When we started our Mumbai commercial real estate agency more formally during the back-end of 2017 we informed clients of our fees if we closed a deal, but would not have anything in writing. We were under the impression that ‘your word is bond,’ well unfortunately there were just a couple of instances that made us change our procedure prior to the inspection. These few events have just made us stronger, better & more professional!
We got our idea from a few of our delinquent clients that would take far too long to pay and/or would try to re-negotiate after the fact, where the response for these few would be ‘you don’t have anything in writing.’
Well now we do.
Recently we have required all clients to sign a confirmation of brokerage prior to the inspection (all existing clients that have not signed will have to sign, sorry, but it is nothing personal and has to be done).
The result has been overwhelmingly positive.
Needless to say, nearly all clients feel that the benefits of finding the right space far outweigh the cost the amount of brokerage that we charge. The fees are the standard rates in Mumbai: 1% for resale properties & for rental properties: 1 month to 3 month brokerage depending on the duration of the contract tenure, some going over 10 years. The proof is in the numbers, till date, over 96% of clients sign the form. And mind you, at Jagaha we don’t do 10-20 inspections a months, we are Mumbai’s most active commercial real estate agency with 100-200 inspections per a month!
For those looking to buy a commercial property in Mumbai or to rent one, before any inspection with Jagaha’s commercial real estate agency you will have to sign our confirmation form and surely you will understand now why! Again, we loved the idea of having your word being ‘bond,’ but it just doesn’t work perfectly from our experience. Having said that, most clients have been a delight to work with, but the slightly more than just a few bad apples have forced us to change our policy.
In closing, we write this to better explain why we have implemented Jagaha’s requirement to sign the form prior to inspection. We look forward to your company “Moving Forward” with Jagaha.com. And thank you in advance for choosing our property site for your Mumbai commercial real estate needs.
Source: https://www.jagaha.com/blog/2018/06/sign-then-inspect
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