A slothful realty market is a broker’s boon
For brokers, the slowdown in real estate market is spelling good time. In most cases today, brokerage has been hiked to 3 per cent and in many cases, brokers are being offered as high as 4 per cent.
Around five years ago, brokers hiked the fees from 1 per cent to 2 per cent with the developers’ consent. Now, most brokers claim they are paid up to 3 per cent and in special cases, up to even 5 per cent.
It is seen that in most cases builders offer brokerage of up to 3 per cent and in some cases, more than that. Incidentally, these middlemen are not referred to as brokers any more. In a meeting of brokers from across India around seven years ago, they decided they should be called realtors. But now, the nomenclature is ‘channel partners’.
It is observed that even in retail segment all are seeing the brokerages racing up. Visibly, a slothful market is a broker’s boon.