Fundamentals in Real Estate Series Part 1

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One of the most complex and significant financial events in peoples' lives is the purchase or sale of a home. Because of the complexity, size, and lack of frequency of these transactions, people typically seek the help of Broker Associates for this process. Broker Associates therefore must have a thorough knowledge of the real estate market in their communities. They must know which neighborhoods will best fit their clients' needs and budgets. They must be familiar with local zoning and tax laws and know where to obtain financing for the purchase of property.

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Fundamentals in Real Estate Series Part 1

  1. 1. Fundamentals In Real Estate Part 1 : Getting Started Pranav Pandya Franchise Development Manager RE/MAX Mumbai Gujarat Maharashtra
  2. 2. RE/MAX Mumbai Gujarat Maharashtra Getting Started o Nature of the work o Market trends o Become the Sales Associate of choice o Four reasons why Sales Associates fail o Sales Associate mission statements o Goals o Marketing plan
  3. 3. Nature of the work
  4. 4. RE/MAX Mumbai Gujarat Maharashtra NATURE OF WORK o When selling property verify ownership and act as an intermediator. o When listing properties for sale, compare the listed property with similar properties. o Before showing properties to potential buyers meet with them to get an idea of the type of home they would like/ afford. o Must follow your client’s instruction thoroughly o Once the buyer and seller signs a contract, you must ensure, all the term of contract met.
  5. 5. Market trends
  6. 6. RE/MAX Mumbai Gujarat Maharashtra • Social – Demographics, Cultural changes • Economic – Consumer income, Interest rates • Technological – Internet consumers, Social media • Competition – Main players, New players, – Their competitive advantages and weaknesses • Regulatory – Laws, Consumerism
  7. 7. RE/MAX Mumbai Gujarat Maharashtra MARKET KNOWLEDGE • As part of the market knowledge that Agent need to have, he has to devote enough time to learn things needed to execute his business well.
  8. 8. BECOME THE SALES ASSOCIATE OF CHOICE
  9. 9. RE/MAX Mumbai Gujarat Maharashtra While selecting an agent what a customer is looking for ? • Trustworthiness – Give a guarantee – Testimonials – Organizations – Positions held – Be up front
  10. 10. RE/MAX Mumbai Gujarat Maharashtra • Market Expertise: Insight into the neighborhood – schools, crime, activities, events, demographics and being able to refer local renovators or landscapers, loan advisors, cleaning services etc.. Neighborhood expertise can be critical in establishing trust - and you are selling TRUST!
  11. 11. RE/MAX Mumbai Gujarat Maharashtra Listening skills – Ask questions – Add testimonials – Buyer interview process Accessibility – Return phone calls or emails – Feedback on showings – Set a minimum contact period
  12. 12. RE/MAX Mumbai Gujarat Maharashtra • Helpfulness – Keep “it’s my pleasure” attitude – Provide literature The best way to get what you want is by helping others get what they want.
  13. 13. RE/MAX Mumbai Gujarat Maharashtra • Professionalism – Negotiation skills – Be patient and flexible – Pay attention – Hardworking – Networked – Diligence
  14. 14. RE/MAX Mumbai Gujarat Maharashtra 1. Unrealistic expectations 2. Not enough working capital 3. Burn-out 4. Part-time work
  15. 15. Sales Associate mission statements
  16. 16. RE/MAX Mumbai Gujarat Maharashtra Guideline questions: • What does your business do, what is the reason for your businesses existence? • Who benefits from your business products or services, what are you trying to achieve on behalf of your customers? • Why is it better than other businesses products or services in the marketplace? • What do you do well? • Who do you serve best? • What actions would you like to be distinguished for? • Where would you like your business to be going?
  17. 17. RE/MAX Mumbai Gujarat Maharashtra Mission Statement examples • I cater to high-tech clients, providing them the kind of service that they expect from a modern real estate Sales Associate. If you consider yourself high-tech, I am the Sales Associate you want to work with.
  18. 18. RE/MAX Mumbai Gujarat Maharashtra I am in business to make sure that first-time buyers have a great experience in their transaction. This includes knowledge of specialized financing.
  19. 19. RE/MAX Mumbai Gujarat Maharashtra • My mission is to make sure that sellers in West Ahmedabad or South Mumbai or Pune sell at the highest possible price in the least amount of time. My thorough pricing techniques help my clients set the price right from the beginning of the process.
  20. 20. RE/MAX Mumbai Gujarat Maharashtra • My business purpose is to help clients from different cultures buy and sell houses in the Ahmedabad/Mumbai/Pune/South Gujarat area. I guarantee a good business experience by communicating with them in their own language and by helping them to overcome cultural barriers every time that this is needed.
  21. 21. RE/MAX Mumbai Gujarat Maharashtra I specialize in helping buyers from overseas purchase a property in my beautiful part of the world. I accomplish this by providing abundant information not only about real estate, but about the entire experience of living abroad.
  22. 22. GOALS
  23. 23. RE/MAX Mumbai Gujarat Maharashtra Have goals for all areas • Real estate career • Spiritual • Health • Family • Social • Recreation
  24. 24. RE/MAX Mumbai Gujarat Maharashtra Guide for your real estate career goals 1. Annual Commission Goal RS.._______ 2. Average Commission Rs. _______ 3. # of sales to achieve your goal #1/#2 ___ 4. # of buyer transactions – you are selling Sales Associate ___ 5. # of seller transactions – you are listing Sales Associate ___ 6. Sales/listings ratio - % listings that sell ___ 7. % of contracts that close ___ 8. # of sales contracts required #4/#7 ___ 9. # of appointments needed to obtain a listing ___ 10. # of contacts to obtain one listing appointment ___ 11. # of listings required #5/#6 ___ 12. # of listing appointments required #11 x #9 ___ 13. # of listing appointments per month #12/12 ___ 14. # of listing appointments per week ___ 15. # of contacts per week #14 x #10 ___
  25. 25. MARKETING PLAN
  26. 26. RE/MAX Mumbai Gujarat Maharashtra Three major areas • Following-up on the transactions that you have on the table • Prospecting for new business • Contacting past clients and centers of influence
  27. 27. RE/MAX Mumbai Gujarat Maharashtra List of Sales Associate Tools • Login name and password to access RE/MAX Mainstreet • RE/MAX Pins • RE/MAX yardsigns • Photo to be used for business cards and personal promotion • Appointment scheduler • Contact management system • Map Book or GPS • Business cards, preferably with photo • Tape measure or electronic measuring device • Amortization table or financial calculator •Thank-you notes •Contact cards •Lock boxes (if applicable) •Listing presentation •Buyer presentation •Smart phone •Laptop computer •Digital Camera •Listing agreement form •Buyer agreement form •Open house signs •Name badge •Flashlight •Basic tool kit (to install yard- signs, etc.)
  28. 28. RE/MAX Mumbai Gujarat Maharashtra Thank You

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