Dealing with the dealers

Buying Property Investors Advice
#1

Friends/experts.

This is a unique type of question i am asking i guess. But i would like to know how to find out if a dealer is fair and reliable.

What questions we should ask him to know if the rates he is giving for the property are actual market rates. Other than the homework we do on zameen dot com site. As sometimes no matter how much research we do to know the rates still they have clarifications and justifications for the rates given by the dealers. What sort of question we need to ask them. I think if we ask him how much amount of payment order will be made on the owner name ... Will this help... Because in my deals i have always seen that my property dealer tells me that this plot is with investor etc. And in some deals he asked me for splitting amounts in two .. One to make the payment order and other a normal bank cheque or in cash. Various kinds of techniques they apply which is very difficult for overseas and inexperienced buyers to understand. I hope that your inputs will help a lot of other people also. Jazaak Allah

#2

Dear Khalid, unfortunately there is little you can do sitting outside. You have no choice but to trust the dealer you routinely work with. As a general rule of thumb, you should not rely on one dealer and always contact multiple to get a good sense of fair market price. Usually,when a plot is launched in the market, it is with more than one dealer. If the plot is with investor, then it usually means that the investor has done part payment (biyana) to the buyer and not reselling it on profit. In high tide times, I have seen multiple intermediate buyers.

So in property matters, never take one advice.

#3

Property is not a piece of cake , neither it suits all people , even excellent professional minds in this profession commits mistakes now and then , try to stay safe and away max all you can do unless you chosen this field or profession as agent or dealer .

now the max as part time investor u can follow my way.

I am free soul young investor , my family suffered few losses in golden era of property due to investment in wrong projects , or at wrong time or trusting relatives and dealers blindly . U should also careful not to do that .

now end point i take up charge and yes i have lil investment and i do earn a bit in minimum 2 year holding time , though after taxes etc now this field not much to offer for mid or long term or for non professional ppl , also very hard job to keep eye on market and happenings for that lil investment , it gives you sleepless night and anxiety . Specially wild swings can take u 5 year back too if u r very lucky u can earn peanuts but very risky even that . I am surving due to luck plus propertpreneur skills and some mocking birds friend .

a real investor is who use other ppl money to invest or earn which these agents or dealers are mostly doing on commission plus games

after that are investors full time in this profession with offices , they buy and sell for themselves still same issue of stress as having own money sometimes play as bunch of several groups yet fail.

so be a hunter or a prey :)

its unique type of answer p.s go to known reliable agent who earned name in market by better fair play

#4

Good Work bro

#5

Its my personal experience of ist deal after which i always realized that dealer may have eaten 4.5 lac from me.

I went to property office of a dealer who showed me 3 plots.in the evening he do a call to me that 2 have been sold and only one remaining now.next day i went to him in a hassle and he said that already 2 parties are trying to catch k last plot if u want it do immediately biyana of 50 thousand.which i did.then next day he again called n told to give him 3 lac as advance cash which i did then he again taken 26 lac on transfer day as cheaque on owner name n 2 lac as cash.after which i came to conclusion that only 26 lac was given to owner n remaining eaten by dealers....

#6

Dear Khalid,

I agree with ASAD.

Junaid bahi,

In your story(we are calling dealer TOP) it's very clear that don't follow dealers and don't follow senior forum members until you visit the project site where you like to invest.

1:Visit the site and most important is the access.

2:Ask to dealers about market value(not one dealer)at least 3 to 4 dealers.

3:checked at OLX and zameen.com and get idea about market value.

4:If dealer show you something then ask him copy of allotment letter or registry.

5:First clear from society or local patwari(it's depend on your plot).

6:Must check any remaining surcharge(like corner or park face or possession)

7:Ask to dealer to call owner then face to face deal.

8:Don't pay any Biana( token money ) to a property dealer with knowledge of real owner.

9:Don't pay him in advance.1% is commission to dealer when complete transfer to your name.

Regards

#7

Junaid bhai. This is what exactly happen to everyone. I am not exception to this. But in one deal i feel that they ate (dealer and his investor) more than 8 lacks from me. And i came to know about this when i went to CDA for transfer where i saw in the file that the original price of the plot was 1.45 which was the last transfer amount before 6 months.

i wonder how these dealers do this and how come they consider this money as Halal. How do they buy food by this money and feed their children. I always ask these questions myself and i am always in mystery.

i would request all readers and experts to share their opinion and different ways and means on how to validate things and the dealers chaalaakiyaan.

one of the opinion i have as of now is to tell the dealer that he must bring the owner of the plot in first meeting and talk to the owner face to face on the cost. The dealer official right is to take commission which is 1% and that is his right which he should get. Not more than this.

if he is not ready to bring the owner in front then this means that there is something fishy about this and change the dealer.

if one wants to make one permanent dealer he should tell the dealer upfront that in all transactions he want to talk to the owner of the plot.

#8

Aashiaanay ki baat kartay ho, Dil jalaanay ki baat kartay ho, saari dunia Kay ranjo ghum day ker muskaranay ki baat kartay ho.

#9

Pardesi babu... Aap bhee apnay khayallon oor opinions say agaah karain humain. ... Shair o shairyee walee sites oor hain . :)

but anyways like ur tanziya style... Some messages are hidden within it 2oh. :)

#10

It does not matter which agent you use, all are driven by money and will try to take advantage of you if they get the opportunity...its only a question of timing.

Plot buyers have to carry out due diligence and put in place checks. Never be pressurised by dealers and ignore the hype created by the dealers. Always visit the plots on the ground and check with the local authority for NOC.Allow yourself sufficient time for a deal. Beware of agents that do not have a deal but the moment your return flight is near then they suddenly have a deal for you.

#11

Never trust on any dealer!

I am not saying there are not good dealers but it is hard for a common buy to distinguish.

few months back, i was interested to buy a plot in fazaia lahore and met with a lot of fraud dealers. With the virtue of available guidance i survived from any scam but also decided not to buy anything because no one was offering me a plot on terms mentioned above by Nadeem Ahmad. I feel sad because i could not buy a property where i wanted to.

Regarding prices benchmark from zameen.com, does not give you actual data. Most of listings on zameen.com are from dealers and in case of fazaia most of them were fake as well. LRE also provides online prices and when i contacted them, i was told by relevant agent that he forgot to update the price range and he is doing so in a day or so ;-)

so, with all this experience- i went back to my network. Found a 'relatively' trusted agent and was able to deal in another society.

For me, I think i was able to manage the challenge however, it was not a smooth ride and wasted a lot of time.

So, i conclude- dont trust on dealers. Always think you need to do some khawari if you want to avoid fraud. If they are offering you transparency then stay away ( don't accept their claim - this is how they do business). Dealers will follow your terms when they have direct owner and positive intentions

#12

Khalid bhai ye baatein bhulanay Kay liyay Dil Ko samjhana partta hay or aapp kah rahein Hein zakhmo Ko phir khurrach do. Mulakaat kartay Hein phir baat ho gi Insha’Allah. Mansoora mein Lahore Broast ya Qutba per miltay Hein. Kya khyaal hay?

#13

Pardesi sb and Kahlid sb, Count me in as well so i can benefit from your knowledge as well. Which ever place you select :slight_smile:

#14

Dear Asad Malik and Pardesi sab please send me message by WhatsApp because i lost your numbers.

Regards

#15

Nadeem bahi, i will shortly ping you my qatar number

#16

Ok bhai thanks

Regards

#17

Most welcome Asad bhai. Let’s meet when we all can.

#18

Pardaisee bhai sorry apko pahchana nai tha pahlay is naam say :)

Sure miltay hain, my pleasure, but aaj family pak jaa rahee hay to kinda bz.

How abt kal kahee coffee pay miltay hain 3pm at the center costa coffee?

#19

Created a whats app group… All please feel free to join to share instant infoz

#20

Asad bhai share ur contact plz

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