Real Estate industry has been one of the most sought after industry, since the rewards for the efforts in the same is always high. The question has always been around regarding the ethical standards that are employed here.
Be it the properties bought to make a long term investment or a investment in buying a property and raising a house in India, The real estate industry is always a space that is filled with activities and running around.
So let us find answers to the question that is plaguing your mind.
Over the years, real estate agents have resorted to certain practices that follow the practices of ethics and protocol in aiding the selling of a property. Although there have been certain black sheep that are operating in this area, largely there has been a code of conduct that is followed across the sphere in India.
- No Exaggeration or Misrepresentation of Property:
The agents or the builders that are involved in the sale of a plot or an apartment specify the details of the property as is. The details of the property shall not be exaggerated or misrepresented in facts or figures. In terms of apartments, the carpet area of the flat shall be mentioned clearly along with the list of amenities that are available as a part of the sale agreement.
In the aspects of property verification too, ethical standards and practices shall be followed.
- No personal Gains undertaken
The agents that are aiding in the sale of the property or the verification of property documents shall be handled with utmost professionalism that is expected of an agent. They shall not in any way take any shortcuts that can aid or make personal gains in the process. The agents shall consider their clients first and help them make decisions that are for their benefit.
The agents shall not make decisions on behalf of the client without their prior intimation.
- They shall follow constitutional practices
The Agents shall follow all practices that are well within the law. They shall not follow unconstitutional practices to make sure that a sale goes through even if there are discrepancies in the procedure being followed. They shall leave the decision making to the clients and shall – in no event pressurize them to make a decision that they do not want to make. Also, they shall not indulge in bribery or corruption to make sure their work gets done faster than the rest.
- No exorbitant charges made on the procedures
Every government office that is involved in property verification has certain cess or amount to be paid to get the data about the property in question. The agents shall not charge exorbitant fees for the same but only the charges that are consistent with the rules of the state.
Why is ethics and standards an important for a real estate agent?
Real estate practices are complex, complicated and needs to be done thoroughly.
- Trust is the most important factor that can make sure that clients keep coming to you; real estate business is not a one time affair but a full time activity that keeps happening between clients who want to buy a property, sell a property and so on…
- The standard practices that are followed make it consistent plumbline framework for all agents and this brings a conformity and solidarity to the entire proceeding.
- Ethical practices make sure the entire process is made crystal clear to all the parties involved in the proceeding.
With the introduction of RERA by the central government, the procedures related to real estate activities are made highly transparent and professional.