This case involved the sale of an apartment owned by an NRI investor to a lecturer at a prestigious education and research institution. This case is unique and a textbook lesson in coordination, end-to-end service and professional competence. It demonstrates the value of knowledge of all aspects of a property transaction, competence and access to the range of professional services needed.
It also demonstrates excellence in customer service and a customer-centric approach to property broking. The lecturer was reluctant to pay the brokerage of one per cent and insisted that the service was worth just half per cent.
Read on to find out what happened.
The lecturer, Rohit Srivastava (name changed on request), wanted a residence close to his place of work. Rohit worked for a well-known centre of research and education in north Bengaluru. He wanted to buy an apartment with all trending amenities/facilities that was close to places of frequent visits of his family.
The location and amenities available was a difficult combination to arrive at in the given belt as most apartments in projects of established builders were already taken. Also, there aren’t many new developments in the belt Rohit was interested in. Some apartment complexes did not have the amenities he wanted.
The case was handed over to Sajid Mustafa Baig, one of Silverline Realty’s agents.
It took a great deal of scouting to identify projects that would be suitable. With many of the projects that had a fit being sold, the trick was in scouting around in the secondary market. Sajid went into deep excavation and struck pay dirt. He found an NRI investor who wanted to sell a flat he was holding. A shrewd operator, Sajid does not reveal how he zeroed in on the investor – it’s his trade secret.
A visit to the project and Rohitsaw his name written all over it. Sajid and Rohit went over the checklist to evaluate it nonetheless, and all boxes ticked. The project’s amenities, location and aesthetics along with Baig’s gentle persuasion tipped the scales.
The project meeting with approval of the buyer and the parties arriving at the price was just half the job done in this transaction. While this would be the ‘close’ with only the customary round of handshakes left normally, there was a great deal of work to be done still in this case.
The NRI seller was based abroad. Sajid escalated the case to Zahed Mahmood, Director, Silverline Realty Pvt Ltd. Here lay the challenge that took all of Zahed’s competence, acumen, management skills and experience. The first of a series of his masterstrokes was helping the buyer arrive at a lower TDS amount based on cost of procurement for buyer and present sale consideration. With the help of a chartered accountant, the TDS was pegged at eight per cent against what could have been 26 per cent.
The documentation was an elaborate process with the papers having to go between Bengaluru and London. Silverline Realty Pvt Ltd’s channel partners were used at the NRI’s location to facilitate the paper work. Also, the rules there involved certifying of signatures by prescribed authorities. The sale deed registration involved a power of attorney. The bank’s scrutiny and documentation for the loan were complicated and Rohit needed hand-holding till final disbursement of loan.
The elaborate paper work and documentation of various agreements involved both legal and finance professionals. Sajid used the vast resource network of Silverline Realty to put together the big picture that saw transfer of good title from the NRI to Rohit.
The transaction was closed in two months. It was a remarkable case of
perseverance, commitment and above all, professional competence. It displayed the hallmark of a professional realtor and firm – they went the extra mile to put a roof over Rohit’s head. Such transactions remain more than just deals – they stand testimony to the firm’s deep-routed passion for customer satisfaction.
As in many transactions of Silverline Realty, this one too ended on a high note. Both parties were satisfied with the deal and have since referred many homebuyers and sellers to Silverline Realty. The firm acquired clients abroad too thanks to the happy NRI working as an unpaid PRO in London.
The cherry on the cake was Rohit paying the entire one per cent commission, impressed with the extent of work done to seal the deal.
• Investor planning to exit from the property investment identified using market intelligence of Silverline Realty.
• Buyer-seller dialogue facilitated over series of conference calls with Sajid Mustafa Baig of Silverline Realty wearing many hats – negotiator, influencer, advisor – and piloting the negotiations towards the close.
• Professionals – legal and finance – consulted for various aspects of the transaction. A lower TDS arrived at (eight percent against what would have been 26 per cent).
• Effective coordination by Sajid between the parties across two countries takes the pain and burden off the shoulders of buyer and seller.
• Huge PR gains for Silverline Realty as a firm that is committed, professional and resourceful.
• Referrals from both parties.