The Hindu reports
Some go strictly by an unwritten code. They can be called honest brokers
Middlemen, or brokers as they are called, are found in almost all major business deals today. They advertise the sale, educate the client and broker the deal by functioning as a go-between.
It is in the property business that they are thriving. However, many believe that honesty does not always pay in brokering. That is, perhaps, why some real-estate middlemen become rich overnight. Their wealth often makes the buyer and the seller grow suspicious. But their capabilities in brokering and striking deals find little parallel.
They usually come as glib talkers. Their payment is fixed, often as a percentage of the sale value. In most property deals, brokers get two to four per cent of the total value as commission. Some go strictly by this unwritten code. They can be called honest brokers.
But there are others who do not care for the commission. Their aim is to strike the deal at any cost. And, often, they play an unconscionable game in achieving that end.
Desperate sellers
Their victims are usually desperate sellers. If you want to sell your property somehow, better beware. You may not enjoy the complete benefit from the deal if you fully trust the broker. Better make sure that you interact with the buyer.
Unscrupulous brokers often create situations where the buyer and the seller never see face to face. Their modus operandi is simple. They may approach you, saying that your property is not worth the price you ask.
After waiting for some time, you may be prompted to reduce the price. Then, they may approach again and make a negotiation.
For example, if you expect to get Rs. 10 lakh for your property, the broker offers Rs. 8 lakh or so. You may be somehow prompted to accept the offer.
The broker will tell you that if this opportunity is not grabbed, you will never get a better price.
Differing rates
The broker at the same time approaches a potential buyer offering him your property for Rs. 10 lakh or above.
He may be ready for a bargain. Yet, the price of sale fixed for the buyer will be more than the price of sale set for the seller.
The difference may be lakhs of rupees. But neither the seller nor the buyer gets the benefit. Only the broker makes money.
Some go strictly by an unwritten code. They can be called honest brokers
Middlemen, or brokers as they are called, are found in almost all major business deals today. They advertise the sale, educate the client and broker the deal by functioning as a go-between.
It is in the property business that they are thriving. However, many believe that honesty does not always pay in brokering. That is, perhaps, why some real-estate middlemen become rich overnight. Their wealth often makes the buyer and the seller grow suspicious. But their capabilities in brokering and striking deals find little parallel.
They usually come as glib talkers. Their payment is fixed, often as a percentage of the sale value. In most property deals, brokers get two to four per cent of the total value as commission. Some go strictly by this unwritten code. They can be called honest brokers.
But there are others who do not care for the commission. Their aim is to strike the deal at any cost. And, often, they play an unconscionable game in achieving that end.
Desperate sellers
Their victims are usually desperate sellers. If you want to sell your property somehow, better beware. You may not enjoy the complete benefit from the deal if you fully trust the broker. Better make sure that you interact with the buyer.
Unscrupulous brokers often create situations where the buyer and the seller never see face to face. Their modus operandi is simple. They may approach you, saying that your property is not worth the price you ask.
After waiting for some time, you may be prompted to reduce the price. Then, they may approach again and make a negotiation.
For example, if you expect to get Rs. 10 lakh for your property, the broker offers Rs. 8 lakh or so. You may be somehow prompted to accept the offer.
The broker will tell you that if this opportunity is not grabbed, you will never get a better price.
Differing rates
The broker at the same time approaches a potential buyer offering him your property for Rs. 10 lakh or above.
He may be ready for a bargain. Yet, the price of sale fixed for the buyer will be more than the price of sale set for the seller.
The difference may be lakhs of rupees. But neither the seller nor the buyer gets the benefit. Only the broker makes money.
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