What matters most when selecting NRI estate agent in India

Non Resident Indians(NRI), although away from homeland, still deal in Indian real estate either for ancestral properties or for new investments. So they need trustworthy and experienced NRI real estate agents or property brokers who can facilitate property transactions in India for them.

Time and again there have been instances of property related frauds with NRIs for a simple reason that the NRI buyer or seller is out of the country. Hence, it becomes even more important to look for trustworthy realtors in India. Unfortunately, there is no license that real estate brokers need to obtain in India nor there is any educational qualification for the same. So the criteria to identify a reliable agent are subjective and require more due diligence.

Quality Services

NRIs can look for quality certifications like ISO 9001 for the agency’s services in real estate domain, read customer feedback and reviews and read about the company’s core values and belief system. Find out the process of conducting transactions at that firm. For example, does the broker firm only show around properties meeting your criteria or do they perform any background checks on properties as well before recommending. In order to perform these checks, does the firm have the required realty, financial and legal domain expertise? Only a quality conscious firm would invest in performing the due diligence on behalf of the client.

Advisory Services

To provide quality service, the real estate broker firm or agency must have the required domain expertise not just in reality, but also in other related domains to help execute the real estate transaction end-to-end successfully. For example, buying a property involves legal documentation, obtaining certificates, etc. Even booking an under- construction property is different from buying a fully constructed or resale property in terms of legalities involved. So you will require a legal expert to establish the authenticity of those documents. Even payment structure involves tax complication, especially for NRIs.

Experience of core team members will determine the value added services that the Indian estate agent can give you in addition to basic property broker services.

Property Management Services

A good to have service that an estate agent can offer to NRI clients is property management. NRIs buying a residential property in Mumbai for investment purpose also need help to find tenants, manage lease, repair work, etc. Having a one point contact in India for real estate needs can prove to be a huge benefit for Indian property owners living abroad.

Conclusion

NRIs have to deal with tax implications in the country of their residence and in India as well. Neither they are in the best position to negotiate locally nor will they be able to compare properties and rates. So best is to look for trusted advisors in India and not just real estate brokers

Spacio Realtors LLP is an ISO 9001 certified real estate advisory firm based in Mumbai, India. The firm also provides property management services to their clients in addition to advising them on property investment, legal and tax matters. Spacio deals in both residential as well as commercial properties in India and has a dedicated NRI Help Desk.

Sunil Chopra is Founder and Director of Spacio Realtors Llp.