In this post, we’ll be looking at the Tips & Responsibilities for Real Estate Agents in Goa and Property Buyers in Goa
Today, the real estate market in Goa is really on fire. The followings properties are in huge demand:
Post COVID market trend:
Rentals – sky high
Land acquisition, so people who want to buy land or build homes have increased.
The demand for residential villas from 2-3 crores and 5-8 crores and so on had increased incredibly whether they were individual homes or whether they were part of a gated community.
Then you had apartments at the end so a lot of people were buying apartments so it was quite um quite interesting and i think that’s due to the fact that people couldn’t travel abroad and they’d be locked down so they decided listen where do we go how to make our Goa dream a reality and the market witnessed to that frenzy of buying.
Differentiate between a real estate agents in Goa and a referrals in Goa.
So first of, all you know the moment you land in Goa or you get into the station, everyone is an real estate agents in Goa because it’s quick money right someone will say oh you know i have a place to show you and they will take you so how do you distinguish between a professional real estate agents in Goa versus someone who is cowboying as an real estate agents in Goa?
Usually the professional real estate agents in Goa will make you sign some kind of a contract or an agreement you have to read through.
It will be very basic and whatever they are showing you, they are going to charge you a percentage of it, typically 2% + GST.
There are some agents I know who are very professional but they try to charge you 3,4,5 percent and that has to be decided between you and the agent at the time of the agreement or at the time of conversing with them on any deal.
As someone who’s living in Goa and who’s dealing with a lot of people who come and go, I think you should preview yourself with some basic pricing.
Let’s say you want to buy a house or land in Assagao, you need to know a basic breakdown of prices, these are subject to ups and downs most probably up.
Assagao – 25 thousand
Siolim – 15 to 18 thousand
Moira – 10 thousand
Aldona – 10 thousand
Anjuna, Vagator – 35 thousand may go up
Morjim – 15 to 20 thousand
These are rough prices, predominantly for land. Unless it’s really iconic, some plots are on the water or they have great views, these may go up.
If there’s a beautiful house on it, prices may go up but in a nutshell this kind of gives you a sense of your pricing.
So find out the price of the land from the agent. Ask them what else has been sold, what else is available.
Now, there are some agents who sign MOU (Memorandum of Understanding), so they will decide the price.
Even if the market price is 10,000, the agent may charge you 12 or 15.
It’s up to you now to decide whether you want to buy it at 12 or 15 or you want to walk away from the deal. There’s no way of circumventing it and speaking to the landlord himself.
For agents that don’t have an MoU you need to ask, once you finalise and know the house or property you want to buy, the landlord to be present and negotiate with the landlord.
It’s not the agent’s responsibility or job to start negotiating with you, that’s not their job.
They can transfer your interest or your offer to the landlord and vice versa but it’s always good to ask the agent and if they’re an honest agent they’ll say, yes of course.
The landlord and you should sit together and discuss, you pay the agent his 2%, the landlord pays the agent his 2%.
It’s good to sign a basic professional contract or an agreement with the broker at the time of them showing your property as it shows that the broker is very serious about his job.
It’s going to cost you Rs. 5-10 thousand. This is for people who want to even get into the business of real estate, broking in agencies in Goa.
Prepare a little contract, it’s going to cost you Rs. 10,000 at max with your rules, regulations, etc.
Get to your potential clients to read through and sign it.
Basically, what it will say in a nutshell is if the agent shows the client a property and they close them on it, the client owes them 2% brokerage.
Understand your clients’ needs first, and don’t be like a headless chicken running around and showing them 20 properties.
It’s not about how much real estate you show them, it’s about understanding what their requirements are and giving them exactly what they need.
Refer them to a very good lawyer and don’t try and influence the lawyer
Brokers, don’t do markups because it really messes up the market.
If something is on the market for two crores and you say put three crores, make it three crores, give me one crore, it never works because buyers always find out.
Most properties are on the internet today. So eventually if you show something
that’s three and the buyer finds out from the next broker or the taxi driver that it’s two you look silly and the deal falls through.
So don’t do that, just be happy with your two percent plus GST and you’ll make a lot of money being completely transparent.
So if you know there’s an issue right, tell them the issue, introduce them to the owner and say “I am happy to help you sort out the issue and I’m sure you guys have the connection to make it possible and resolve these issues”.
It’s someone’s hard earned money that they are putting in Goa so please respect that.
The responsibility of a broker just doesn’t end with “oh this is a property and you want to buy it and pay me 2.8 put 2.2 plus GST”.
No! The responsibility goes through from showing it to helping them find a lawyer,
to put in the newspaper ad, obviously not at the agent’s expense, but these newspapers, law, etc. are the buyer’s responsibility but you need to hand hold
them because they’re new and they don’t know anyone and they’re relying on you to help and make this deal happen.
The agent needs to be there at the sub registrar’s office. Make sure to carry some cold water, carry some juice, and carry some snacks for them.
If it’s a senior person and you see the lift isn’t working, make sure you have the help of two or three friends who can help them go up and sit.
So think about all these things and give them the notarized copy after one week or ten days.
Don’t let the lawyer do it, you do it personally so you build that relationship.
A tip to estate agents and brokers, we know you work really hard and we always recommend to show just two or three properties.
Understand what your clients want and give them two or three properties.
Don’t show them too many properties because there are a lot of buyers, especially today, who are window shopping.
They’ve come to goa, they want to, don’t want to, they’ve been wanting to buy for the last 10 years.
They waste your time and they say something vague: “We want a house, we want an apartment, we want a hotel” They want everything!
So when someone says that, just say “Sorry I don’t have the time”.
A lot of potential buyers want to see villas not because they want to buy but because they want to understand the dynamics of construction, they want to buy the land and they will build it themselves and sell it to their friends.
So then you don’t want to show them the villas, don’t show them, don’t waste the seller’s time and your time to show them land.
Understand where they’re coming from okay and when somebody gives you a huge range, they are not going to buy.
99% of the time they will not buy, they are just window shopping, wasting your time.
For you, it might be a holiday but for brokers, they are doing this as a business, it is their home, it is their business.
For every 100 properties they show, they’ll close one.
So, be a little respectful, be clear about what you want whether it’s an apartment or a villa or land because you know you’re wasting people’s time by just shopping around.
Treat the brokers and the agents with respect and value their time.
Very often viewings are cancelled, so the broker gets ready, prepares the whole itinerary for the day and then somebody wakes up late and go “you know we went partying last night to Morjim, we went to Baga, we went here, there we can’t wake up”.
Viewing is gone!
What about the guys who’ve kept those slots for you? Consider that
Keep your viewings to the second half.
I find that there are some really good people who say okay it’s two percent plus gst and they pay the broker’s two percent plus gst.
As a seller for all their properties, make sure to pay the brokers on time and in full amount.
A lot of people, after the sale, start negotiating with the brokers and some don’t pay.
Don’t do that because brokers are very well connected, some of them with officers in different departments.
So whenever you want to construct and do mutations, there will be a hindrance there and it’s usually someone who you’ve trampled on in the sale process.
Don’t try and cut through the brokers directly with the landlords because not only is that immoral but also unprofessional.
It could get you into trouble because, as mentioned, brokers are well connected.
So there is the advice
Some of it is a bit tough and hard but the reason for it is to make the lines
very clear; what are the brokers and the agents responsibilities and what are the buyers and their clients responsibilities.
Once these roles are clearly defined and it’s easy to move ahead in your transaction.
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