In this new series, I would focus on the latest trends in real estate, properties, home improvement sphere. I will try to fetch trends from across major markets across the world, but my focus will be on India, and specifically on Mumbai because that is MY city. 
OK. When I think about trends in real estate/ properties, the first thing that comes to my mind is that of the BROKERS - the real estate brokers. These are those kind of species who make money for doing little, or practically negligible. I have always wondered how they make so much money! They charge at least 1% of the total cost of the apartment/ home/ flat/ shop/ any property they help in selling (or even giving on rent). I agree that they have references and leads and can roam around for days together (along with prospective clients of course). But I simply fail to understand what additional work they do…
Most of these species are rude and arrogant. They believe that they are THE kingpins of the real estate, without which no one can buy/ sell any property. They treat rich people differently and they simply do not pay much heed to middle-class people (buyer/ seller). There have been reports that many of these brokers have underworld connections and are involved in extortion. They will simply roam around the city showing prospective clients one flat or the other. They will hide important details - like previous owners, if any, of the property; how the rights of ownership have been transferred, etc. They do little work and most of the trouble is taken by the prospective clients. They why should we pay these brokers? My main point here is: Why do we need these brokers?
So the newest trend which I am seeing nowadays is Broker-free deals. There are many customers who do not want to approach a broker, just because the service provided and the price charged are not matched (price is often exorbitant as compared to the service provided). And the best part is, even the builders (or sellers) are encouraging this move. They often provide more discounts for direct sales.
Mark my words - there will be a broker-free real estate dealing culture - may be within a couple of years from now.
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June 30th, 2011 at 4:36 am
Thanks so much for the news!!! I know it will open some eyes.
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July 3rd, 2011 at 10:32 pm
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July 5th, 2011 at 9:01 am
Hell yes, i want write something like this yet didnt in its substantive sense delivered time, may i repost this Properties, Homes & more » Blog Archive » inner state Trends - 1
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