"Property brokers are taking upper hand in recession over property owners and developers from small to luxurious projects to sell to charge a high value commission rates up to 15%."
Who says recent recession emanates cursing effects – there are blessings also, at least, property brokers are being greatly blessed by recession period. They are taking full advantage of this slowdown market condition wherein property sellers are developers are willing to pay brokers with higher percentage of commission rates for bringing them buyers. Property brokers are charging property developers at an increased rate which has mounted from 2 to 5% on the value of property up to 8 to 9%.
One of the recent surveys carried out has evidenced developers are desperate to the extent where they are also willing to negotiate at paying double of what they had paid to the brokers who can supply a ready buyer. India’s property market is truly no more a sellers’ market where buyers and brokers are having upper hand.
Previously, it was only those developers with smaller, medium or weaker projects to be known to pay high value commission of 8 to 9 percent, however, at present, developers with lavish and huge projects have joined smaller property developers in paying 8-9% commission to increase odds of selling their developed property. Property developers are apparently struggling as economical condition has been prophesied to drop even more in the six years down the line, homebuyers are also shying away from further and large property investment, inventories comprising unsold homes are continually building up – all of these reasons al together are leading brokers rates going up as high as up to 15%.
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