However, engaging a property agent when buying a property puts his or her expertise at your disposal. Here are some of the key benefits that one gets in enlisting an agent.
First, the agent shows you the things to look for while buying a property. This include:
1. Volatile Market Prices. A common saying among realtors and property owners in the Indian market is that buyers can never go wrong with real estate. However, a real estate agent can help you determine when the market is stable or when it is volatile. This is especially important when you are taking a loan to buy the property. A volatile market can severely affect interest on such a loan.
2. The True Value of a Property. A recent survey by a property consultant in Indian named Jones Lang La-Salle showed that apartment sizes in the Pune and Mumbai markets have dropped by about 31% in the last five years. Not many buyers would know this, unless with the help of a property agent.
3. Negotiating Prices and Sales Conditions. This is the trickiest part of purchasing a house and one that requires a keen focus on detail. Without proper knowledge in the real estate market, chances are that you may buy a house at an exaggerated price. However, property agents are experts in real estate sales. They understand all negotiation the tactics and industry language.
The agent also helps the buyer identify various hurdles while buying a property. Here are the common hurdles and how a property agent can help you overcome them.
1. Filling Out Paperwork. While the internet may give you a lot of information about how to buy a property, it does not give you any experience in doing so. This is the one thing that property agents have in plenty. An agent can fill in forms, reports, disclosures, and other technical documents in half the time that a new buyer could.
2. Understanding Business Language. One such common language in the Pune market is that ‘rates will be revised upwards soon’. This language is normally used by builders to create a sense of urgency. The truth, however, as an agent may point out, is that there are more developers selling houses in the Indian market than there are willing buyers.
3. Understanding Clauses. According to Ravi Goenka, a Goenka Law Associates advocate, some claims developers make should be backed by real clauses. One such claim is that a developer will offer compensation for any delays that may occur. Most agents are experts in scrutinizing whether such clauses do indeed exist.
While many things could go wrong, having a property agent can help you make a real estate deal safely.