Best Real Estate Agents in Mumbai - Affordable Homes Property brokers 2022

Both buyer and seller can benefit significantly by appointing a real estate agent from real estate companies in Mumbai to assist them, but their reasons always can be different.

If you are planning to buy a house in Mumbai, then this is the most right time. The property market has gone down due to the Covid impact, and this gives you an advantage while making a decision to buy a flat in Mumbai.

Owning your own home is a dream come true for every individual. And we, being one of the best real estate agents in Mumbai, helps you make your decision stronger to buy a flat in Mumbai.

With a vast network of experienced and well-educated top real estate brokers in Mumbai, Affordable Homes is the right choice for you. We not only understand your preferences but also helps you to look further at those choices. And this makes us one of the top best real estate companies in Mumbai.

There are so many technical aspects to be taken care of, before you buy an apartment in Mumbai city. Our team of expert real estate agents in Mumbai will guide you throughout the entire circle of buying a home for you.

Purchasing a house in Mumbai is not an easy process. And also when you want to buy an apartment you should be aware of everything inside out of the whole buying process. Right from choosing the right location and right building, you also need to understand the right type of builder to deal with. There are few builders who are really genuine with their customers and they sell their properties in the most ethical manner. However, apart from the right type of builder, you should also be aware of the technical compliances which any building should follow. After the strict implementation of MAHA RERA, the real estate business has come to a much disciplined level. Still, there are always some exceptions. This is where real estate agents like us come into the picture. Being one of the best real company in Mumbai, we only work with reputed builders across the city. And our vast network of experienced best real estate agents are working with us which gives us a mileage to reach to all parts of the city.

When any client visits us for buying a flat or apartment in Mumbai, we first do one-to-one counselling. This helps us to understand the client's needs and preferences. The budget is also a big point to consider when you are planning to buy a new house. We help them plan a proper budget and accordingly we suggest which home loan will be suitable for their need. While purchasing a house, you should also keep in mind the nearby areas. Once you have bought the house, then there are some regular activities which you cannot avoid. For example, the educational institutions, schools, colleges should be in the nearby vicinity of your residence. Moreover, general services like a police station, hospitals, malls, markets, and transportation like bus stand, railway station, and highways also should be considered while you buy any flat or apartment in Mumbai through any real estate agents. Amenities like parks and gymnasium mostly comes within the building amenities provided by the builders themselves nowadays. Being an experienced real estate company in Mumbai, we understand all your needs and guide you accordingly in the entire buying process.

One more important thing you should consider while buying a property, you should choose a right real estate company in Mumbai, depending on what kind of property you are looking for to buy, is it a residential property or a commercial property. Because if you are looking for a commercial property then you should get in touch with commercial property brokers in Mumbai. For a residential property you should hire residential property agents in Mumbai. At Affordable Homes, we are garnered with niche experience into dealing in both, Commercial and Residential properties.

Money matters the most...

This statement surely matters when you are selling out our property – FSBO (For Sale By Owner). While listing your property for sale at various mediums, your key focus is to get the maximum sale amount against the sale of your property, at the same time you would not want to shell out on the commission’s amount that would go to any broker or Agents or a real estate company in Mumbai working as a mediator between you and your buyer for selling the property you have listed with them. According to a survey held in 2017 indicates that the FSBOs could make 30% fewer profits as compared to the properties sold by real estate agents or real estate companies in Mumbai.

In many cases, the buyer is recommenced by their real estate agents or real estate companies in Mumbai, in that case, you have to pay them the commission amount anyways. So in such a deal, the buyer’s real estate agents or the real estate company in Mumbai have to be considered, but if you would have sold your property through your real estate agents or a real estate company in Mumbai, you would have been still able to save on the commission amount.

Why to refuse to go with real estate agents in Mumbai, while you are buying a property? As the commission amount will be paid by the buyer. At times the seller may refuse to do so, in that case, you can always opt for other properties falling in your criteria. It depends on who’s the upper hand, whether you are a buyer or a seller.

Don’t miss the detail.

A lot of documentation is involved when comes to real estate, and it’s quite difficult to always be available and be around the property. When buying or selling a property, you will have to give a lot of involvement and should possess thorough knowledge about the paper works to be done. A purchase page itself is a document of a minimum of 10 pages (Till 2019), then there are Local, State, Central Government documents involved.

Since it’s a cup of tea of a real estate agency or a real estate agents in Mumbai, who knows all the in's and out's of the real estate world and has a thorough knowledge of the entire process of buying or selling any property. Still, if your mind is in the thought of saving on the commission amount, and real estate is not your forte, you may make mistakes in the drafting or may skip some processes. To rectify such mistakes, it may cost you an amount as equal or lesser or may be more than the actual commissions that would go to a real estate agent in Mumbai. Remember you are going to devote more time and money to such deals.

Let’s see an example for better understanding: A buyer finalizes a property to buy, but getting a mortgage seems difficult, and without making the financial arrangements, there is no possibility to buy the desired property. The documents do not have an option to step back if the financial arrangements fail. The buyer will fall into the obligation of either buying or facing legal charges from the seller as per the deed if the finances fail and the deal is not happening.

Let’s consider, if there was any involvement of a real estate agent in Mumbai, with just a simple brokerage fee you would have been able to control the situation and save on a lot of time as well.

Fiduciary Duty, Privacy, and Confidentiality.

Your backbone in real estate related matters is your real estate agent, whether you are a seller or a purchaser. In a real estate deal, your real estate agents becomes your “Fiduciary” who takes the fiduciary responsibility towards their client. Your agent becomes legally obligated and puts your interest first.

This deal involves a very high level of confidentiality. Would you disclose your internal financial details to an FSBO seller, who has no legal obligation for keeping your details confidential? The same is with sharing any piece of information with the seller’s agent, who is fiduciary responsible but only to the seller. Your real estate brokers in Mumbai will be aware of any requested information from the other party’s real estate agents in Mumbai, whether it is genuine or not.

In case if you are the buyer, how would you yourself be able to make it if the seller’s real estate agents has given any false details, or has been misleading you, or he is misusing, and tampering with the confidential information. All real estate brokers in Mumbai are bound by the governing body associations, such as the National Association of Realtors. If it’s found that any real estate brokers in Mumbai is responsible for any kind of forgery, one can report that real estate brokers in Mumbai or a real estate agency in Mumbai to such associations. So you are in the safe hands if the deal is through a real estate agent in Mumbai or real estate agency in Mumbai, but if you are dealing with an FSBO, then there are chances your deal becomes unsuccessful or painful.

Real Estate Agent Has All The Knowledge :

If you are a Buyer, you know what you are looking for in a property. From the preferred location, to the number of bedrooms, to parking facility, to transit options, etc. Your search will include all these factors while browsing for a property. But you will not be aware of the drawbacks or negative aspects of the property that you are shortlisting or the deal you are going to do, whereas an experienced real estate brokers in Mumbai will be updated with all the issues or problems associated with that property, such as waterproofing problems, security issues, water availability, roofing problems, furnace problems, etc. A real estate brokers in Mumbai with his expertise will be able to identify such problems and will know how to rectify them. With his expertise, you will be able to save a lot of money or to save yourself from falling into a wrong deal.

If you are a seller, you know how much is your expectation against the sale, but are you sure if the amount you have quoted is matching the current market scenario? Are you qualified enough to do a price comparison? A real estate company has all the knowledge about the real estate market, and they can effectively do the rigorous comparative market research of your property, and suggest you the best market price applicable.

On the basis of the demographics, facilities available in nearby vicinity such as schools, hotels, hospitals, airports, railways, etc. security or crime rates, neighbourhood, and a lot many important factors on the basis of which a real estate brokers in Mumbai can make and submit you a research report. This will be a time-consuming task when you are so naïve and do not know how to do it and from where to start to do such research. A real estate company works as the biggest support for you.

Great Negotiation Skills of real estate agents - Due To Expertise :

You might not have those negotiation skills as compared to your real estate brokers in Mumbai possesses. Unless you come from such a background as a mediator, or an attorney, or from the real estate field. In this case, your real estate brokers in Mumbai plays a vital role to get you a property at the best negotiated price if you are a buyer, or get you the best deal if you are a seller. Real estate companies in mumbai and real estate companies in Mumbai have all the expertise of negotiation skills, they how to work out the deal. They have years of experience and their own techniques. And most importantly they are impartial between both the parties as they do not have any emotional stake that would make them biased.

Now you know and understand the role of a real estate brokers in Mumbai in any kind of deal, whether you are a buyer or a seller, whether you have expertise in bargaining or negotiations, whether you are a good researcher or not, whether you are well versed with the legalities or not, no one is a real estate expert than the real estate broker who would charge a nominal commission to you and against that he will make the deal as easy as you as a cakewalk. And you would not have any regret on your decision of choosing a wise real estate broker in Mumbai for your deal.

Commisions of a real estate agent in Mumbai

In the real estate business, there's a specific amount that is to be paid to a real estate brokers in Mumbai or a real estate company, once a deal is completed, that amount is termed as commission. Generally, 1% of the selling price is the share that goes to the broker as a commission, which is mostly preferred by the majority of real estate agents or agency and real estate companies in Mumbai. For a real estate agent or broker, the commission is like a monthly salary which they consider as an adequate sum of money, hence, the commission is a complex subject

Real Estate Brokers in Mumbai - Charging commisions 2022

Buyers are hardly aware of the commission splitting system between real estate brokers in Mumbai, therefore, at Affordable Homes, we act as a bridge by helping everyone knowing and making them understand where & how their brokerage amount is getting split.

Many home buyers assume that the real estate brokers in Mumbai is making huge money in the form of commission and the money paid is not commensurate enough with the work that an agent has done.

However, that assumption is not entirely accurate, that is why we are sharing this informative article where you will surely understand how the commissions are split among the realtors in Mumbai, which in turn will help you understand the business of real estate company's service professionals in Mumbai, in a much better way. Every prospective homeowner will have a different viewpoint for real estate agents in Mumbai.

So the amount of money earned by a real estate agents in Mumbai depends on multiple factors. In general, when a client purchases or sells a property the payment received by an real estate agents or a real estate company is in a form of commission which can be the percentage of the selling price of the property or the flat fees decided by the agent and its client.

Real Estate Agents in Mumbai, Brokers and Commisions fees 2022 :

In India, there is a stringent policy that indicates that an agent should be a licensed professional who’ll only work under a designated broker, this eliminates their chance of working independently and getting directly paid from the client.

Similarly, Affordable Homes, being one of the top best real estate company in Mumbai, the same international system is applied. In the real estate profession, a good real estate agent carries out certain responsibilities whereas a real estate brokers in Mumbai is capable of working independently. A commission is directly paid to the real estate agent in Mumbai. Once the deal is completed then the amount will be split with the real estate agents in mumbai, who were part of the deal.

The commission percentage differs from project to project. Whenever a sale proceeds the commission is decided that is to be paid by a seller, unless and until the buyer and seller come to an agreement about splitting of the commission amount. Many a time the asking price of property factors the commission, which means that the buyer has to pay the part of commission anyway, also if it is not decided to split into half.

Commision split for real estate agents in Mumbai 2022 :

The real estate company’s commission is mainly split among the group of people who are involved in the selling of the property. There are four ways to split the commission:-

1. Listing Real Estate Agent (the seller’s agent who takes the property listing from the seller)

2. The Listing Real Estate Agent’s Broker (The broker for whom the listing agent works)

3. Buyer’s Real Estate Agent (An agent who represents the buyer interested in the property)

4. Buyer’s Real Estate Agent’s Broker (The broker for whom the buyer agent works)

In selective conditions, the commission is split among fewer agents and brokers. Firstly the broker lists the property and then finds a buyer, after that the broker keeps full commission, if a listing real estate agent plays the role of buyer agent then they get the remaining commission after the broker works for their share. The commission is paid only when the deal is closed. In some situations, real estate agents in Mumbai are employed by their brokers and are paid a monthly salary.

For maintaining their integrity in the market, real estate agents in Mumbai are advised to charge a fixed amount or a fixed percentage from the selling price as a commission. Depending on a situation a real estate agent may ask for a different rate of commission.

For.eg.

1. If the real estate agents has approached for the last-minute sale, they can charge for little more commission on the selling price. They charge on their terms & conditions.

2. If a builder owns multiple properties, the real estate agent will offer a fixed price for each property.

For a different situation, there is a different commission. The real estate agents must mention their rules and regulations on paper and should be stuck on his words so that in future there would be no issue and problem for their clients.

For receiving commission the real estate agents makes sure that the deals become successful. While having contact with a potential seller, there are multiple ways that the seller may use to convince the real estate agents to decrease their rate of commission. In such scenarios, the seller should always acknowledge the fact that a well-deserved compensation in every real estate transaction is the real estate agent's right.

When the real estate agent and client come in a contact with each other the commission should start from that single moment, this commission is a part of the foundation for an agent.

The client should not ask their real estate agents to reduce their commission fees because they work to make the transactions go through.

The long and tedious process is the listing process, the real estate agents should have the required level of dedication for every last bit of time and energy for a new project.

Here's the details why the real estate agent derserves every rupee of commission they ask for :

1. The real estate agents who are expecting to get hired by a potential client, look and sound like a professional and be a responsible person who is dedicated to his work.

2. They should make sure that they have researched all the important property information.

3. The real estate agents must be confident about all questions asked by their client. And also make sure to file the plans, deed, tax assessment information, plot plan, deal restrictions.

4. In the very first meeting with the client, the real estate agents must be motivated and driven and should convey a pre-listing brief, informing about the listing process perfectly to the client.

5. The real estate agents should have a map of the property to go through room by room, observing the property deeply and also should make a note of every important and necessary point. It will help them to enhance the value of the property and get to the market in a shorter period.

6. After the calculation the real estate agents must give the price quote, a figure that would inspire a client and also make confident for such a motivated and driven agent like they’ve met.

We hope that we have made this concept of real estate agents commission more understanding to all the buyers and also helped them to make the right decisions for hiring a good and motivated real estate agent and also appreciate the work the real estate agents do for you honestly and in a confident manner.

The majority of homes are sold with the help of a real estate agent or broker or real estate companies in Mumbai, with for sale by owner transaction taking up an estimated 7-11% of the market. Since real estate agents in Mumbai work on commissions, they’re only paid when a property is sold and don’t receive payment until after settlement. That’s why the real estate agent is going to work hard for you.

Most real estate agents in Mumbai charge a 2 % commission. This is usually split between the sales agent (listing real estate agent) and the buyer’s real estate agent. However, that full 2 % isn’t solely divided between the listing real estate agent and the buyer’s real estate agent. The listing broker and buyer’s agent’s broker also take a share of the commission.

Establishing Value As a Real Estate Agent

The value of real estate agents services is being questioned, now more than ever. Real estate agents in Mumbai are being asked to reduce the commissions now and then. Recent research suggests that over the last 14 years, the average commission rate has dropped by an estimated 16%. Real estate commissions are seen taking a hit due to the quick rise in technology that is now making it possible, and more convenient for clients to conduct possibly all real estate related activity themselves, with the help of online portals. While buyers can browse through a variety of properties from within the comfort of their own homes, sellers put the same technology to use to advertise the property, nationwide and worldwide, for each individual to view, thus bypassing the real estate agents service, but while technology is a mere tool, real estate is more of a people business. Buying and selling property, and other successful deals, are transactions that are supported mutual trust and understanding on a part of the realtors, in order that they can confine mind the client’s needs and expectations while solving their problems, if and any.

Another challenge to a commission for real estate agents in the real estate market is a steady growth of discount brokers and websites like “No Broker”, etc who constantly insinuate in their marketing communications that clients are being overcharged, as the market continues to become increasingly competitive. Suggestions like these tend to shift the client’s focus from the value of work a real estate agent can provide to the charges and commissions only.

Most of the time, floating rumours state that property dealers, real estate agents and real estate brokers put in very little, or no work at all, to earn or deserve their commissions. However, aside from the fact that clients, sometimes, wish to save on the commission, they do value having their needs met, their questions answered, and reviewing a bunch of homes before eventually settling for one. Clients are satisfied when they feel heard. Once an agent manages to gauge the unique needs of every client who is sourcing for a property, they can be addressed one by one.

Given below, during this article, are a couple of tips and tricks revolving around meeting individualistic needs, and learning the art of selling the worth of services offered by a real estate agent while also living up to the expectations of the client.

While either option might be applied, increasing the advantages provided by something would convince be more beneficial. In a competitive market like this one, there are land companies that always devalue the services provided by other professionals within the same business. Companies often provide discounted brokerage rates and discounted commission options to garner clients. However, in such situations, clients are not only signing up for discounted rates, but they are also signing up for lower-value services. To avoid any discrepancies, the agent must have an honest and frank discussion with potential clients about the difference in value and services offered by a full-service real estate agents and a discounted one. Discounted real estate agents in Mumbai cannot provide the specified services and liability reduction, and also fail to measure up to the expectations of their clients.

A few basic expectations sellers should generally have from the real estate agents in Mumbai: • Sellers expect their real estate agents in Mumbai to help them increase sales prices, thus increasing the net profit • Saving sellers the time, effort and money.
• Reducing any kind of issues that might arise.
• Receiving progress reports regularly.
• Developing creative marketing strategies to help increase the selling price.
• Reducing liabilities.
• Guiding the seller through the selling process.

A few basic expectations every buyer must have from the real estate agents :

• Reducing the purchase price, thus saving the money.

• Saving them time while looking for their desired home.

• Buyers should prefer hiring real estate agents in Mumbai who can offer them a variety of properties to choose from, within the preferred price range.

• The real estate agents in Mumbai must be professional in their conduct, showing the buyer properties in an efficient and time-saving manner.

• The real estate agents in Mumbai must be smart negotiators who can negotiate their way to a deal of preference for the buyer.

• Educate the buyer about the buying process.

• Keep the buyer in the loop by providing them with regular progress reports.

A few basic expectations every buyer must have from the real estate agents :

• Reducing the purchase price, thus saving the money.

• Saving them time while looking for their desired home.

• Buyers should prefer hiringreal estate agents in Mumbai who can offer them a variety of properties to choose from, within the preferred price range.

• The real estate agents in Mumbai must be professional in their conduct, showing the buyer properties in an efficient and time-saving manner.

• The real estate agents in Mumbai must be smart negotiators who can negotiate their way to a deal of preference for the buyer.

• Educate the buyer about the buying process.

• Keep the buyer in the loop by providing them with regular progress reports.

When a property dealer shows the client how they can successfully meet the needs, they (the real estate agents in Mumbai) manage to establish value in the client's mind, thus convincing the client of their potential.

Competing on Value instead of Price

Property dealers in Mumbai might encounter a couple of problems while competing on price. Many a time, clients fail to understand that one cannot have a lower price at all times. Another issue with competing on price is that sometimes, people might not necessarily buy the cheapest product on the market. Research suggests that while about 15 per cent of property buyers are motivated primarily by price values, a majority also consider other factors such as the quality of construction, reliability of the developer and their reputation as well as quality of service provided.

While being a discounted real estate agents seems like an easy way to attract clients, both real estate agents in Mumbai and clients must understand that providing quality service takes time, effort, experience, and the right amount and right kind of training. While some amount of research suggests that clients who perceive high-quality in a product are prepared to pay a premium price for the same, the research also suggests that people will also opt for the most expensive properties assuming that highly-priced properties are of the highest quality.

Listing the activities the real estate agents offers to earn their Commission

One of the most effective ways to demonstrate the value of their services to clients would be to pen down a list of activities they engage in to earn the commission. Below is a list of services that include:

1) Obtaining preliminary title reports.

2) Developing a target marketing plan.

3) Showing potential buyers the property.

4) Social media & Google advertisements for the clients.

5) Negotiating on behalf of the clients.

Listing the services the real estate agent is willing to provide will be sufficient to prove to the client that the property dealer is hard-working, dedicated and committed to the job.

Explaining to the client how Commissions are split :

Keeping clients informed about how the money is split is essential for them to understand that they are not being overcharged. Clients must be informed that the commission earned by the real estate agents has sometimes split two ways or even three ways with other real estate agents. The real estate agent’s commission also has to cover miscellaneous expenses, including the rent, utilities, electricity, computers and laptops, management etc. Property Dealers in Mumbai and clients.

Conclusion - real estate agents in Mumbai :

In this business when real estate agents in Mumbai take up a client, they are not paid up front. Payments are always settled once the property deal is done and closed. While this is how the real estate industry works, it also means that property dealers in Mumbai take a significant amount of risk each time they take up a new client. Though they are not paid up front, they have to incur expenses to get the marketing wheel rolling. They put in an unbelievable amount of energy to reach out to the other buyer and seller real estate agents in Mumbai, too. While at certain times deals can be closed within the span of a few days, at other times, it takes months for the property to sell. Real estate agents in Mumbai have to risk their time and money with absolutely no guarantee of returns. But since most sellers are not willing to pay upfront, commission rates are higher to make sure an the real estate agents gets their share of compensation for a job well done.