Back in 1995, when I made my first investment in real estate, I didn’t know that one day India would hold an important place in thetop 10 price-appreciating housing markets internationally.
Fast forward to this date, and real estate has now become a strategic investment for so many, and even NRIs are looking to benefit from our fast-developing country.
Being a Founder Partner at Life Inspiration Advisory LLP, I’ll take you through a journey of real estate and give you 5 important reasons why you need to hire a realtor.
Why has real estate become the talk of the town?
According to a recent report, 71% of NRIs consider investment in the Indian real estate market as their best bet, which is markedly higher than 55% in a pre-COVID survey. The state is the same for those that live in the country itself.
What led to such a boom? Let’s find out.
- Homeownership became a priority after COVID. Due to those uncertain times, millennials got attracted to the sense of security associated with physical assets.
- The tech boom facilitated easy property buying and selling. The way people search for properties has become quite easy. Even online house-hunting platforms have seen a sharp increase in the number of users over the past few years.
- Depreciating rupee value against the US dollar. This has attracted expatriates to turn their foreign-earned money into a profitable real estate investment in India.
- Increase in prices of residential units in key cities. The prices in key cities like Bangalore, Mumbai, Delhi, and Hyderabad have seen a growth rate of more than 7%, and they will continue growing at the same pace.
- The arrival of metro and suburban transit systems in many cities has led to a boost in real estate demand.
5 reasons why you need to hire a realtor
Gives you the best pricing advice
If you’re selling your property, you need to avoid the temptation of overpricing it. It’s important to separate your emotions and price it according to the market conditions. A lot goes into setting the right price, like analyzing market trends, knowing the neighborhoods properly, and estimating comparable housing prices. A realtor has experience working in the market and thus can give you the best pricing advice. On the other hand, buyers can get valuable advice on how much to offer for a property.
Educate you on the entire process
When it comes to real estate, there’s a long process to take care of, from how to look out for a property to how to adhere to all the laws. Hiring a realtor means you’ll be educated on the entire process from start to finish. Owing to their extensive market knowledge, they will also provide you with additional tips and suggestions that you won’t get otherwise.
Point out the hidden things in a property or contract
Purchase and selling agreements can be pages long; if you don’t pay attention to the details, you might miss out on certain clauses that can go against you. These contracts also have industry jargon, attorney legalese, and financing industry terms that a layman may not know about. A realtor helps you understand all that and more.
Can negotiate like no other
Whether you are a buyer or a seller, you need to be great at negotiating to get the perfect deal. Realtors are skilled negotiators as they have years of experience and tried-and-tested negotiation techniques that have worked for them. Moreover, their number one priority is to help you get a great deal, so they can help save a lot of money. For example, you may be willing to spend $100,000 more on a property, but your realtor may possess certain bargaining chips to ensure you don’t unnecessarily spend a lot.
Extensive market knowledge and professional network
Whether you are a buyer or a seller, you can benefit from a realtor who has a wide network. For example, as a seller, you may need to contact home repair professionals, contractors, landscapers, etc. On the other hand, as a buyer, you may need to get in touch with appraisers, real estate lawyers, mortgage professionals, etc. A realtor knows all of these professionals, so you don’t have to waste your time individually searching for them.
At the same time, experienced realtors have extensive market knowledge, so they can give you advice not just for the present but for the future as well.
Now that you know all the benefits of hiring a realtor, make sure you hire one the next time you want to buy/rent a property.
If you have any queries or doubts, feel free to let me know in the comments.