How does a ‘Realtor’ do things differently from a ‘broker’ or ‘estate agent’ while helping you buy your new home?

Traditionally the role of a broker, estate agent or even the real estate consultant, was more an exercise that was all about ‘finger pointing’ (showing properties) and ‘match making’ (bringing prospective buyer and sellers to a meeting). It was something which didn’t call for any specialised skills, and just about anyone could become a ‘broker’, given the absence of entry barriers to the trade. As a result, all kinds of people entered what was euphemistically called the ‘business of broking’. 


The home seeker found himself/ herself at times, getting the muddy end of the stick – when the property papers were not in order, or some legal aspects were left undone and so on. What added to home seekers’ concerns were the ‘fly by night’ operators, who gave a bad name to the ‘business of broking’ and caused serious problems for the few genuine brokers in the business. 

There was the need for an intermediary who would be a bit of everything that real estate is about – finance, legalities, documentation, registration formalities, interiors and even Vaastu and Feng Shui! There is one category of real estate intermediary, who fulfils all of these - the modern-day avataar of a real estate consultant, better known as a ‘Realtor’.

So, if ‘due diligence’ is a must while buying a home, then having the right intermediary to ensure your due diligence is done the right way calls for a specialist: a Realtor. 

Realtors are members of the National Association of Realtors – India, the apex body of realtors. They are no longer confined to the sidelines of the real estate sector, but are the real protagonists who advise, inform, connect, negotiate and ensure the home seeker gets his home the transparent, safe and secure way. 

How is a Realtor different from real estate broker of the past? A Realtor is knowledgeable, understands the nitty-gritty of the business, and is constantly evolving and keeping in tune with the times. The role of a Realtor evolves from that of a broker who would just ‘finger point’ to being a true consultant in all senses of a real estate transaction. So, the Realtor needs to have all round knowledge of not just real estate but all peripheral areas like housing finance, property laws, insurances related to real estate, property management services, etc. 

A Realtor should be able to represent both, buyer and seller as their consultant, and ensure that their interests are protected at all times, as also that the entire process of the deal is not only transparent but also hassle free. The Realtor should have excellent networking skills with affiliated professionals like advocates, architects, builders and all related professionals. The Realtor also needs to be effectively networked with other realtors in different locations so as to do business in other areas and represent his clients in areas outside his jurisdiction. 

Even in the new age era when developers opt for ‘direct marketing’, realtors hold a very important role in ensuring that the home seekers’ once-in-a-life dream home acquisition doesn’t run into rough weather. And again here, how smooth the process is, depends on what your Realtor does for you. A Realtor has to be ready to walk that extra mile to make the transition smooth, hassle free and memorable in more sense than one – and that depends on how well a home seeker chooses the intermediary. The smart ones will opt for a Realtor!

What a Realtor should offer a home seeker. First and foremost, the Realtor should be full time in business – part timers in ‘business of broking’ are not serious about their work and can’t represent the clients faithfully and do justice to their deals. 

Second is qualification – a well educated and qualified Realtor will certainly be more professional than his counterparts. Third, does he operate from an office – will he / she be accessible when the home seeker needs him? Also, a Realtor should have assistants and fully equipped office so that customers can be attended to when he is not around. Ideally, avoid brokers who are one man office and don’t have time for all their clients. 

A Realtor should have all round knowledge of current market scenario, rates, developments besides legal aspects, etc. He should also have a good reputation – one can get references from past clients, ask about his service levels, his scope of services etc. last, but not the least, check if he is a member of any real estate association.That will show if he is a part of the organised fraternity. 

Finally, three points on how important a Realtor is: First, typically home buying/selling is the single most important decision in one’s life especially for those who come from the middle class. So, it makes sense to get an expert to guide you in the process. Second, the Realtor’s experience will guide you through the complex maze of buying/selling a property and also advice you on the reputation of various builders and projects, current market scenario and the various pitfalls, so that the client can stay away from problems. 

Finally, a Realtor can be a one point contact for all the different components that go in a deal like housing finance, legal, interiors, etc - more like a Single Stop Boutique in realty shopping.

So before you commit to use the services of a broker/ consultant next time, consider these aspects. Consider how the Realtor does it differently, and this will definitely make sure that you get your money’s worth for the brokerage that you, as a home seeker pay. 

By Ramprasad Padhi

..the 3rd Annual Convention of NAR India was an epic extravaganza, a stupendous success that defied all expectations!

What a tremendous response! While common grammar does not advocate opening a thank you speech with a loud exclamation, there was nothing common about the Largest Real Estate Convention India has known. This was the 3rd Annual Convention of NAR India and a stupendous success that defied all expectations. We had members from all over India and the entire world attending this epic extravaganza for realtors, builders & professionals from financial institutions to learn, network and share knowledge. The biggest ever in the world of Realtors, this event was the first of its kind and was the place to be for every practicing & aspiring realtor in the country. It was an eye opener for everyone connected with the real estate industry. 

Our stalwart speakers took the cake with their spellbinding speeches and intense audience interactions. Ronald Goss emphasized on the role and importance of Property Management in the real estate industry by answering relevant questions like why an owner/investor would turn to third-party property management. He pointed out that true value of real estate management lies in the ability of investors to manage in case of recessions and added that the primary goal of a Property Management Company is to provide effective and efficient operations, increase the value of the asset by lowering down the maintenance costs and maximizing revenues. Property management firms make many property owners turn to property management services to avoid stress and hassle.

The Panel discussion on leveraging Global Networks yielded many incisive insights. Speakers included Norman Flynn, Jeffery Hornberger, Gretchen Faber, Bill Armstrong, Baro Shalizi, Naresh Malkhani, and Farook Mahmood. 

Norman Flynn spoke about how NAR has expanded all across the world into 79 nations, of which NAR India was formed only 3 years ago. He appreciated NAR India as the group that started functioning in a very short lead time of 4 months which otherwise takes around 19 months. He ended by congratulating the NAR India group on its success. 

Baro Shalizi recommended that Indian realtors increase their business opportunities by utilizing NAR and NAR-India’s partnership. He emphasized that NAR offers unparalleled growth with 80 bilateral agreements and strategic partnership across 60 countries. He suggested realtors take the CIPS certification (Certified International Property Specialist) which can help in getting personal contacts, global referrals, and access to worldwide market research.

Farook Mahmood focused on the functions of The International Consortium of Real Estate Associations (ICREA) mentioning that worldproperties.com is available in 20 languages & provides links to locating properties worldwide to the professional ICREA members’ roaster. Questions from the audience included queries on Indians in U.S. wanting to buy homes in India and Indians in India wishing to buy property in the U.S. via loans.

The question of how women can contribute to Indian Real estate was answered by Ms. Gretchen Faber. She said that only women can show a better way to other women and lend a helping hand. She was happy to say that around 57% realtors in the NAR group are women. She also made it clear that everyone in the association helps each other with all kinds of issues. The association offers a chance to arrange leadership trainings, share best practices across table and so on. Mr. Armstrong added that the rate of involvement of women in Real estate is increasingly positive and growing. Mr. Baro ended the conversation by saying that women practitioners ought encourage each other and there is no ceiling for women’s growth and income.

Mr. Ravi Verma emphasised on the need for synergies not only between the stakeholders within the real estate sector but also between associations such as CREDAI and NAR-INDIA, who represent these different stakeholders. He further mentioned how the agreement between CREDAI and NAR-INDIA can be extremely beneficial as NAR-INDIA can leverage the broker network to create value for the developer under CREDAI umbrella. Speaking on  financing problems, Mr. Verma highlighted the difficulty that the current developer community faced in raising project finance. He also pointed out that the shortage of housing is complemented with a demand supply mismatch that exists in the market. This is where the importance of brokers comes in as the broker can address this by estimating demand. 

The association which has been forged between CREDAI and NAR-INDIA will trickle down to local associations. NAR brings knowledge & expertise which includes training from NAR USA, knowledge partnership with the Indian School of Business (“ISB”) and other affiliates. The research and expertise that these partners bring along can be beneficial to all the stakeholders.

Mr. Madhusudan Menon spoke about the continuous focus on financial inclusion and the rapid pace at which the government was driving this point, thus creating an immediate need for businesses to focus on the ‘bottom of the pyramid’. Speaking about his company, Micro Housing Finance Corporation (“MHFC”), Mr. Menon cited examples of telecom sector where merely through penetration the sector today has managed to charge one of the lowest prices globally. While giving an overview of MHFC, Mr. Menon showcased the lack of availability of funds for lower-income household mostly involved in the informal sector of the economy. Through various examples of his customers and how they have benefitted from the mortgage solutions provided by his company, Mr. Menon showed how a profitable business model was possible by tapping the customers belonging to the lower income ranges.

He however added that a few challenges still exist for the business to scale up. Challenges are what NAR-INDIA has faced since its inception. And it is these very challenges that have inspired us to offer this professional platform for Realtors across the country. India is an economic powerhouse today and anyone who thinks otherwise is out of sync with the changing times. One of the first to bounce out of the global recession, India is on the forefront of global trade and economic clout. Of course there will be challenges and but naturally, we will rise to the occasion. This is a country that believes in ‘Unity in Diversity’ and we are proud to embark on this journey to unify Realtors across India. Join NAR-INDIA and herald the age of ‘The Great Indian Broker’

Opening Speech @ NAR India 3rd Annual Convention by Shailender Singh, Convention Chairman.

The concept of Unity is the core value of Indian heritage and the underlying strength behind NAR India. All of you present here are from different corners of the country and even the world. We welcome you into our fold to connect and celebrate the success of the Real Estate industry, We as ‘Great Indian Brokers’ have contributed to the economy of this great nation and will continue to do so in the years ahead. The goal of NAR India is to bring under one umbrella all Realtor associations of the country and propagate ideals of professionalism and passion down to the single Realtor in the field. We endeavour to reach this goal by education and networking. Consider this event as an opportunity to network, meet new associates, make new friends, forge partnerships, learn concepts and skills that will help us embrace the new era of the Internet, Social Media and Mobile connectivity. These are dynamic times and change is all around us. The Real Estate industry has commendably risen to the challenge to cater to the growing demands of the new economy. This convention is a time for us to celebrate past successes and plan for future challenges.

For those of you who missed the event, we promised to showcase the best highlights as video snippets that we trust will work to whet your appetite for the next annual event! We welcome you all to the NAR India 3rd Annual Convention @ Hyderabad on July 23-24. There was also an expo for Home buyers and Investors alongside the convention for Professional Realtors.

Day 2: The Excitement contd..

All those who had a great time at the 3rd Annual NAR India Convention will surety be looking forward to the second day of this mega festival of real estate and the community of Realtors across the country. And we also have delegates from across the seven seas here to connect and celebrate. If you are not a professional, but just a home buyer or property investor, don’t fret! We have a free entry expo for you to walk in and explore various properties in and around Hyderabad. Come to HICC today and experience the excitement!

Grand Opening Today!

Excited? We sure are with the grand opening of the NAR India 3rd Annual Convention today. For those of you already in the auditorium experiencing it live, there are no words. However for those of you who missed this golden opportunity for whatever reasons, we offer you updates and videos on our website. Stay tuned and connect with NAR India on Facebook, Twitter, Linkedin & Tumblr. Yes, we are everywhere on the world wide web. If you aren’t already a member, don’t wait for next year, sign up today for inspired education & opportunities galore. For random walk-ins we offer a home expo showcasing builders and properties for your dream home. Come connect and celebrate the growth of NAR India.

Mr. Aju Thomas - Hon.Secretary (APRA), Co-Chairman (NAR-India)

The expo has been planned in two halves - convention and corporate provision. The exhibition is to have brokers visit the city of Hyderabad, look at investment opportunities. The expo has been planned on an international scale. The idea is to give the developer a platform with a pan India panel of brokers. This is a good opportunity for the developers to come together on a platform. NAR would get all the brokers together. Further speaking on the market conditions that exist.

Mr. D Sreedhar Reddy, Managing Director, Lanar Realtors Private Limited.

APRA is an association of Realtors with almost 65 member companies in India. APRA is a member of NAR India along with other city members. In turn NAR India is a member of NAR USA and of ICREA which has 45 members. Each year a convention is held in different parts of the country and also has a representation of international delegation. This year’s convention will be held on July 23rd & 24th @ Hyderabad with participation from delegates across the world.