Buying or selling property is one of the most significant financial decisions you will ever make. It’s exciting but also a little daunting—especially when you’re dealing with the pros: property dealers. While there are many reputable property dealers in Mohali, like any industry, there are secrets they might not be eager to share. But fear not! Today, we’re pulling back the curtain to reveal some of these industry truths.
1. The “Exclusive” Listings Are Not Always Exclusive
One of the first things property dealers might boast about is their access to “exclusive” listings. These are properties they claim you won’t find anywhere else. But here’s the truth: many so-called exclusive listings are often listed with multiple dealers or even available on public platforms.
Pro Tip:
Before believing an exclusive listing claim, do a quick online search. Websites like PropertydealerinMohali, MagicBricks, 99acres, and Housing.com can help you cross-check.
2. Commission Negotiation Is Always Possible
Most property dealers in Mohali charge a standard 1-2% commission on transactions. However, this rate isn’t set in stone. Many clients don’t realize that these fees can often be negotiated, especially for high-value transactions.
Personal Anecdote:
When I was selling my first property, I felt hesitant to negotiate the commission. A friend encouraged me to ask for a lower rate, and to my surprise, the dealer agreed to 1% instead of 2%. It’s always worth asking!
3. Not All Property Dealers Are Area Experts
A property dealer may claim to know every nook and corner of Mohali, but their expertise could be limited to specific sectors or neighborhoods. If you’re looking for property in areas like Aerocity, Kharar, or Zirakpur, ensure your dealer genuinely specializes in those locations.
Practical Advice:
Quiz your dealer about nearby amenities, ongoing developments, and property trends. If they struggle to provide detailed answers, it’s a red flag.
4. They Prioritize High-Commission Deals
Let’s face it: property dealers are running a business. Naturally, they’re drawn to deals that bring them the most commission. This sometimes means steering you towards properties that might not suit your needs but offer higher returns for them.
How to Counteract:
Be clear about your requirements and budget. Don’t be swayed by properties that seem out of sync with what you’re looking for.
5. Hidden Costs Can Surprise You
Property prices advertised by dealers often exclude additional charges like registration fees, stamp duty, maintenance deposits, and brokerage fees. These hidden costs can add up significantly, catching you off guard.
Example:
A friend of mine once finalized a flat in Mohali for ₹60 lakh, only to discover that the total cost after taxes and fees was closer to ₹70 lakh. Always ask for a detailed cost breakdown upfront.
6. “Under Construction” Properties Might Be Riskier Than They Appear
Many property dealers in Mohali promote under-construction properties as lucrative investments due to their lower prices and potential for appreciation. However, delays in construction, changes in project specifications, or even developer defaults can turn these investments into nightmares.
Pro Tip:
If you’re considering an under-construction property, research the developer’s track record. Stick to RERA-approved projects for added security.
7. They May Not Highlight Negative Aspects
Noisy neighborhoods, waterlogging issues, or poor connectivity—property dealers might conveniently “forget” to mention these downsides. It’s up to you to uncover the full picture.
Practical Advice:
Visit the property at different times of the day and week to get a sense of the surroundings. Speak to neighbors for honest feedback.
8. Some Dealers Collaborate With Developers
While collaboration isn’t inherently bad, it can lead to biased recommendations. A dealer working with a specific developer might push their projects over better alternatives in the market.
How to Spot Bias:
If a dealer is unusually insistent on one project or avoids discussing alternatives, dig deeper. Independent property consultants might offer a more balanced perspective.
9. Market Trends Aren’t Always Reliable
Property dealers often use buzzwords like “rising market” or “booming area” to create urgency. While Mohali is indeed a growing hub, not every sector or locality guarantees skyrocketing returns.
Real-Life Example:
A few years ago, an acquaintance invested in a “booming” area that still hasn’t lived up to its hype. Research thoroughly before making a decision.
10. The Importance of Paperwork Is Downplayed
Dealers often focus on closing deals quickly, which can lead to overlooking critical paperwork. Missing documents or unclear titles can cause legal headaches later.
Must-Have Documents:
- Sale deed
- Property tax receipts
- Approved building plans
- Encumbrance certificate
Consult a lawyer to verify the paperwork before signing anything.
11. They Might Downplay Resale Value
If you’re buying property as an investment, the potential resale value is crucial. Some dealers might not emphasize this because it’s not their immediate concern.
Practical Advice:
Think long-term. Research historical price trends in the area and factor in upcoming infrastructure projects.
12. Online Listings Can Be Misleading
Photos on property portals can sometimes be too good to be true. Dealers often showcase properties in the best light possible, which might not reflect reality.
What You Can Do:
Always visit the property in person. Virtual tours and photos are helpful but should never replace a physical inspection.
13. Some Dealers Are Open to Buyer-Seller Negotiation
While dealers may discourage direct interaction between buyers and sellers, doing so can lead to better deals for both parties. Not all dealers will allow this, but it doesn’t hurt to ask.
Conclusion
The property market can feel like a maze, but knowing these secrets gives you a roadmap to navigate it confidently. While many property dealers in Mohali genuinely want to help you find your dream home or make a solid investment, it’s essential to approach the process with eyes wide open.
Remember, knowledge is power. By asking the right questions, doing thorough research, and trusting your instincts, you’ll be well-equipped to make the best property decisions. So, the next time you’re in the market, keep these secrets in mind—and happy house hunting!