Real estate

A comparison of old vs. new ways of doing business in real estate

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Changes in the ways of doing business in Real estate

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Sure, some of the things stay the same; in fact they’ll probably continue to remain unchanged for as long as there are transactions between two human beings, be it a seller or buyer or any other dealing in general. Pertaining to the real estate industry, there are many conflicting sides which consider that virtues such as a personal touch and honesty and transparency are done away qualities- its all about the numbers and the profits.

However, things can change as they may, one thing is certain, a home is a precious asset for the seller buyer (and the broker/ agent too) and there are certain tacit guidelines that govern it. It helps to remember that merits such as promptness and redressal of genuine concerns are held in good stead no matter which century we are living in.

Circle this one…and this one too

From potential jobs to prospective bride grooms, the traditional way of looking for something always began with the scouring of the local newspapers. Searching for a prospective home was no different and listing advertisements in the real estate section was usually the first and most important step for anyone who was looking to buy or sell.

Once preferences were duly encircled and the said parties contacted, the buyer would trek down to the location, trusty newspaper in hand. Often times, the effort would be in vain and the search would begin fresh anew. Say, a deal was garnered, there would be a joint discussion and negotiation between the seller and buyer (probably a broker or none at all) and the deal was finalised. Simple.

All this has changed and much to the relief of old timers, technology has made it easy for a buyer to hunt and for a seller to post his property details online. Of course, the property pictures, videos and location details gleaned from Google maps have made the job of house hunting so much easier and quicker. This doesn’t however substitute an actual visit and thorough inspection.

Advertising and promotion

Today, it is not uncommon to get daily updates from real estate agents and builders delivered in the inbox. Agreed, it is annoying when you don’t really need that information, but to a genuine home buyer the daily update means a world of information. Easily sent and received.

In fact, the methodology of reaching out to the buyer/ seller is getting more and more ingenious and innovative day by day. So finding an advertisement of a newly launched property in an unexpected place such as a shopping mall, an airport check in tag or in the parking lot is really not that uncommon anymore.

It definitely beats the conventional way of marketing properties through telephonic cold calls and going door to door, which were considered as effective but intrusive ways of attaining new customers.

Communication with the buyer/ seller

Suppose you had employed the services of a broker, you would typically be barraged by a flurry of calls, personal visits and letters. Some considered it as important communication for establishing a good rapport with the broker, with the end result being a good customer; most others would not have appreciated the constant intrusion in their lives.

Thankfully, this communication now has some semblance of propriety. The agent/ broker will probably communicate with the client via emails or text messages, thereby leaving room for the customer to respond when it is convenient to do so. Besides, there is a clearer message in a written format that would otherwise have been subject to hearsay in a personal meeting.

The flipside to this cutting edge use of communication is that you may perhaps not remember the face of the persons you’re dealing with, as you end up seeing a lot less of each other. The buyer, seller and the broker function as three separate entities that’ve only come together for the sole purpose of closing a transaction. Yet, the efficacy and the benefits of personal freedom that modern technology affords with cannot be ignored and it applies to transacting real estate business just as much as with anything else.

3 Fundamental mistakes a seller should avoid while selling the house.

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While selling your Flat

Giving up and putting up on sale the home you’ve lived in is already a tough enough decision, selling it for a blunder that you may perhaps make in hastiness is well, a cardinal sin. Let us say that you are the cautious kind and you’ve gone over the sale details with a fine tooth comb, there may still be some miniscule details that you’ve ended up ignoring.

Keep the house in ship shape

Do remember that when you are selling the house you really must put yourself in the buyer’s shoes too. Think objectively and imagine how the house hunter would view your house. Improvise on the tiny repair jobs if it is possible to do so; think of mending the tiny cracks that will perhaps be in open view or employ a professional landscape gardener to spruce up the front lawn. Of course, do remember that big repairs require big funds, in which case you may need to plan things in advance. However, don’t let anyone stop you from making minor improvements to the house.

It also goes without saying that messy homes create an immediate disgust factor and so does furniture in a state of disarray. Remember that if it doesn’t visually please you, it’s even less likely to appeal to the buyer.

Appoint yourself a good broker

Speak to friends, acquaintances and colleagues- anyone, who has recently sold their home and has had a good experience with an agent/ broker. Meet the broker directly in his office and ask him questions about how he goes about his business. Clarify his terms, brokerage charges and when it would be payable. You’ll get a good idea about his working methodology when you’ve seen him in action with other clients.

Now, let’s take a broad, from the top view of how you can avoid some slip-up’s and still go about selling the house and saving yourself some sweat

1. Dropping the price

The first step is determining the price for your house. It would do a world of good if you are prepared with some idea about the ongoing rates. Scour listing websites and real estate portals; speak with neighbours who are in the know and consider running an eye over the recent price trends in your locality. A good broker should know the history of the area and should be able to give an unbiased figure.

Having said that, once you have determined the price, don’t go about reducing it time and again (worse still, out of anger or desperation). This will make prospective buyers wait for the next price drop. Remember that the trick here is to set it right and then sit tight. Don’t undersell and don’t over quote either– the buyer is just as well prepared as you.

2. Rejecting an offer because it’s come in too soon

Chances are the house is going to have more than its fair share of curious onlookers in the first few weeks, some of which may actually be genuine buyers. Of those who come to you with their first offer, it is best advised to consider it seriously.Usually, the first few offers are looked upon with some trepidation, for wont of a better offer that will come in later. It may not always be like that and it would be a good idea to remember the adage ‘A bird in hand is worth two in the bush’.

3. Pricing the house too high

This is one of the most obvious blunders that sellers make, perhaps thinking that real estate should indeed be a profit making venture or none at all. Of course, if you’re on the other end of the spectrum and have priced it too low you’ll end up worrying that you’re probably giving away the profits. It need not be either scenario.

To say that this is the trickiest part of home selling would be an understatement. You’ll need to consider the advantages of your house versus other similar homes down the street, think about the overall demand and the economical sentiment in general, deliberate over the home’s location and consider the condition of the house.

The right price tag for the right value and at the right time should just about do the trick.

 

OMR still the best investment in Chennai

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OMR still the best investment in Chennai

OMR still the best investment in Chennai

Chennai, now ranked the 9th in the list of the world’s best cosmopolitan city, is morphing into a realtor’s
dream metro, with its immense infrastructural growth, in the last few years. The city is still growing and is accommodating new industries, making property investment a profitable option. Almost all the projects in Chennai are customer-centric, ensuring optimum customer satisfaction, thereby rendering real estate investment more feasible.

The Future Highway – GST ROAD

The GST Road (NH45) starts from Kathipara Junction and extends to Theni. The road stretch has defense establishments, educational institutes and hotels on it. Real estate investments in OMR – GST Road, is bound to give a high ROI. Hectic realty activities are foreseen in the ‘future roads’ along
Vandalur – Kelambakkam, Vandalur  – Oragadam – Walajabad and SingaperumalKoil – Sriperumbudur.

The CMDA is planning a 40 km elevated corridor from Chennai to Chengalpet along the GST Road. This highway will stretch along the Chennai airport to the toll plaza near Chengalpet. It will be the gateway to south Tamil Nadu. It will decongest the NH 45. More such corridors are on the anvil, once the infrastructure is in place. All of these 3 future roads connect to GST Road! This, hence, connects them to the IT corridor and OMR. These roads are widened into four or six lanes. There are already hospitals, colleges and schools in the vicinity.

 Key Highlights

1. The increasing demand for space in the city and long hours of travel from the work place has led many families and IT professionals to relocate to Old Mahabalipuram Road (OMR).

2. Not only is the demand for property catching up in OMR, the area has witnessed a corresponding rise in demand for houses on rent.

3. Proximity to already developed areas such as Tambaram and Guduvanchery.

4. Connectivity by rail and road to localities such as Oragadam.

5. The presence of a number of industries such as the Maraimalai Nagar Industrial Estate, for instance.

6. A viable investment for future developments, thanks to the residential and industrial development along this belt.

7. Connectivity between OMR and ECR, two important roads in South Chennai, is set to improve with the Highways getting the go-ahead for the alignment of a 1.4 km long four-lane road.

8. The 30.5 meter wide road will have service lanes, footpaths and storm water drains.

With all such developments, GST Road will undoubtedly be the main artery of the TN road structure. Investing in these real estate hot spots will fetch more returns on your investment.The Chennai city index has shown a steady rise in the rental and the buying markets. South Chennai continues to be the preferred zone for realty investments. OMR tops the list of preferred residential localities, closely followed by Porur and Velachery.