Broker’s corner: Brand-building, by simplifying real estate jargons

[ecis2016.org] We look at how brokers can build a strong brand image for themselves and also help their customers, by merely simplifying the complex jargons that one comes across in any real estate transaction

A prospective customer has to face many monetary and legal challenges, during his home-buying journey. To complicate matters, they also come across many technical terms during the transaction. Such a buyer would definitely appreciate any effort that his real estate agent would make, to assist him making sense of the jargons that are quite common in the real estate sector.

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Real estate terms that confuse buyers

The process of purchasing a home is a complicated one, because of the involvement of several financial and legal aspects, points out Brajesh Mishra, a Gurugram-based attorney, specialising in real estate deals. “Buyers often come across terms such as repo rate, spread, rest, etc., when they go to a bank to apply for a home loan. A similar confusion awaits them at the time of engaging with the builder/seller. What is carpet area and how is it different from super area? What is common facility and is parking a part of common facilities? Why is the DDA allotting the property on lease? Why is the seller insisting on transferring the property ownership through a power of attorney? The registration process has its own set of technical jargons and it is natural for a buyer to feel flabbergasted,” says Mishra. This is where a real estate advisor can make a huge difference.

How realtors can help home buyers

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As the primary job of a realtor is to guide his client through this rigorous process, it is only natural that they come forward to help their customers to better understand the real estate jargons, so that they are able to make informed decisions. This would give them confidence while dealing with banks, sellers and anyone they meet during the purchase process.

“Often, real estate agents themselves resort to using complicated terms in front of buyers. The reason for this is two-fold: 1) A wrongly-held notion that complicated terms will make us sound knowledgeable; and 2) To deceive the client as try to decipher the meaning of what has been said,” says Akash Malhotra, a south-Delhi based real estate agent. “Rather than adding to the confusion of the buyer, a realtor must put his best foot forward, to simplify things for his clients,” adds Malhotra.

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Simplifying complex jargons: How it helps brokers

It is true that a broker must invest a lot of time, energy and resources, to create a web-series or blog posts, if s/he wishes to simplify the many jargons that a buyer would hear in his home-buying journey. Moreover, there may be no monetary gains from this exercise. However, such an initiative, must be looked at as a long-term brand-building exercise that will ultimately help you make monetary gains, as well.

“If a buyer can trust you with increasing their awareness, rather than misusing their lack of knowledge, you would be perceived as different and trustworthy. This is a sure-shot way to create a reliable image for yourself in a market where scams, frauds and wrongdoings are quite common,” says Mishra.

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This exercise could be all the more crucial during the Coronavirus pandemic. Owing to the lockdown and restrictions on movement, prospective buyers are doing all their research work online and utilising their time at home to firm-up their purchase plans.

Brands that come across as reliable sources of knowledge sharing, would ultimately see growth in the number of their customers.

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