Be it for buying a home or renting one, majority of the buyers tend to approach real estate brokers or agents. Real estate brokers play a crucial role in a person’s journey. So, who are these brokers/agents? Well, in simple words, he/she is a mediator or facilitator for property transactions between the buyer and the seller.
So, why is it advised to take assistance from brokers? To being with, brokers are the people who can give you first-hand information about the market. They keep a close tap on the market and are also aware of the latest happenings and trends that are defining real estate market.
Thus, they can help you in scouting options based on your preferences and budget. For their services, you will have to pay some brokerage amount which usually ranges from 0.5 to 2 per cent of the deal value. For a rental property, you will have to pay one month’s rent. However, this can differ from broker to broker. Selling your home is probably one of the the largest financial transactions of your life, so choosing the right real estate broker is an important—and sometimes daunting—responsibility. So if you are looking Property for Sale in Bangalore then you must read this article before moving ahead.
Different types of Brokers/Agents
- Seller’s agent:Also known as listing agent, these agents only work for the seller. Thus, will only show your properties listed by a particular seller.
- Buyer’s agent: As the name suggests, a buyer’s agent only work for the buyers. From house hunting to closing the deal, these agents will be by your side.
- Dual agent.He works for both buyers and sellers. This single agent represents the seller and the buyer at one point of time which means in the same transaction.
How to select an efficient broker?
- See if the broker’s firm is associated with any local or state body of real estate such as NAR, BAR, etc.
- Check whether the broker has a good understanding of the market and legal formalities.
- Find out about his charges and also compare it to other shortlisted brokers in the area.
- Ask for referral from your friends/relatives.
- Find someone who offer suggestions.
- Find an area expert.
- Keep your option open.