How hard it is to buy property in lahore? It seems that all dealers are crazy, filthy and greedy.
This has happened on 3 plots now. We select the plot, the dealer says everyone is interested in that plot (as if oil is coming out of the plot), the price gets bumped about 1 lac, i agree and tell him to bring the owner and file. The next day he keeps me waiting all day and at the end says the party is asking 1 lac more. I tell him to bring file and party and we can discuss, the dealer wastes one or two more days and then the deal goes nowhere.
Same experience with at least 3 dealers. I was in lahore for more than 10 days, specifically for buying a plot, all wasted by these scum. If you call them again for the same plot, they say it is available, but the same thing again. Why is it that the dealers do this?
Yes, they do it and that is why if any dealer is not keeping his words for meeting, tell him its over.
Basically they do not have the actual seller with them, they just know that XYZ plot of for sale via ABC dealer, so they negotiate with ABC but giving buyer solid feelings...
its always a who blink first game, if dealer do not show up for meeting and seller .. Tell him its over and you are getting some other plot with better position. Now the dealer is going to be after you instead of you being after him..
People/dealer say 99% lies and maybe 1% truth.. So play their games....
Well waqas! Apart from greed & etc there is another big reason that why buyers & sellers like you are facing such problems.And that is Un-trained dealers.Lot of agents have grown over night.Many have entered from other business in agent-ship & And Estate owners offer them designation of Sales-executive without any proper training.Agents role is to mediate;to negotiate, and this requires certain experience and intuitive skills.Lacking this skills-set they are unable to open,mediate and colse the deals effeciently. The results is angry customers like you :)
Hisham Ashraf
Real Estate Consultant,DHA Lahore
Another reason is to pump up the price. Before taxes, when market activity was high, dealers would get as high as an offer from one buyer, and quote It to another buyer, so that he could raise the price up a bit more, and then the dealer would nudge the next buyer that I have such and such higher standing offer , and the ponzi circle continued. Now since there are not enough buyers, some dealers are trying their best to keep prices artificially high to prevent market from collapsing as long as possible, and in effect are keeping deals in the air. Basically to buy more time.
Sooner or later this will end, and when dealers will be short on cash, they will try to convince sellers to sell lower, after all they want their commissions. This will either create a deadlock by sellers who have holding power, or start downward price trends for properties whose sellers want to get rid of stagnant or depreciating assets.
In many cases dealers are not to blame. It's the sellers. There is an official term in the market called "chaska" where the seller doesn't really want to sell his property, but is just getting a kick out of showing his property as on sale, and getting juicy bids for it. Right now, it's more of a shocker for sellers than any chaska, hence even if the dealer is pushing for sale to make his commission, the seller isn't ready.
Yes that's a Game, But in nowadays property market, they are just trying to recreate what once was their daily game, 4-5 yrs back, now things have significantly changed, there are no quick jumps anymore in most of societies
100 % same game is being played at Gulberg Greens Islooo
Stay away from such dealers and keep looking for good dealers, there are some good people in every profession, though few but they do exist..
I hope you get a clean deal from genuine professional dealer
Thank you everyone for replying to this thread. The comments helped a lot.
I called up about 23-25 agents last week asked them for plots they have and their rates, then I called them again a few hours afterwards (after checking location on map) and gave them my offer, that was about 5-15 lacs less than what they quoted, told them to call me back if they have file and owner ready and they can give file copy on token.
Only 3 got back to me, I didn't like the location of the plot for 1. Went to meet the other 2 dealers, 1 location was awesome so I gave token on spot with file copy and receipt of confirmed token (my offer to him was about 7 lacs less than what he asked on my first call). The land was transferred to me this Tuedey :).
Thank you everyone. I hope this topic will help others.