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The Most Dangerous Mistakes in the Real Estate Business

byNHS -

 What is the business in the world in which a man becomes the richest overnight?

Real estate mistake
 It's not possible to become rich overnight in a safe way.It is not possible to become safely rich overnight. But there is one business that can make you a millionaire very quickly.

To become the richest, it is necessary to set up a factory, start a huge business, promote hotels and tourism, start a bus service, start an online clothing import and export business. Marketing should be done on a large scale, a large and reliable website should be created, which would provide employment to millions of people, start a large scale agribusiness, start a cattle business. Therefore, any work in the world should be done on a large scale with the aim of becoming the richest. But did you know that all the above mentioned businesses and other businesses that are started to become the richest, these businesses also require a lot of capital. And if you are the richest person with capital already to start a big business, then this post is absolutely not for you. But do you know that there is also a business in which you can become rich overnight without any investment. And that is the real estate industry.

Real Estate

Millions of people are involved in this business and it is the only business that has huge potential for growth. From builders to brokers, everyone is involved in the real estate industry, sometimes it has been seen that a builder starts a project by investing billions of rupees and a broker who does not even own a car. It also kills this builder some days. Because whoever understood this business, the path of development was paved for him.

But in the current situation, the real estate industry is almost in decline. One of the main reasons for this is the economic decline of the country and the second biggest reason is fraud. Fraud is something that every broker, agent and investor has to deal with. Instead of knowing and understanding the real estate industry, most people play with people's capital by resorting to scams in their get-rich-quick scheme. And if you look closely, the cheater himself is a complete loser.

What is the biggest pitfall in the real estate industry?

This is a question that everyone has a different answer to. But the biggest pitfall for those involved in the real estate industry is the lack of trust. Trust takes years to build but trust is broken in minutes. If you sell a plot or a house to a client in such a society, about which you do not have complete knowledge, then rest assured, you may very quickly become a victim of fraud and your relatives may suffer losses. Your clients can be trapped, because they only trust you, so before jumping into this industry, make sure that the scammer loses their trust. Whether the fraud is committed by you or someone else, in both cases the loss will be yours.

To properly understand the real estate industry, one must begin with the work of a broker to examine the sector in detail.

Broker

A broker is an agent in real estate who does not sell property directly but acts as a link. A broker can approach any investor, and a consultant or dealer sells the property to that investor. Or a broker shows any dealer or builder's property to an investor or buyer and then acts as a point of contact between both the seller and the buyer. The moment the broker connects the buyer and seller directly, the broker's job is over. In most cases, more than one broker may be the point of contact between the buyer and the seller. The broker works on a fixed commission, or in the case of a contract, his commission is allocated. Sometimes brokers demand commission from both sides. And brokers are the backbone of finalizing most deals in Pakistan. But in most cases the efforts of the brokers go in vain. Because sometimes buyers and sellers deal directly with each other and this transaction is hidden from brokers. It is important for brokers to keep proof of the completion of any deal to establish communication between the two parties, so that the brokers can claim their rights when the deal is finalized or closed.
The main reason brokers fail and walk out of any deal is that most brokers double the price of the seller's item, and they think the broker will make more profit than the original price and the seller doesn't mind. do not have. It doesn't happen. There will be, and the brokers themselves will handle the deal on both sides, but 99.9% of all such deals are either canceled or the brokers are kicked out of the deal. The broker is driven out because the buyer learns the true value and deals with the broker to save his capital. If a buyer gets a property or anything else through a broker, he has to bypass the brokers to save his money. Similarly, the seller has the same attitude towards brokers. When he realizes that the broker will make more than the original price, greed takes over the seller, and he drives the broker out of the deal in the process of overcharging himself. . All such deals mostly fail, and the biggest losers are the brokers.

  • A competent property consultant or builder always prefers brokers, and never usurps their rights. Because he knows that the deal was possible through a broker. A broker in the real estate industry does not need an office or other facilities, but knowledge of the area in which the broker operates or the deal he is attempting is essential, and without this knowledge no deal can be completed. May cause damage.
  • A wise broker never inflates or misrepresents the value of another party's property, always allocates his commission to both sides or to one side, and asks for a commission if a deal is made.
  • A knowledgeable and smart broker earns them money on huge margins on trades. And his mediation is never in vain.

(Note: Brokers should never act as a witness, or guarantor, between two parties. The buyer should thoroughly inspect the property he is purchasing, and likewise the seller should exercise all due diligence on the buyer.)
(to be continued)

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