Who is a real estate agent or broker?

real estate agents in mysore An individual, group of persons or an entity who will help buyers or sellers to get their desired property are called as agents or brokers in real estate business. In other terms, their job is to connect buyer and the seller of the properties. They work on commission basis and charge to both the parties (buyer and seller), the commission amount widely accepted is 1-5% sometimes even more of the deal value. Real estate brokers are very useful source for hunting properties, both buyers and sellers get facilitated by their service. They will have huge contacts and be very familiar with the localities and documentation procedures. 

How to be cautious while dealing with real estate agents in Mysore?

Real estate industry is still not completely regularized in India. So, one should take utmost care while dealing with real estate agents in Mysore, real estate brokers are too many in numbers in Mysore, even people with no hands-on experience started dealing in this sector just to make quick money and very less brokers show professionalism and courtesy towards their clients.

Below are some short stories where people have faced problems through real estate agents in Mysore:

Please note: The names used are fictional and just to create awareness among the readers, we do not want to portray anybody in the wrong picture.

Story no. 1:

Prakash is a common man who was willing to sell his house in Mysore because he wanted to shift to another city. He discussed with some of his friends and he got introduced to Mr. Kiran who is a real estate broker. Prakash discussed with Kiran about the market value and provided all information and a set of documents of the house, Kiran promised that he will connect genuine buyers for the property and later called Prakash for price negotiation. Kiran went back and simply arranged bogus site visits with some random persons and informed Prakash that your property is of less value and people are not interested to buy and also told some unrealistic reasons. Later, Kiran informed that there is a re-seller who buys properties in Mysore, renovates and sells it to others and he is interested to buy your property, Prakash was in a hurry because he wanted to move as soon as possible, so he told Kiran that call the re-seller and help him to sell his house, later Kiran arranged a meeting with re-seller and Prakash, in the meeting price was concluded which was obviously lesser than actual market value.

What do we learn?

Never blindly trust brokers and do not allow them to evaluate your property value, always try to do some research or take suggestions from experts, do not rush for selling immediately, and try connecting to professional property consultants in Mysore like Pickyourprop Estates for getting right value of your property in Mysore.

Story no. 2:

Mr. Nair is a Mysorean who works in a private company in UAE, he owned a plot measuring 2400 SFT in Mysore which he wanted to sell. He got connected to real estate broker in Mysore named Guru who presented himself as a well-known real estate agent, Mr. Nair has spent most of his time in UAE and do not know the exact value of the property. Guru collected the details and said that market is down and obviously he gave the wrong figure saying it can be sold to maximum 1200 rupees per SFT, he later went to his partner named Anand and informed about the property in Mysore of Mr. Nair which has come for sale. Anand and Guru sketched a plan, Guru informed Mr. Nair that he has found one good buyer whose name is Anand and he is interested to buy your property for 1000 rs per SFT, after initial negotiation finally Mr. Nair gave it away for rs 1100 per SFT. Anand paid a small advance amount to Mr. Nair and signed a sale agreement in which it was written that Anand will pay rest of the money within 3 months and register the property. For this deal Guru charged 1% commission to Mr. Nair as Mr. Nair is unaware that Guru and Anand are partners. Later Guru and Anand placed this property in market for sale, they got one customer named Mr. Jagan who was interested. Guru went to meet Mr. Jagan posing as a real estate broker and said property belongs to his client, he showed him the property and provided details, Mr. Jagan liked it and agreed to buy it for 1300 rs per SFT. Now Guru and Anand went back to Mr. Nair and said that balance money is not arranged but they have found one good buyer who can buy it on same value, Mr. Nair without giving a second thought said ok as he has anyways signed a sale agreement. Anand took advance amount from Mr. Jagan and Guru charged 1% commission as well because he is the broker, even Mr. Jagan doesn’t know that Guru and Anand are partners. Anand collected full amount from Mr. Jagan, took his margin and paid the agreed amount to Mr. Nair and registration was completed on Mr. Jagan’s name

What do we learn?

• In the above story broker and his partner got 537600 rs (A+B+C) 2400 SFT land, Mr. Nair sold it to Anand for 1100 rs per SFT which is 2640000 rs, 1% commission Mr. Nair paid is 26400 – A Mr. Jagan bought from Anand for 1300 rs per SFT which is 3120000 rs, 1% commission Mr. Jagan paid is 31200 – B

Difference amount which Guru and Anand will get is (3120000 – 2640000) = 480000 – C

1. Do not entertain real estate brokers without checking their background
2. All brokers don’t work only for commissions ( real estate agents in Mysore )
3. If you are not aware about the market value then speak to expert property consultants of Pickyourprop
4. Pickyourprop will connect genuine buyers and sellers in Mysore without any false prices

Story no. 3:

Mr. Karthik wanted to buy a ready house in Mysore, a broker named Sharath showed him few houses and one among those was selected by Karthik and the price was 50 lakhs, Karthik insisted Sharath to introduce him to the owner as he wanted to close the deal and register the house on his name as soon as possible, few days passed and Karthik was continuously following up but Sharath said some lame excuses that owner is not in town etc. but the truth was Sharath arranged a dealer who was his partner and informed him that he has a ready customer Mr. Karthik who is willing to buy a house which belongs to this client, the dealer and Sharath sketched a plan and went to the owner of the house, Sharath introduced the dealer as a customer who wants to buy his house, a price was agreed for 48 lakhs and dealer paid some advance and collected original papers from the owner, also Sharath charges 2% as brokerage to the owner. Later Sharath called Karthik and said that owner has already sold the house to a person (dealer) few days back and if you are really need then we have to speak to that person (dealer), Sharath did not disclosed that the person here to who he is referring is a dealer. A meeting was arranged and dealer said that still he has not registered the house on his name and he will give it to Karthik for 51 lakh, finally Karthik bought it for 50 lakh and registered directly on his name from the owner and also paid 2% as commission to Sharath. Here owner was been told the same story as above, that the remaining amount has not been arranged and he has different buyer for same value, anyways owner had given original papers and was not bothered to know more.

What do we learn? 

• In the above story broker and his partner got 396000 rs (A+B+C) House sold to dealer by the owner for 48 lakhs and owner paid 2% brokerage to Sharath = 96000 rs – A  House sold to Karthik by dealer for 50 lakhs and Karthik paid 2% commission to Sharath = 100000 rs – B 

Difference amount which Sharath and dealer will get is (50-48) = 2 lakhs – C

• For someone it is about his dream and matter of his lifetime savings but for someone it is just about a quick way to make money, no matter even if they are cheating  Neither the buyer nor the seller is getting the right value

Few more points to remember:

1. Always collect a set of documents and verify it through a lawyer and then proceed
2. You can find good and trustworthy people also, not everyone are unprofessional
3. we are the best real estate agents in Mysore
4. If you enter into sale agreement before registration then take double precautions
5. Always insist meeting with direct owners rather than negotiating with owner’s representative or agents
6. Do not leave on the brokers to decide the market value of your property
7. Get in touch with Pickyourprop estates to avoid such kind of incidents and experience professional service with complete satisfaction  with real estate agents in mysore