Every property transaction throws up new challenges for real estate agents and there are new lessons to be learnt. Unfortunately, the knowledge gained from such experiences never become available to those who are contemplating buying or selling property. Needless to say, buyers and sellers remain in the dark with regard to issues and pitfalls that matter the most. The internet remains a source of valuable information for those who have the time to investigate, however, for the uninitiated this may be of little help. The primary responsibility of any good and honest property consultant/agent is to represent the buyer, seller or both by using his/her sound knowledge to mitigate any risks and bring complete clarity on the processes involved. The need of the hour is for real estate agents to embrace honesty, transparency and professionalism in their dealings.
Buyers are sometimes in a tearing hurry to buy property and overlook simple aspects that may eventually snowball into major stumbling blocks in the future. For example a change of name on the electricity meter or house-tax if left incomplete may have serious consequences after the transaction is completed, similarly, failure to conduct a simple search in the archives for land records may throw up surprises of ownership rights in the future.
Over the years I have heard numerous accounts of Non-resident Indians and Persons of Indian Origin, being made to run from pillar to post, despite appointing agents, only to abort the process in disgust and return back. The recounting of these experiences has led to mistrust and lack of confidence in the system, agents and processes. It is extremely critical that agents and builders in particular are able to restore faith and confidence in the minds of NRI’s/PIO’s by providing excellence in service, transparency and guidance. Like any professional, agents must ensure their clients fully understand the entire process, cost, timelines, their involvement and more. Failure to disclose vital information wilfully can at most times become a nightmarish experience for home owners.