of builder, you should also be aware of the technical compliances which any building should follow. After the strict implementation of MAHA RERA, the real estate business has come to a much disciplined level. Still, there are always some exceptions. This is where we come into the picture. Being one of the best real estate brokers in Mumbai, we only work with reputed builders across the city.
When any client visits us for buying a flat or apartment in Mumbai, we first do one-to-one counselling. This helps us to understand the client's needs and preferences. The budget is also a big point to consider when you are planning to buy a new house. We help them plan a proper budget and accordingly we suggest which home loan will be suitable for their need. While purchasing a house, you should also keep in mind the nearby areas. Once you have bought the house, then there are some regular activities which you cannot avoid. For example, the educational institutions, schools, colleges should be in the nearby vicinity of your residence. Moreover, general services like a police station, hospitals, malls, markets, and transportation like bus stand, railway station, and highways also should be considered while you buy any flat or apartment in Mumbai. Amenities like parks and gymnasium mostly comes within the building amenities provided by the builders themselves nowadays.
Money matters the most...
This statement surely matters when you are selling out our property – FSBO (For Sale By Owner). While listing your property for sale at various mediums, your key focus is to get the maximum sale amount against the sale of your property, at the same time you would not want to shell out on the commission’s amount that would go to any broker or agents working as a mediator between you and your buyer for selling the property you have listed with them. According to a survey held in 2017 indicates that the FSBOs could make 30% fewer profits as compared to the properties sold by agents.
In many cases, the buyer is recommenced by their agents, in that case, you have to pay them the commission amount anyways. So in such a deal, the buyer’s agents have to be considered, but if you would have sold your property through your agent, you would have been still able to save on the commission amount.
Why to refuse to go with an agent while you are buying a property? As the commission amount will be paid by the buyer. At times the seller may refuse to do so, in that case, you can always opt for other properties falling in your criteria. It depends on who’s the upper hand, whether you are a buyer or a seller.
Don’t miss the detail
A lot of documentation is involved when comes to real estate, and it’s quite difficult to always be available and be around the property. When buying or selling a property, you will have to give a lot of involvement and thorough knowledge about the paper works to be done. A purchase page itself is a document of a minimum of 10 pages (Till 2019), then there are Local, State, Federal documents involved.
Since it’s a cup of tea of a real estate agent, who knows all the ins and outs of the real estate world and has a thorough knowledge of the entire process of buying or selling any property. Still, if your mind is in the thought of saving on the commission amount, and real estate is not your forte, you may make mistakes in the drafting or may skip some processes. To rectify such mistakes, it may cost you an amount as equal or lesser or more than the actual commissions that would go to an agent. Remember you are going to devote more time and money to such deals.
Let’s see an example for better understanding: A buyer finalizes a property to buy, but getting a mortgage seems difficult, and without making the financial arrangements, there is no possibility to buy the desired property. The documents do not have an option to step back if the financial arrangements fail. The buyer will fall into the obligation of either buying or facing legal charges from the seller as per the deed if the finances fail and the deal is not happening.
Let’s consider, if there was any involvement of a broker, with just a simple brokerage fee you would have been able to control the situation and save on a lot of time as well.
Fiduciary Duty, Privacy, and Confidentiality
Your backbone in real estate-related matters is your agent, whether you are a seller or a purchaser. In a real estate deal, your agent becomes your “Fiduciary” who takes the fiduciary responsibility towards their client. Your agent becomes legally obligated and puts your interest first.
This deal involves a very high level of confidentiality. Would you disclose your internal financial details to an FSBO seller, who has no legal obligation for keeping your details confidential? The same is with sharing any information with the seller’s agent, who has not fiduciary responsible but only to the seller. Your agent will be aware of any requested information from the other party agent is genuine or not.
In case if you are the buyer, how would you yourself be able to make it if the seller’s agent has given any false details, or has been misleading you, or he is misleading, and tampering with the confidential information. All agents are bound by the governing body associations, such as the National Association of Realtors. If it’s found that any agent is responsible for any kind of forgery, one can report that Agent to such associations. So you are in the same hands if the deal is through an Agent, if it’s with an FSBO, then there are chances your deal becomes unsuccessful or painful.
Agent Has All The Knowledge:
If you are a Buyer, you know what you are looking for in a property. From the preferred location to a number of bedrooms, to parking facility, to transit options, etc. Your search will include all these factors while browsing for a property. But you will not be aware of the drawbacks of the property that you are shortlisting or the deal you are going to do, whereas an agent will be updated with all the issues or problems associated with that property, such as waterproofing problems, security issues, water availability, roofing problems, furnace problems, etc. An agent with his expertise will be able to identify such problems and will know how to rectify them. With his expertise, you will be able to save a lot of money or to save yourself from falling into a wrong deal.
If you are a seller, you know how much is your expectation against the sale, but are you sure if the amount you have quoted is matching the current market scenario? Are you qualified enough to do a price comparison? An agent has all the knowledge about the real estate market, and he can effectively do the rigorous comparative market research of your property, and suggest you the best market price applicable.
On the basis of the demographics, nearby facilities such as schools, hotels, hospitals, airports, railways, etc. security or crime rates, neighbourhood, and a lot many important factors an Agent can make and submit you a research report. This will be a time-consuming task when you are so naïve and do not know how to do it and from where to start to do such research. An agent works as the biggest support for you.
Great Negotiation Skills Due To Expertise:
You might not have those negotiation skills as your agent possesses. Unless you come from such a background as a mediator, or an attorney, or from the real estate field. In this case, your agent plays a vital role to get you a property at the best negotiated rate if you are a buyer, or get you the best deal if you are a seller. Agents have all the expertise of negotiation skills, they how to work out the deal. They have years of experience and their own techniques. And most importantly they are impartial between both the parties as they do not have any emotional stake that would make them biased.
Now you know and understand the role of an agent in any kind of deal, whether you are a buyer or a seller, whether you have expertise in bargaining or negotiations, whether you are a good researcher or no, whether you are well versed with the legalities or no, no one is a Real Estate expert then the agent who would charge a nominal commission to you and against that he will make the deal as easy as you as a cakewalk. And you would not have any regret on your decision of choosing a wise agent for your deal.
Frequently Asked Questions:
Why one should hire a real estate agent?
Getting you the desired and affordable home at the best possible price or getting the best price against selling your property is your agent’s job. With extensive experience in the field of Real Estate, the agents hold great negotiation skills. They know the market scenario and know how to deal with their tried and tested techniques.
The right time to hire a Real Estate Agent?
One should hire a Real Estate Agent at least 6 months prior to closing the deal, whether it’s a matter of buying or selling a property. If you are a buyer, it takes about a minimum of 3 months’ time to finalize a house and more than 1 to 2 months for the entire documentation process. The same goes while selling your property, finding the right buyer for your property, and then putting all the documentation in place before handing over the property. Hence it will be your Real Estate Agent’s scope of work to do all these formalities for you.
Is the involvement of a Real Estate Agent beneficial in the negotiation of the property price?
It surely does gives you a lot of benefits by hiring an agent for your real estate matters, the most beneficial involvement of the agent is while the negotiation process, as they get you the best negotiable deal with their own tried and tested skills and previous experiences.
Roles and Responsibilities of a Real Estate Agent?
An Agent is responsible for finding the right property in case of buying or finding a genuine client in case of selling a property. In short, the agent represents his client. It’s his responsibility to shortlist the property, arrange site visits, taking care of the complete legal formalities and documentation, negotiations, etc.
Responsibilities of Buyer’s Agent
When an agent is representing his Buyer's client, it’s his responsibility to find suitable properties that are matching the client’s requirements in terms of demography, facilities in the nearby vicinity, various transit options such as buses, airports, Railway, Metro, and Connectivity to the highway. Arranging the site visits. Handling all the legal legalities and documentation processes. Till the buyer gets possession of the property, an agent takes care of all the above.
Why is the buyer liable to pay the Real Estate Agent?
It is always advisable to hire a Real Estate Agent to avoid the hotchpotch of the entire process of buying or selling a property. Just by paying nominal fees. This fee is discussed during the settlement of payments and is paid by the seller to the agent, and then the commission fees are deducted from the sale amount.
What does the payment involve that the buyer pays at closing?
The fees that the buyer pays involve House Owner’s Insurance, Mortgage Insurance, Property Tax, and Appraisal Fees. Whereas the seller receives the ownership amount from his buyer and is also liable to pay commission fees to the Real Estate Agent.
How is a Real Estate Agent helpful in handling the contract properly?
May you be a buyer or a seller of the property, choosing an expert Real Estate Agent will definitely help you a lot in the entire course of the contract of buying or selling of property? The agent is well experienced in handling all the legal processes of the contract as well as they are well versed with all the pros and cons of the entire process.
Is the agent expert in the knowledge of the localities?
Yes, a real estate agent is always well versed with the localities that fall in their working territories, they very well know the good and the bad sides of all the areas in that particular territory. He will work as a guide for you in choosing the best location with the best amenities as per your budget and standards.
The agents know the market conditions.
An agent is always updated with the current market scenario and the future predictions of the real estate industry. When he suggests you a property he will consider all the current and future benefits of the property that you are planning to invest in. Such expertise of the agents helps you in reaching a firm decision about the property.
Will the agent also help you with the post-sale handling?
Generally, people think that the role and responsibility of the agents get over as soon as the possession of the property is obtained, but there are still few of the formalities left post possession of the property, with the help of the agent once can deal with such matters of managing the formalities and paperwork’s involved.
What is the validity of the State RERA Registration?
After the RERA was imposed by the government, it became mandatory for all Real Estate Agents to register their firm with RERA. The validity of RERA registration is Five years, post that the agent has to renew their registration.
Does RERA penalize brokers?
RERA is a governing body that regulates all the real estate agents state-wise. If an agent fails to abide by the rules and regulations that are set by RERA, then the broker is liable to pay a penalty that can be up to Rs. 10000 per day or 5% of the total value of the deal. This penalty may also depend upon case to case basis.
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