Real Estate Regulatory Authority (Rera) For Real Estate Agents
Ideally, when we plan to buy a house we normally approach brokers who get us the best possible house under our budget. But these brokers aren’t properly educated and they will look around places they know which in turn aren’t very big or safe. This is why we need a trusted intermediary; someone who is not only knowledgeable but also well educated. A Certified agent from RERA.It is highly advisory now that anyone who aspires to be a real estate agent must be a RERA agent.
WHY BE A RERA AGENT
Anyone who wants to be a broker should get themselves registered at Rera as it gives the real estate agents a fair chance of a good career.To ensure a fair way of doing business in the real estate sector, RERA mandates all its agents who act as intermediaries to get themselves registered and keep in possession a valid RERA registration number before pursuing any real estate deal on the behalf of any real estate developer.The agents should maintain and preserve proper account logs and other documents as written in the Act. Also, he/she must provide all information and any assistance as written in the Act to the customer.By following these rules an agent can make them disciplined in their job, acquire full knowledge about their work and have clean legal records of the transaction being made with the customers.
DANGERS FOR RERA AGENTS
If a customer even for one feels that his agent isn’t doing his job properly then he/she can lodge a complaint against the agent and then the agent will be facing some serious consequences which are as follows.If the agent fails to do his duties and responsibilities as instructed by the RERA, his/her registration can be terminated. Also, he/she will be penalized up to Rupees ten thousand per day, which may extend up to 5 percent of the total estimated cost of the unit in question. The agent might also be imprisoned up to one year if he/she breaches any orders given by the Appellate Tribunal.
TIPS FOR RERA AGENTS
- Once you have become a RERA agent you must keep the following things in mind:-
- Agents should respect and follow the regulations as given by the Authority.
- Agents should be very informative and should have sound knowledge of real estate market.
- Agents must conduct real estate brokerage business with trust and integrity and provide his best value services to the parties.
- Agents must keep the parties updated of all the facts, information and circumstances.
- Agents should justly and respectfully treat the parties that are involved in the transaction.
- Agents must not be involved in forgery or give false information to the parties.
- Agents should make the transaction transparent and protect the interests of the contracting parties.
Thus considering all of the above pros and cons I think RERA agents can become one of the most successful agents in this line of business and I would advise any aspiring real estate agent to get them registered under RERA for a safe and bright future.