The role of a real estate agent in Dhanbad

by Sagar Chauhan Digital Marketing Analyst

A real estate agent is a person who acts as an intermediary between the seller and the buyer of any real estate property. It can be for renting or for the sale of a property. Property can include residential property, commercial property or government property. He/she finds potential sellers who wish to sell and potential buyers who want to buy. A real estate agent receives a payment from the seller or the buyer called as commission. This is given for efficiently and successfully matching a seller's real estate with a buyer. He/she helps to reach both the buyer and the seller on an agreement which is suitable for both the buyers and sellers.

Some important quirks about a real estate agent

• As a buyer's agent, the agent must get him the property at the minimum rate possible. As a seller's agent, he must make him get the maximum profit. But in some cases, the agent may act as a dual agent. In this case, he/she acts as the agent for both the seller and the buyer and helps to negotiate and come to a suitable price for both the parties.

• The commission of the agent depends on the success of the purchase contract between buyer and seller and the time within which the transaction takes place. More the seller/buyer has to wait, less is the agent paid. The commission is normally 1% to 3% of the purchase price. E.g.:- If a property is sold for Rs. 30,00,000, then the seller's agent gets 30,000 to 90,000 as commission.

Real estate agents are present in every corner of our country. These agents have an adequate knowledge of the prevailing conditions of real estate market of the area to which they belong. There are a number of real estate agents in Dhanbad. The real estate market of this area of the city is booming, due to the recent infrastructural development works carried out in the city.

Responsibilities of a real estate agent in Dhanbad are as follows:

1) Compare the rates of the market and estimate the value of the property.
2) Prepare necessary paperwork (contracts, leases, deeds etc.)
3) Manage property auctions and exchanges.
4) Help in negotiating the price.
5) Maintain and update the list of the available properties.
6) Promote the property through advertisements etc.
7) Check all the legal obligations, e.g.:- the map is passed or not, the legal permission for water and electricity lines, the property is on a legal land or not, all the legal formalities are done or not etc.