How Do Property Brokers Work

2019/02/25

Expanding size of the cities and growing population has created a special market for property brokers in not only metros but in B-grade towns too. Property brokers are really angels in disguise who help you to find nice house in your budget in an unknown city. It is not easy to find and get a nice house on rent and especially in a city which is totally new for you.

The landlord looks for a tenant who can pay the rent on time and does not damage his house and the brokers how are into this business for years and run their own rental services understand this thinking very well. They also understand that the tenant will also compromise either on the rental money or on the house very easily because he has very limited options in the unknown place. The bottom line of this business is that it is a tough task to find a house on rent in an unknown place.

Due to lack of time and resources people want to rely on the property brokers and mainly the people who get transferred to a new city. Even if the city is known then it is difficult to find a house which is available on rent and then the location is a problem and then convincing them landlord is another task, so people generally think that to avoid all these tantrums why not just pay some money to the property broker and get nice house on rent without facing all these problems.

How do property brokers work?

If you are new to a city or place the best way to get a house eon rent is to just approach a property broker and he will give you options and take you to the location where you want a house.

You need to tell them your requirement and the budget that you want to spend on rent. Then comes the location, mostly people look for a house either near their office or centrally located. OS once you tell all the details the broker will take you to the desired location and will make you choose the houses available on rent in that area , according to your requirement.

Generally there is no need to interact and talk a lot to the landlord. If you like the house you will have to pay two months rent in advance to the landlord.

Then you will have to get aren’t agreement made for 11 months on stamp paper, so that you legally rent the house. The property broker might get the rent agreement made for you. After the period of 11 months the rent of the house will automatically increase by 10%. So if you want to extend your tenure in that house after 11 months you will have to pay the increased rent to the landlord.

Once you decide upon the house then you will have to pay one month rental as Brokerage to the property broker as fees. You might feel that it is too much but the broker also deserves because he has saved you from all the hassles of searching for a house and then convincing the landlord and many more things.

You might feel that it is unnecessary that you have to pay so much money to the broker for just finding a house, which you can easily do. But if you think with cool mind that since you are not aware of the area it would have taken you time to search and then find house and in the mean time you would have paid hotel room charges wh9ich you save if you get a house on the very first day and then all the legal formalities and problems in the house will be taken care of by the property broker only so you are saved from so many hassles too.

Property Broker is the best option for renting house

Both taking a house on rent or giving a house on rent ha to go through a broker these days, the reason being they are specialists in this area, so they will help you out in the best possible way and try to get what you want.

Every property broker has the perfect knowledge about the house available on rent in each and every area so that they can cater to the needs of the tenant. They have to find a tenant according to the landlord and in the same way a landlord needs to be perfectly matched with the tenant to avoid future fights or problems. They have to be friendly with the landlords too. There are area wise property brokers in every city. Only the very big brokers cover the whole city otherwise small time brokers operate area wise only.

The business of property brokerage works mainly on advertisements. The property broker keeps updated information of all types and range of house in the particular area. After watching the advertisement the tenant contacts them. Generally they do not get commission from the landlords but if the deal is big and for bigger house then they take Brokerage from both the parties. If the tenant wants to look and explore houses in some other area too ten they refer it to other property brokers in the other area and take their portion of commission from the broker once the deal is settled.

It is not necessary that they will get the brokerage of one month only. Small time brokers sometimes lessen their commission due to tough competition in this market. Since the landlord is free to give information to any number of brokers so whosoever brings a good tenant for him, the landlord pays that broker only. Mostly landlords want tenant who earn monthly income and are in government jobs or work in banks so that they get their rent on time and the best part is that these officials in bank get transferred too so their house does not remain occupied for long.

Features of good property broker

They work from morning till late nights because their main work involves showing the rental house, settling the deal with landlord and getting the legal formalities done etc. which require quite some time. SO before looking for a new house in new city it is better to look for a good property broker in the city who can help you in finding your desired house on rent.

Photo Credit: Frontstart.com

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