In the real estate industry, many people are involved in the journey of buying or selling a property. The whole process of owning a property includes a real estate broker/real estate developer or a real estate broker/realtor. Whether you want to buy or sell a property, you will need some help. A lot of people get confused between these professionals and their roles in the process.
Here’s a rundown of the real estate professionals and a simple description of their titles including real estate agent, real estate broker vs developer and how they can help you through the buying process:
Real Estate Agent vs Broker
A real estate agent is an industry professional who works as the facilitator of real estate transactions and deals. He is ultimately responsible for bringing buyers and sellers together. The agent can represent both the buyer and the seller involved in the deal. An agent from the property buyer’s side notes the wish list for their dream home or property and works accordingly to match the available inventory in the market. Whereas, an agent representing the seller will actively solicit potential buyers and will try to market the property to them. Usually real estate brokers work on commission or with a percentage of the property’s sale price.
Pros of Buying a House Through a Real Estate Agent
A real estate agent is well aware of the property market and has enough knowledge about the properties being sold. Agents can guide you properly and help you avoid overpaying. They are well updated with the prevailing market rates and will advise you the best. Experienced agents negotiate on your behalf and help you get a reasonable offer.
Cons of Buying a House Through a Real Estate Agent
Hiring a full service agent is quite expensive. The seller or the buyer has to pay the pre-decided percentage amount to the agent in real estate once the deal is confirmed. As they are commission driven, they might value their own interests more than the interests of the clients. The clients’ needs could be ignored in this case. Unregistered agents could cause issues by changing the details of the property for their benefits.
Real Estate Developer
Real estate developers do a multifaceted job including acquiring land, handling legal work, marketing, and selling the developed property to potential buyers.
Pros of Buying a House Through a Real Estate Developer
The least complex buying and selling structure in real estate is through a developer. This deal includes the involvement of only two parties. Since there is no mediator involved between the buyer and the seller, there is a minimum chance communication gap. The entire details, negotiation, and project related queries are discussed amongst both parties in a clear manner. According to the buyer’s convenience, the real estate developer can make adjustments in the deal.
Cons of Buying a House Through a Real Estate Developer
For buyers, it might get tiresome to keep regular follow ups with the developer. Getting all the legal paperwork done smoothly can be tedious. In addition, the buyer has to do all the investigations and legal formalities on his own. Hiring and involving a middleman can ease this procedure.
Real estate aggregator is a website that combines information from several agencies that sell properties and display it on a single website. Users can search properties on the website according to their choice and preferences.
Pros of Buying a House Through Real Estate Online Aggregators
With the advent of the digital age in full swing, you can now browse tonnes of real estate projects from your chair. Reputed developers have their listings on these online aggregator platforms. You can view detailed information about the properties. With the help of filters, you can save more time and browse the exact kind of properties you are interested in. This will offer more clarity before going for site visits.
Cons of Buying a House Through Real Estate Online Aggregators
Information gets easily available through aggregator websites, but you need to verify the authenticity of the project. You need to get in touch with the customer support on several calls to get your expectations clear and discuss the property dealing.