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Best Practices in Real Estate Brokerage
 

Best Practices in Real Estate Brokerage

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    Best Practices in Real Estate Brokerage Best Practices in Real Estate Brokerage Presentation Transcript

    • BEST PRACTICES IN REAL ESTATE BROKERAGE MANAN CHOKSI REGIONAL DIRECTOR RE/MAX MUMBAI GUJARAT MAHARASHTRARE/MAX Mumbai – Gujarat – Maharashtra
    • How is the market ?It depends whether you want to buy, sell, rent or invest? How do you wish I can help you?RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Problems faced by Real Estate Broker• Client does not pay the decided brokerage• Client negotiates on the brokerage• Client claims that property has not been seen through a broker• Brokers give incomplete information to each other• Clients is not given idea on the valuation of his listing• Client is not updated about his transaction requirementsRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Comprehensive FormRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Client FileThings to Include•Client Information Form•Property Activity Details•Move – in details and end of service agreement•Email Communications•List of documents needed for agreement•All agreements processed•Formal communicationRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Presentation PacketThings to IncludePromotion Material• Your office profile• Your agent profileChecklists• Documents required to do agreement• Documents to take care for buying from builder• Documents to take care for buying resale propertyRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • • One – page fliers• 10 steps to sell your home for more• 10 steps to buy your property for less• 10 steps to take care while renting propertyEducation based Marketing• Buyer Guide• Seller Guide• Process of a real estate transaction• Your office process flow and documentation• Mandates and FormsRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Lead Management System• New inquiries generated• First level meetings• Property Showings• Property feedback• Negotiation & Offers• Token done• TransactionsRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Process of serving a buyer Get the details of Coordinate Follow-up and the lead Property Showings close Prepare and send Documentation Define deliverables brochure of and Legal and explain service matching Paperwork properties Property Registration and Requirement Post requirements move-in processes Details Understand Need, Search matching Wants, Concerns Invoice and property on various and clear customer feedback platforms requirementsRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • • Client Basic detailsContactDelivera • Office services to a buyer over email/ individual meeting ble • Understanding the client and documenting the requirements PRF • Find matching properties on MB,99acres, other portalsSearchi • Also in newspaper, magazine and database of agents you are working with. Send out email, ng for SMSoptionsBrochur • Send out brochures of the matching properties to the clients es RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Property • Collect Feedback on the propertiesShowing • Send out buyer offer to the respective seller or the seller’s agenOffers • Send out documents to the legal team and prepare the documents. Ensure buyerDocume interests are servedntation • Help in registering the property and facilitate move-in to the property. Get a client sign-Registra off during the property possession and invoice the client for dues tion Client • Collect Feedback of the service provided by the agent and officeFeedbackRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Process of Serving a Seller Get the details of Coordinate Follow-up and the lead Property Showings close Prepare and send Documentation Define deliverables brochure of the and Legal and explain service property Paperwork Property Listing Post and advertise Registration and details and listing move-in processes exclusive mandate Understand Need, Search matching Wants, Concerns Invoice and buyers on various and clear customer feedback platforms requirementsRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • • Basic Details of the clientContactDelivera • Office services to a seller over email/individual meetings ble • Understanding the client requirements and listing details PLF • Pitching for exclusive mandate • Find matching requirements on MB,99acres, other portalsSearchin • Also in newspaper, magazine and database of agents you are working with. g for • Send out email, SMS buyers • Send out brochures of the property to prospective buyersBrochur • Just listed postcards and property placard to market the property effectively esRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Property • Collect Feedback of the property and update sellerShowing • Send out seller’s offer to the respective buyer or the buyer’s agentOffers • Send out documents to the legal team and prepare the documents. Ensure buyerDocume interests are servedntation • Help in registering the property and facilitate move-in to the property. Get a client sign-Registra off during the property possession and invoice the client for dues tion Client • Collect Feedback of the service provided by the agent and officeFeedbackRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • EXCLUSIVE MANDATERE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • What is a Mandate?? Written authorization and/or command by a person, group, or organization (the mandator) to another (the mandatary) to take a certain course of action.RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • What is a Exclusive Mandate?? A situation where both the agent and his office are contractually bound to do their very best to market a customer’s property within the period of time laid out in the Exclusive Mandate.RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Advantages for the Broker Guaranteed Commission No Wastage of Time No Unnecessary Sharing of CommissionRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Advantages for the SellerRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • More Advertising for the SellerInternet, classified ads, fliers, housetours, etc. Your agent will know that hecan invest safely in your PropertyRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Gets More Agents To Work For the Seller Your agent knows more agents than you doRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Higher Price for the Seller Your agent will insist that you wait for higher offers, within reasonable time limitRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Seller is Better Informed Your agent will feel safe investing his time in your propertyRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Seller Gets Better Service Explain clause for possible termination if the service provided is not what was agreedRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • 7 Steps To Exclusive Mandate1) Call & Fix an appointment2) Meet & gain confidence through Personal Promotion3) Discuss Services Provided4) Marketing Plan5) Benchmarking Property Price6) Commission and Terms Negotiation7) ClosingRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Open House• A day when a property is kept open for all the visitors to have a look and give an offer on the said property if they are interested in buying it• Effective and efficient way to manage property viewingsRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Long term v/s Short Term Mindset “Plant for the future” “Hunt for today”RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Time ManagementRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Database ManagementCategorize your database• Past clients• Vendors• Current clients• Prospective Clients (Leads)• Niche Farm• Geographic Farm• Friends• Family• Professionals• Real estate agents based on geographyRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • Some last points• Collaborate – don’t compete• Employees or Associates• Regulation and Licensing• Organized Broking is the future• Education and Market KnowledgeRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • No Excuses• Great Sales People do not give excuses, they accept 100% responsibility for their success or failure.• If they don’t achieve theirTarget, they don’t revise them,they simply revise their activities.RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
    • THANK YOURE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com