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Real estate agents are one of the most important players in the industry, helping people make some of the most important investment decisions of their lives. It’s not a responsibility to be taken lightly, and most true professionals understand that.
However, as India still does not have a licensing requirement that depends on a minimum proficiency in real estate knowledge and fair trading laws, anyone can become a real estate agent, and that is the case. So we have paanwalas, rickshaws and many no. -professionals posing as agents. So how can professionals differentiate themselves from others?
First, let’s understand that to be an excellent agent or broker in this field, one must possess and demonstrate important traits such as integrity, a strong work ethic, knowledge of the local market, attention to detail, a friendly personality, the ability to communicate intelligently, among many other obvious qualities.
All agents understand this, but this article is designed to highlight a skill set and service that professional agents must master in order to become the “best in their business” and provide “top-notch service”, the kind that you expect to receive when you walk. in a five-star hotel or restaurant.
To become the best in their field, a broker must implement three key strategies:
1. Technology adoption
Most real estate agents in India do not incorporate technology into their business. This must change. First, a broker must have a web presence, their own website for their business. Today we are checking someone’s website to find out more about them. If they have a professional website, it creates a positive image and improves credibility, but the lack of a website leads to the exact opposite feeling, or a lack of confidence in that individual’s ability to serve us. Additionally, brokers must also make digital agreements available on their website that include their services and fees. Clients can view and sign them directly online, avoiding a significant amount of misunderstandings or headaches later, and it further protects the broker.
It doesn’t stop there. Brokers should use CRM (Customer Relationship Manager) software to improve their relationship with clients and regular communication. They also need to understand digital marketing or hire a professional to handle that side of their business, as all potential clients start their home search online. Learn how to create an online spider web to capture new leads. A steady stream of leads is the fuel that fuels business growth, not money. Without leads, the business will dry up.
2. Code of ethics
The second important element to be the best and to differentiate yourself from others is the implementation of a code of ethics in your company. Brokers must be able to demonstrate to their clients that they are professional and that they understand the current real estate climate, including local laws, and will comply with them while keeping their client’s best interests above all else.
Many brokers in India like to represent both sides of a trade, such as a buyer and a seller, as they will earn double the commission when the trade is closed. However, it is important to note that a broker cannot logically provide a fair or neutral level of service to both clients at the same time. What interests of the client will it protect? Suppose you represent the buyer and you know that he is ready to pay up to 7.0 Cr to buy a specific property, but my job is to try to save him some money so that he can buy it at the lowest possible price. Now suppose you also represent the seller, for whom my job is to guarantee the highest possible price, but you know that he is willing to accept as little as 6.7 Cr to sell it. Now, as a broker, my personal goal is to earn the most commissions, so you can try to close the deal for 7.0 Cr. It’s clearly not in my buyer’s best interest, so representing both sides of a transaction presents a huge conflict of interest. The best brokers will operate according to a code of ethics and try to avoid double representation transactions, regardless of the money to be made. You recognize that it may be a lot to ask, but that’s what it takes to be the best in your business.
When it comes to adhering to a code of ethics, it is important for brokers to join local and national professional real estate associations such as the National Association of Realtors (NAR-India) which can lend credibility to their business. and hold them accountable. Clients will gain a higher level of trust in these brokers due to their association with other reputable professional groups. There are many other benefits that can come from joining quality associations such as the power of networking, education, technology, etc.
3. Manage customer expectations
The third and equally important element of becoming the best in the business is managing customer expectations while providing the highest level of service possible. This includes educating the client so they have realistic expectations.
When listing a house for a client, most brokers simply take the ad at the price the client wants to sell and start marketing the ad in all of their WhatsApp groups and property portals, in the area. hoping to find a buyer. This is not enough, especially if the property is not properly priced for today’s market. The best strategy to put in place to manage a client’s expectations is to present him with a list of properties already sold in his locality. Second, take him on a tour to see current homes for sale that are similar to his in the same locality. By viewing these properties, the seller will see from the buyer’s perspective what can be purchased at the same price. This is an incredibly powerful strategy for managing client expectations and accurately pricing their property for sale. If these steps are not taken and the property is listed above market, the broker is already doomed and may receive a negative reputation for not selling a property that was clearly overvalued.
When helping a buyer find a home, most brokers simply ask what the buyer wants and then take them to see the properties. It’s more important to really understand the customer’s needs, to get to know them. What are their family’s immediate and long-term plans, so the broker can make a more informed recommendation, rather than wasting time looking for properties that don’t meet the client’s needs? Being a broker is about building relationships, where the client feels comfortable enough to share all the important facts with you, such as how they plan to pay for the property. Will they need a loan? Then it’s a good idea to have them pre-qualify to make sure you don’t waste any time. Show them properties within their budget.
4. Patience – a necessary virtue
Real estate agents play an important role in the process of buying or selling a home. All of the above is important, but a final characteristic is patience. To be the best in business, an agent should never rush or force a client to sell or buy a property. Real estate transactions, especially for buyers, are emotional decisions, not always related to money, so they should be fair and feel good, as well as meet the needs of the family. Support them in the process, while being an important source of information and a professional to guide them through to closing the deal. These are the features that make Agents the best in the business.