In an ideal world, we should be able to trust people in their words and this society would be perfect.
Unfortunately, we do not live in an ideal society. Customer awareness and research skills are still nascent and sometimes brands and companies take undue advantage of this deficiency in customer behavior.
We regularly see news of customers being cheated and falling into a trap. Ponzi schemes and bank scams just one example.
Anyway coming back to real estate.
The Customer Fears The Builder.
The customer fears about the quality, timely possession and the price of the unit.
The media did a great job in raising customer awareness and bringing to light various cases where homeowners were not getting possession even after paying the majority of payments.
Off the top of my head, I can remember cases in Noida extension. Builders ran into financial trouble and were unable to complete the project. The homebuyers were left in the lurch.
Later the government and the courts stepped in and some projects are now getting completed.
My experience tells me that the biggest factor in the delivery of a successful project is the builder’s intentions.
As a customer, there is no need for you to fear the builder. Not all builders are out to take you for a ride.
Agreed, some are out just to make a quick buck but most are genuine and want to build a brand. They believe in delivering a quality product.
In real estate, the ticket size is so big that it is natural for anyone to be apprehensive and over-cautious.
I am going to give you 5 actions/indications that will tell you a lot about a project’s credibility. These factors are by no means set in stone but based on my experience I can tell you that if you follow these actions then your likelihood to make good decisions will increase.
Speak To A Professional
Industry knowledge and market expertise are things that cannot be discounted. A search on google cannot beat an experienced professional’s field experience built over a number of years.
I understand the apprehensions about the channel partners but you find dealers and middlemen in all Industries be it Banking, Mutual funds, car dealerships, online stores, etc. . The key is to identify a trusted channel partner.
Do not speak to multiple people regarding your plans to buy a property, this often results in confusion and paralysis in the decision making.
I have seen this multiple times as a well-meaning customer gets utterly confused when everyone that he is speaking to tries to pull him in different directions.
I have written about this before. The easiest thing consumers can do is due diligence. To protect the interest of the real estate buyer the government brought the RERA act in 2016.
The act aims to protect the home buyers and bring transparency in the real estate sector. Every builder has to register the project and submit property documents to the respective state rera.
For projects in Punjab you can check the Punjab rera website here: Punjab RERA
You can also check and search for registered projects and their details under the search registered projects category. On this page, you can see the approved map the change in land use, and other relevant documents and permissions that a project holds.
I think it is a very low hanging fruit and everyone should check these details.
I have seen various builders in the Tri-city show the floor plan without mentioning the actual carpet area on it.
The only area mentioned on this floor plan is the super area. I don’t know about you but I have trouble understanding the logic behind this. When everyone else is showing the carpet area why do some builders don’t do it?
Maybe they are afraid of being compared with other similar products but a smart customer will anyway do so.
It is the customer’s right to make a decision based on the correct information and it is the builder’s duty to provide this information to the consumer.
The customers should insist on getting all the information about the carpet area from the builders. Do not believe roundabout answers ask for specific figures.
The quality of the sales staff at any project also tells a lot about the company’s culture. A helpful honest and professional team is a sign that the builder’s intentions have percolated down to the team.
Remember the culture of any company is set from the top. A sales team that is overly sales-oriented and not product-oriented it is not generally a good sign.
A good product does not have to push people for sale yes a little bit of knowledge is required but a great product sells by itself.
Observe the sales team and their confidence in their product it will tell you a lot of things words can’t.
I am a firm believer in the power of the internet.
I use Google reviews a lot and always make it a point to rate good service and especially bad service or bad products.
You need to keep in mind that a perfect 5 rating is almost impossible for a big business because customer experiences differ from person to person and sometimes the customers have unrealistic expectations that cannot be met by any company.
Keep a margin of 1-1.5 stars from the maximum 5 stars available. A google rating can give you a very good indication of a product and the people.
I send my customers links to projects that a builder has previously delivered from start to completion and even after possession. Google reviews tell your story many don’t want you to hear.
I hope these tips will help you determine the credibility of the builder and the product. In case you have any questions you can get in touch with me on 6283060221.