Current Real Estate Market Scenario—Property Brokers and Agents

Real estate agents do not share information on the listing they hold with other agents. This means a seller has fewer chances of meeting the right buyer and buyers looking for the right property find the going tough. The agent’s priority is to not be cut out of the deal. Real estate agents follow their own methods and practices and cannot generate leads on a regular basis. As a result property brokers do not have enough listings to serve buyers nor do they have genuine buyers to match properties they offer. Brokers do not share inventory information and lose out on good deals. The buyer and sellers are also affected. Compounding the issue is the fact that real estate brokers spend less on advertising and rely on word of mouth or direct deals to close a sale. They are unwilling to spend on ads as there is no assurance of income. Another issue that affects property deals through brokers is that most of the brokers do not have any formal background or training in real estate broking. Most of them operate with a mobile phone and a small office with a small back up support staff. There are no licensing rules and the brokerage practice is not subject to formal rules. Real estate brokers see a high turnover in staff since they pay less and once an employee learns the ropes he starts his own business and becomes a competitor. Real estate brokers do not have a system of incentives for staff or adequate motivation that would result in better productivity. The net result is that buyers and sellers find it difficult to zero in on the property of their choice.