Man Leaves Corporate Life To Become Real Estate Broker, Shares 9 Shocking Realities: 'Lubricate The System'

A former corporate project manager has caught social media's attention after sharing nine shocking realisations about switching jobs to become a real estate broker. After quitting corporate life six months ago, the man said he started working as a small-scale property broker in a Tier-3 city in Haryana, India. Despite his relatively short career in the new industry, the broker said he had already closed four successful deals and earned commissions.

"I left a corporate project management job 6 months ago and became a small-time real estate broker in a Tier-3 city in Haryana. So far, I've earned commission on 4 deals and participated in two property booking/resale transactions (3 partners involved) where we worked on bayana/earnest money and exited before registration," the broker wrote in a Reddit post.

From having to lubricate the system to the unpredictable ground reality of local real estate markets, here are the nine things that shocked the newly minted broker:

• People hate paying for service: The broker stated that even if they help a buyer purchase a property worth Rs 1 crore for Rs 95 lakhs, they will hesitate in paying the person who negotiated on their behalf.
• Good eye for a deal: The main avenue for earning lies in scouting an underpriced deal early and selling it before registration, as the costs may spike.
• Documentation matters: No shortcut should be taken when it comes to documentation. If a buyer would like to sell their property in the future, the initial lack of paperwork could come back to hurt them.
• Word of mouth has no value: Terming buyers 'capricious', the broker highlighted that word of mouth is worth less than money. Some people return the booking amount, claiming that their parents objected, which prompts investors to include a dealer.
• Many brokers don't charge a fixed fee: The broker guarantees a net amount to the seller and keeps whatever is negotiated above that number. Whether one likes this model or not, it's widespread.
• Liasing is extremely important: Knowing the ground reality is far more important in the real estate business than having the money. The broker with the best network often beats the broker with the best sales skills.
• Lubricate the system: Though it may sound unethical, corruption is a key part of the real estate business. If you want a map passed, pay Rs 30,000 instead of the agreed rate of Rs 27,000 so that the government employee will graciously welcome you next time.
• India is insanely rich: The broker pointed out that high-net-worth individuals (HNIs) are abundant in India. In the last 10 years, parties with Rs 50-100 crore in their pockets can be spotted everywhere.
• Nobody knows the future: Extremely shrewd people with full life devoted to real estate and capital over 1000 crores make such flimsy decisions at times, like buying property in areas with no hike or rather decrease.

 Check The Viral Post Here:

I left a corporate PM job and became a real estate broker 6 months ago. Here are 9 things that shocked me.
by u/get_it-h in indianrealestate

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Social Media Reactions

As the post gained traction, social media users shared their experiences with real estate brokers. "I would love to pay brokerage. However, Indian brokers don't understand anything which means service. Just dumping sh*tty inventory without trying to understand the slightest of customer requirements isn't service," said one user, while another added: "Brother, I've been through this. After working tirelessly in breaking down projects and figuring out why the buyer-sidered model doesn't work in India, I instead chose to create interior designing company."

A third commented: "Well, you certainly are an observant person. I'm a developer in Maharashtra. And I've seen people in the industry, for years, and not learn as much as you did in six months."

A fourth said: "I feel you bro! Been through the same hill and met people from the middle class to ultra HNI's in Mumbai!"