Planting a coconut tree and thinking to start real estate business are the same. The fruits of the business will eventually come in years to follow unlike any other seasonal or conventional ventures. Capital costs are not huge, but the time taken in establishing and developing rapport in the market will be considerably longer. This seemingly simple yet difficult to deal with makes the occupation one of the most challenging one. Thus, passion with perseverance to serve the clients with integrity only can fetch good results in the long-run.
In addition, the real estate market is not well defined and organized. The fast-changing demands of clients on their requirements and working on imaginary budgets often poses threats of inconsistency in their decision making. Under such situations, more of window shopping is done by clients than the real commitment to make the deal. Another enigma faced by real estate clients is to serve a vast variety of clients, within the ambitions of buying big with insufficient funds in hand. They assume it’s a cake walk to tap sources from banks and financial institutions which can be repaid over a span conveniently. On the top of it, real estate is a restricted market and the prices keep fluctuating faster than anyone can imagine. It may be due to scarcity of land and also due to the government regulations to curb irregularities in growth of unauthorized constructions across the city.
Nevertheless, if someone wishes to be a professional real estate agent, he or she can follow some fundamental guidelines which can become their GPS to success in dealing with clients in any situation.
The prospective real estate agent must be a licensed agent (get registered with national level or state level realtors’ associations) to undertake business of buying and selling in real estate in the authorized area. Because professional membership is the key to get clients with confidence. It is believed that professional real estate agents will have to follow the ethical code of conduct that are pledged with the company.
Realtors with specific focus and specialized area of work will be able to exhibit good knowledge of their location, sizes of property available, prevailing rental or lease values, tax burdens on the tenants / owner etc. details. Specializing in a specific field of real estate products such as independent villas, farm houses, apartments, or commercial space etc., will fetch good results in the long run. Furthermore, to be more comfortable in the field and establish strongly, any novice agent may begin with renting and leasing deals which can be undertaken on a daily basis. Indeed, this needs little exercise of getting the directory of local housing colonies and their details with respect to size of accommodation in terms of area and other facilities etc. along with the prevailing rental value that owners are expecting from the tenants.
The initial homework on the location where one wants to establish as a ‘credible real estate agent’ will enable him or her to know more details of the available houses in all dimensions. A good knowledge on the prevailing municipal value per square meter or feet that the government fixes to be paid by the client as a stamp duty or taxes for indulging in buying and selling. He or she must have abilities to create a good rapport in the market. Good salesmanship along with good personal touch will add value to the business that one does while dealing with clients in the long-run. The client’s faith and belief play a significant role in enhancing the market value of any agent over a span. This is purely dependent on how ethical and honest the agent behaves while revealing the nitty-gritties in the financial as well as other details of the real estate being dealt.
Concentrate on niche areas of real estate. Some clients prefer agents with a touch of class towards interiors and architecture as per Vaastu sastra. Finally, to be good real estate agent, one needs to wear all hats of different colors and be down-to-earth in extending the services while satisfying the clients requirements. Right from coordinating the visits, communicating their interests to the owners, negotiating for a better price on a win-win basis, analyzing the pros-and-cons of every deal from a global perspective, and finalizing the deal all aspects etc., all demands good investment of time and energy on the part of agent. However, the job of realtor is no less than dignified and noble, as they help in providing shelter to those who crave for it.