Mumbai: Whenever turbulence abates and property prices start picking up from the rock bottom they appear to have fallen to, a new breed of professional real estates agents will take over. Today's real estate agents are a distraught lot; business has fallen by 50 to 60 per cent though builders and investors are taking the brunt of the crash. Those out to make a quick buck have quit in a hurry.

There has been a positive side to the happenings in the real estate market. Property analysts are unanimous that what is happening is a `correction' and the future market that emerges, after the cleansing operation, will be realistic and stable. Interestingly, these developments have prompted the broker community to do a rethink on the kind of services they offer and re-evaluate their role from that of a traditional broker, merely bringing together two parties on a table, to that of a professional, conversant with all the nuances of the business.

Not that all the agents have donned the new role, but a beginning has been made. ``Today's real estate agents are on their toes. Only those who give better services to their clients and have a better understanding of the market can survive. No wonder, the reputation of real estate agents has gone up,'' says Keki Mukadam, President, The Real Estate Agents' Association of India.

The association itself has taken note of the new market forces and is in the forefront of educating its members on fair business practices. There are around 1000 members in the association from Mumbai, while the number of unregistered agents is said to be around 4,000.

There is a rising demand for professional services and the paanwala or peon who doubled up as an estate appears to be a vanishing breed. The entry of corporate houses and foreign broking firms into the property market is abetting this development.

Interestingly, the sluggish market has played the role of a catalyst in reforming today's brokers. When transactions almost came to a standstill, `me-too' brokers were forced to quit and the old timers saw themselves competing for a small pie.

``There are few clientele; but more agents and more premises available for transaction. For example, in Nariman Point, there is space available in every floor of every building. But there are few takers,'' says Gabriel Samuel, Secretary, Federation of Accommodation Industry of India. In such a market, no fly-by-night operators can survive.

If the current market is giving a trial-by-fire experience to estate agents, those who manage to get some business are finding that they need to provide more services to clients. According to market circles, three factors are crucial for a broker to make a presence in the market.

First, he needs to be honest and give the proper advice to clients, even if it results in losing some business. Benefit will accrue in the the long run by winning the confidence of his clients. ``Word-of-mouth publicity is the best propaganda a broker can get. If one client is satisfied, another ten clients will come to him through the publicity created by the satisfied client,'' says Mukadam.

Dishonest practices of agents in the past, like giving wrong information on properties, not giving the pros and cons of investing in a property, failing to make the developer fulfil the promises made in a deal etc have contributed in creating the current state of the market. Today's agents are supposed to be accountable and willing to make amends for their mistakes.Secondly, a real estate agent needs to be well-informed about all rules and regulations that pertain to the property market, framed by a corporation, state or central government. A plethora of rules make it difficult for a buyer to steer of complications while working out a deal. ``Nowadays, the work of a broker is a complicated one. Earlier, his role was considered to be over once he introduces two parties. Today, we have to break our heads over minor details, negotiate the price, draft the contract and find out the clauses which will harm our clients etc,'' says A G Baldev, a broker who handles mainly corporate clients.

Thirdly, there needs to be a greater thrust on after-sales service. A majority of brokers are yet to give a thought to this point as for them, once cash changes hands, their role is over. Builders or developers are known to dupe buyers and renege on their promises and even the genuine grievances of buyers are often ignored. According to Mukadam, many brokers have begun to provide these services.

The Estate Agents' Association itself has undertaken various measures to inject more professionalism into its members. It educates the brokers on various aspects of business through its literature; has formulated a code of conduct and has worked out the commission rates payable to them for their services, which the members are advised to adhere to.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.