You Probably Do Not Change Your Bedsheets Frequently Enough
- 19 October, 2020
- Tips and Advice
How often do you change or wash your sheets? We got you thinking huh? Many of us keep the same…
Ghana has been plagued by a lack of a recognised regulatory body to govern the activities of real estate agents. It seems as though just about everybody is getting into the business. Real professionals, however, distinguish themselves very quickly and are the ones who, because of this, close deals more often and make more money. In order to do things in the same class as the pros, there are a few things you need to know in order to add some efficiency to your processes and gain the confidence of your clients.
This can be summarised in two words: knowledge and presentation. Staying ahead of the competition in real estate requires some serious homework which may be daunting to newcomers in the industry, but this article gives pointers to make it easier both for newcomers and seasoned real estate brokers.
Those who consistently make money in real estate know the market. They know the location and history. They know what new developments are planned. They know the transportation grid and schools. They know everything about the area where they invest. They have to know it all. Staying ahead of the competition in real estate investment means doing your homework.
If you are new to the business, it can be daunting, but in this article, we’ll teach you five tricks that the old pros use to get ahead of the trends instead of chasing them.
Ideally, you should be able to visit the Town and City planning Authority to get information about which new neighbourhoods are slated for development and what the timelines are, but that may be quite a complicated process unlikely to end in success, so play to your strengths.
You are a real estate agent. Sales is what you do; a key requirement for sales is relationship building and leveraging networks. Build relationships with developers, one of the benefits is this, you get to know before anyone else when and where a new community is about to spring up, and the type of residents targeted.
You can start lining up prospects and if all goes well, you may be the de facto agent for multiple communities because of this knowledge.
Another easy way to identify changes that may raise property value or desirability of a neighbourhood is the development of new infrastructure. Keep an eye out for construction of new roads and schools. It’s a sign that the community is set for a growth spurt. Large investments like new shopping centers make communities extremely attractive to homebuyers, meaning your chances of making sales in those areas rise greatly! It’s not difficult to spot new developments. It can be as simple as looking around you as you drive by while signs of foundation diggings and land clearing are classic signs that new property is about to be introduced.
In that regard, finding out the purpose is likely to prove very crucial to a sale you’re looking to make in the near future. Also, when you see signs of work to widen traffic by adding new lanes in streets through some neighbourhoods, that is a sure sign that plans are being made to provide for an increase in population. Your ability to read these signs and advise your clients accordingly will make you an outstanding and trusted agent among your peers.
Your primary goal is to know the current price trends in the area or neighbourhood where you have properties. You should know which neighbourhoods have properties whose prices increase at a rapid rate as compared to their nearest neighbours. Also, find out how the price of homes in the areas you represent compare against the average home price in other neighbouring towns/localities.
Not only does this give an idea of where demand is highest, studying trends helps you develop a sense for what prices are “fair” for the different types of properties in the different neighbourhoods studied or worked in. This knowledge will set you apart from your peers in terms of providing your clients with properties within their budget and specifications (or providing advisory services about such). Monitor these trends with ease by observing price changes and trends of the different neighbourhoods and property types from online real estate market places like meqasa.com.
Do not be greedy and only focus on high-end properties. Sometimes, commissions from the low-end bring better yield since those close a lot faster. If there are two towns side by side – one with high property prices (or with progressively rising property prices) and the other with low property prices, the one with the lower prices is likely to appeal to a greater market size and will usually be more in demand. When you think it’s not worth the effort because commissions are small, remember, you stand to close more quickly; and those small commissions can quickly grow into an enormous payout!
When prospecting new properties, check out the schools around and find out how they are regarded in terms of quality of education delivered. This is a great selling point to prospective tenants who are likely to already have children or are planning on having a few soon. Nearly all neighbourhoods are guaranteed to have a school or two located within or close by.
It helps a lot when you can advise tenants of not only schools in close proximity but also advise them on how they rank among their peers in terms of quality of education and budget. Such areas are often desirable to parents. Access to quality education is a big selling point not only to prospective tenants but also to new home buyers. Talk with residents and even some students if you can’t find the information readily online.
Though it may seem quite obvious and basic, this cannot be emphasized enough: Dress smart to all meetings with clients. When you put in the effort to look good, your client knows you value their business and will return the respect by not wasting your time. Homeowners are also more likely to regard you as a professional who can handle the sale or rental of their property. If you consider formal wear too stifling, you can invest in smart casual wear, which won’t make you come off as too stiff and boring but won’t make you look too laidback and unserious either. When done right, clients and colleagues alike are likely to give you attention when you first come into contact. Take advantage of this attention to make a great first impression that will cement your relationship positively!
When you present yourself with an air of professionalism; do your homework diligently and tap into your local resources and networks efficiently to determine which areas are hot now and, more importantly, which ones will be hot in the future, the rewards are huge, and your quality as a realt estate broker will be remarked upon by your peers and clients leading to more referrals and more leads translating to huge returns on your investment both in cash and in kind.
Most of the information is out there and free for the taking. You just have to be willing to put in the leg work unprofessional real estate agents are unwilling to do and you are certain to be exceptional in the field.