What Home Buyers Look for When Choosing a Real Estate Broker
Home buyers often deal with the dilemma whether their brokers are reliable and transparent in their dealings. As a broker, if you can establish your credibility in the market, you can gain more clientele. Hence, it is imperative to have a clear understanding of what a home buyer expects from you. Here is a list of expectations that home buyers have from their real estate brokers:
License to Sell : Earlier, property brokers were not required to hold any kind of license. However, under RERA, it is now mandatory for all brokers to seek a brokerage license from their respective state governments or else they are liable to pay the penalty. So, an increasing number of home buyers narrow down their realtor research by checking on the real estate agent’s licenses and accreditations.
Market Knowledge : Customers reach out to brokers because they need every bit of information on the property they are buying. They want their brokers to tell them about the pros and cons of buying a home in a particular area, builder track record and locational advantages such as schools, transport facilities, shops, parks, etc. Brokers with profound knowledge of the real estate market are always preferred more by the buyers.
Legal and Financial Assistance : Property transactions go through a maze of legal formalities. Home buyers expect home brokers to guide them through the entire buying process and complete all legal documentation without a hitch. Similarly, they are also looking for financing options such as home loans. You should be able to give both legal and financial assistance to your clients.
Brokerage Commission : You may lose some of the deals merely because of brokerage fee. While the standard brokerage fee is around 1-2% and perhaps justified in your efforts, it creates a dent in the customers’ pockets. If they feel that the property is not worth paying so much brokerage fee, they may back out and purchase it directly from the builder. So, the brokerage fee you charge must not cross the value of what actually it is and must be communicated to the buyer right at the beginning of the deal.
Post-Sale Service : If brokers are ready to walk an extra mile for the customers even after the deal, it can create a positive image for them in the market. Whether it is about helping them settling in or do follow-ups on their behalf for legal documents, such little gestures can go a long way in building a fruitful relationship with customers and get more recommendations.
Online Presence : These days, most home buyers begin their search online. So, agents who have registered their presence on real estate websites or run their own websites tend to get a maximum response because they appear credible. If you don’t have a Facebook page or website, maybe it’s time to create now. These tips will surely help you to increase your business.