5 Questions for Your Real Estate Wealth Managers
I have always believed that ‘over the counter’ treatment is temporary and one should not often resort to; an expert is an expert and his/her opinion matters, because he/she spends better part of his/her life digging the multi-layered information and mulling, about any particular topic more than others. Here, for the purpose of making it easier for me to write, I will use masculine gender to address the experts. So, when there is any serious decision has to be taken in life, it is better to consult an expert; be it for physical health or financial health. Real estate, one of the most crucial financial decisions of life, is often taken out of emotion or with the help of some quack, who either makes your money stagnate, de-grow or lose value. Before making a buying decision one must consult an expert dealing in real estate. But before doing so, you should look at following points:
1) Educational Qualification: People may argue that what educational qualification has to do with business acumen, and they are right to certain extent as well. But, there is difference between business tactics and business strategy. Tactics is short term event and strategy is long term phenomena and only education can teach you to think long term. Buying decision is just an event, but investment is a strategy and when your savings of many years is at stake, then it should be strategical decision only. So, always ask for educational credential of your Wealth Managers in the field of real estate.
2) Projects Handled: When you are investing in real estate in ‘soft launch’ or ‘pre launch’ stage then ask your real estate Wealth Managers about the projects they have handled. Their project selection will give you the insight about their investment preferences and security of client’s investment. It will help you to understand that whether your wealth managers are looking for ‘risk and return’ or ‘safety and return’ and you can make your decision accordingly.
3) Customer Service: For most of the Indians, buying a house means parting ways with better part of their lifelong earning; so it is sure to give jitters of lifetime as well. So, talk to your wealth managers and pose some of the most complicated but reasonable question to them. If they are patient with you, answer all your questions and accept your rejection with smile, then they are the right person to go back to.
4) 7 Year Itch: Your relationship with your Wealth Manager is also very crucial, but here I am talking about something else. I suggest you should look at the number of years they have spent in this particular field. There are various psychological, mathematical and business explanation of this ‘7 year’ period, and you can choose any explanation according to your own understanding, but this period is somewhat sufficient period to understand anybody’s loyalty to any particular person, business or anything. This time period exposes your Wealth Manager to see and bear the ‘up’ and ‘down’ of the market and anybody who has seen both the phase but is still going strong, then he is the right person to be chosen to be trusted with your money.
5) Grievance Redressal Mechanism: When two people meet, they are bound to have some difference of opinion in the beginning, which later gets sorted out, as they progresses in their relationship. But what will happen when this difference comes up again after conclusion of the deal; is your Wealth Manager going to stay with you despite differences to see you through the problem or he just wriggles out of it and leaves you in lurch? Ask for the grievance Redressal mechanism of your Wealth Manager, which should contain his legal status, jurisdiction etc. If everything goes wrong, you must have a clear cut roadmap to seek legal help.