Our group has been offered a nearly 4 hectare project semi developed and the deal has been languishing since October. It could not be blamed on us, but on the licensed real estate broker.
Two things are pending with the broker:
1. We have requested a marketing plan since the person said that the project could be marketed fast; we do not know anybody at the locality. In the discussion last Tuesday, there were many details which were clearly selfish and excuses; so an LOI to market was supposed to be marketing. And said that the deal cant push through without the marketing plan.
2. There is a major issue on the project. It having been registered with the regulatory agency has a mention of a contractor who is declared as a developer. We asked her to research this: at DHSUD and Register of Deeds, as this agreement could have been registered. Again excuses. The lack of research and thoroughness, for a broker now, under very strict professional regulations, cant to my mind is up par with what a broker should be doing. She is bound to have 7 figures income on this deal. Not very professional and thorouh in her job.
I would like to think that the broker is not focussed on this deal, she has so many things in her plate, and lacks time and concentration to finish the deal. It is challenging to call, or get her follow up on the deal
Despite efforts by govt agencies to up the competence of broker, its not happening. Lack of desire for self improvement has something to do with this?
Its not surprising that not much is happening by way or personal and professinal growth
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