Building a successful real estate business under RERA (Real Estate (Regulation and Development) Act, 2016) not only requires adherence to legal and ethical standards but also demands professionalism, transparency, and customer-centric strategies. Real estate agents who follow best practices are more likely to gain client trust, avoid legal issues, and position themselves as experts in the market. Here are some of the best practices for real estate agents to ensure they build a thriving RERA-compliant business:

1. Understand and Comply with RERA Regulations

• Ensure Proper Registration: First and foremost, real estate agents must be registered under the state RERA authority. This legal requirement ensures that agents are recognized professionals and are accountable to the regulatory body. It also boosts the agent's credibility in the eyes of consumers.
• Stay Updated on RERA Guidelines: Real estate laws and RERA regulations can change over time. It's crucial to stay updated with any amendments or new guidelines issued by RERA. This could include changes in registration processes, compliance requirements, or consumer rights protections.
• Adhere to the Code of Conduct: RERA has a specific Code of Conduct that agents must follow. This includes acting honestly, not misleading clients, and providing accurate and verified information about properties.

2. Build Transparency and Trust with Clients

• Accurate Information: Ensure that all property details provided to clients are accurate and up to date. This includes project approvals, legal status of properties, possession dates, prices, and amenities. Misrepresentation or providing false information could lead to severe penalties.
• Clear Disclosure of Developer Details: Always inform clients about the RERA registration number of the developer and the project. This allows clients to verify the project’s compliance and ensures transparency in the sale.
• Timely Updates: Keep clients informed about any developments or changes related to the property. If there are delays or other issues with the developer, be upfront about it. Transparency builds long-term trust.

3. Educate Clients About Their Rights Under RERA

• Empower Homebuyers: One of the key functions of a RERA-compliant agent is to educate clients, particularly homebuyers, about their rights. For example:
  • Right to timely possession: Buyers have the right to move into their property on the agreed date, and if there is a delay, they are entitled to compensation.
  • Right to a refund: If the property is not delivered as promised, clients can demand a refund along with interest.
  • Defects Liability: Explain the “defects liability period” during which developers must fix any issues related to construction.
• Guide in Filing Complaints: Help clients understand how to file complaints with RERA if they face issues like project delays, non-disclosure of project details, or quality issues.

4. Maintain Ethical Practices in Advertising and Marketing

• Avoid Misleading Claims: Under RERA, agents are prohibited from making false advertisements or claims about properties. Avoid exaggerating the features, size, or specifications of the property. Only advertise what is factually correct and RERA-approved.
• RERA Compliance in Advertising: All advertising materials (brochures, websites, social media posts, etc.) should clearly state the RERA project registration number and any other relevant RERA details. This ensures transparency and compliance with RERA guidelines.
• Digital and Offline Transparency: Ensure that whether it's an online property listing or an offline flyer, all property details are legally verified and are in line with the information provided by developers to RERA.

5. Prioritize Due Diligence and Verification

• Verify Property Documents: Before listing any property, verify all its legal documents such as title deeds, land ownership, project approvals, and RERA registration. This prevents issues related to fraud and disputes and ensures smooth transactions.
• Check Developer's RERA Registration: Always verify whether the developer and project are registered with RERA. RERA maintains databases where you can check if the developer and their projects comply with all legal requirements.
• Conduct Physical Inspections: Verify the property’s actual condition by visiting the site. Ensure that what you advertise matches the property’s real state.

6. Stay Transparent During the Transaction Process

• Clear Communication with Clients: From the initial property inquiry to the closing of the sale, keep clients informed at every stage. This includes any updates from the developer, potential delays, or any new terms and conditions that might affect the transaction.
• Provide All Relevant Documentation: Ensure clients have access to all documents related to the property, including the sale agreement, title documents, RERA registration details, and payment receipts.
• Ensure Fair Dealings: Avoid steering clients toward properties that do not meet their needs or budget. Instead, focus on finding the right property that aligns with their requirements.

7. Establish a Strong Online Presence

• Leverage Social Media: Use platforms like Facebook, Instagram, LinkedIn, and others to showcase RERA-registered properties and your compliance. Being active on social media helps build brand recognition and trust.
• Create an Informative Website: Maintain a professional website where clients can easily access RERA-compliant listings
• Online Reviews and Client Feedback: Encourage clients to leave positive reviews on Google and other review platforms. This not only boosts your reputation but also helps prospective clients make informed decisions.

8. Build Strong Relationships with Developers and Other Agents

• Partner with RERA-Compliant Developers: Collaborate with developers who follow RERA regulations. This ensures that the properties you market are legally sound and meet consumer expectations.
• Networking with Other Agents: Build a network of RERA-registered agents to collaborate on sales, share information, and help each other with referrals and cross-listings.

9. Provide Post-Sale Support

• Follow-Up with Clients: After a transaction is completed, continue your relationship by offering post-sale support. This could include answering any questions regarding possession, handling paperwork, or providing updates from developers.
• Be a Resource for Clients: Even after the sale, remain a resource for your clients for any issues related to property management, legal advice, or future investments.

10. Focus on Continuous Learning and Professional Development

• Participate in RERA Workshops: Attend workshops, webinars, and seminars organized by RERA or other professional bodies. This will help you stay updated on regulatory changes and new practices in the real estate sector.
• Obtain Additional Certifications: While RERA registration is mandatory, pursuing additional certifications (such as Real Estate Management or Property Law) can give you a competitive edge and make you more knowledgeable.

Conclusion

By adopting these best practices, real estate agents can build a successful RERA-compliant business that stands out in a competitive market. Complying with RERA regulations not only ensures legal protection but also helps agents earn the trust and confidence of clients, leading to long-term business success. A focus on transparency, professionalism, continuous learning, and ethical dealings will help agents thrive in this new era of regulated real estate transactions.