Importance of Possession in Real Estate

There's a million yards to walk before one settles down in one's own home. This is true especially for those who buy their house from a developer.

From the time one books a house to actually getting its possession, there can be plethora of documentation, some disclosed upfront, while others are known over a period of time, which are typically signed blindly by the buyers.

One such document is the possession document between the buyer and developer. Most buyers do not pay much heed to these documents while taking the possession, but they realize the importance of possession after taking the possession of their units.

Building homes involves a lot of process and steps before a buyer can actually occupy his unit for dwelling which we generally call it as "possession of unit to a buyer".

Developers put their heart and soul in marketing, selling and the construction of a property with a lot of focus on building design, materials used, amenities provided, etc. but how many of them do really consider the importance of a satisfactory possession to a respective buyer?

At this stage, the buyers have paid the entire property value, completed registration & all other necessary formalities and now waiting eagerly to take the possession of their unit.

But unfortunately, the happiness of a buyer doesn't lasts long when they are not guided properly with a possession booklet mentioning all the necessary information and the important contact numbers whom a buyer can contact after possession. When a buyer asks "to whom should we contact after possession?".

In general, the answer given to a buyer is "Please contact Facility Management Team" deputed at your premises.

And now, the actual challenges begin because even though the scope of a facility management team is defined somewhere in the agreements signed by the buyer, the practical scenario is totally different due to poor handing over from the project team to a facilities team and eventually, a buyer has to run from the pillar to post to get their issues resolved.

Owning a house is the ultimate dream for most of the people since time immemorial as it gives a secured feeling to an individual of owning their own house and if the possession is satisfactory it acts like a cherry on the top. The happiest moment for a buyer is when they receive a mail or a letter confirmation from a builder stating that the project is ready for possession and they can now move in.  

In addition to all the efforts put forth by the builders, they should also work on customer satisfaction during possession which will definitely help in building their brand image in the market and customers will be willing to purchase and refer their acquaintances in near future.

Unfortunately, in the current scenario the customers are actually not taken care at the time of giving possession of their units by many builders.

Hence, to avoid an unsatisfactory experience of a buyer during possession, following are the few major areas which a builder should inspect in detail before giving possession to a buyer - 

• Door quality, polish and finishing 
• Wall Painting 
• Hairline Cracks 
• Plumbing connections especially the flow and slope in bathrooms 
• No leakage and seepage in the unit 
• Adequate electrical points 
• Tile grouting and hollowness 
• Finishing and the cleanliness of the unit

So, if a developer takes care of the above mentioned points before customer visits for taking the possession, more than half of the work is completed and the buyer will be more than happy to take the possession of his dream house.

A company should also understand the importance of an experienced Customer Relation Manager (CRM) who can satisfy the buyer during handover. Many a times, a small issue not resolved immediately becomes a big concern for buyers dissatisfaction.

Buyers should not feel as if they are only heard or are called only when the commercials are concerned. In such a scenario, a long term relation with the customer can never be build. Handover process should always be a priority for a builder and particularly for a CRM team.

There’s a very old saying --

“All's well that ends well”

As a result, if the customers are satisfied during handover they will definitely consider the same builder again for their next purchase and will also refer to their acquaintances in future.

I hope this article will give the insights to what the customers primarily look for during possession.

Special thanks to Mr. Kumar Kunal for sharing his valuable experience of giving possession to the customers in the real estate Industry.

Please give your valuable feedback in the comments below.