Best Practices in Real Estate Brokerage

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Best Practices in Real Estate Brokerage

  1. 1. RE/MAX Mumbai – Gujarat – Maharashtra BEST PRACTICES IN REAL ESTATE BROKERAGE MANAN CHOKSI REGIONAL DIRECTOR RE/MAX MUMBAI GUJARAT MAHARASHTRA
  2. 2. 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
  3. 3. 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 requirements RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  4. 4. Comprehensive Form RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  5. 5. Client File Things 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 communication RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  6. 6. Presentation Packet Things to Include Promotion Material • Your office profile • Your agent profile Checklists • Documents required to do agreement • Documents to take care for buying from builder • Documents to take care for buying resale property RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  7. 7. • 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 property Education based Marketing • Buyer Guide • Seller Guide • Process of a real estate transaction • Your office process flow and documentation • Mandates and Forms RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  8. 8. Lead Management System • New inquiries generated • First level meetings • Property Showings • Property feedback • Negotiation & Offers • Token done • Transactions RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  9. 9. Process of serving a buyer RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com Get the details of the lead Define deliverables and explain service Property Requirement Details Understand Need, Wants, Concerns and clear requirements Search matching property on various platforms Post requirements Prepare and send brochure of matching properties Coordinate Property Showings Follow-up and close Documentation and Legal Paperwork Registration and move-in processes Invoice and customer feedback
  10. 10. RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com Contact • Client Basic details Delivera ble • Office services to a buyer over email/ individual meeting PRF • Understanding the client and documenting the requirements Searchi ng for options • Find matching properties on MB,99acres, other portals • Also in newspaper, magazine and database of agents you are working with. Send out email, SMS Brochur es • Send out brochures of the matching properties to the clients
  11. 11. RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com Property Showing • Collect Feedback on the properties Offers • Send out buyer offer to the respective seller or the seller’s agen Docume ntation • Send out documents to the legal team and prepare the documents. Ensure buyer interests are served Registra tion • Help in registering the property and facilitate move-in to the property. Get a client sign- off during the property possession and invoice the client for dues Client Feedback • Collect Feedback of the service provided by the agent and office
  12. 12. Process of Serving a Seller RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com Get the details of the lead Define deliverables and explain service Property Listing details and exclusive mandate Understand Need, Wants, Concerns and clear requirements Search matching buyers on various platforms Post and advertise listing Prepare and send brochure of the property Coordinate Property Showings Follow-up and close Documentation and Legal Paperwork Registration and move-in processes Invoice and customer feedback
  13. 13. RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com Contact • Basic Details of the client Delivera ble • Office services to a seller over email/individual meetings PLF • Understanding the client requirements and listing details • Pitching for exclusive mandate Searchin g for buyers • Find matching requirements on MB,99acres, other portals • Also in newspaper, magazine and database of agents you are working with. • Send out email, SMS Brochur es • Send out brochures of the property to prospective buyers • Just listed postcards and property placard to market the property effectively
  14. 14. RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com Property Showing • Collect Feedback of the property and update seller Offers • Send out seller’s offer to the respective buyer or the buyer’s agent Docume ntation • Send out documents to the legal team and prepare the documents. Ensure buyer interests are served Registra tion • Help in registering the property and facilitate move-in to the property. Get a client sign- off during the property possession and invoice the client for dues Client Feedback • Collect Feedback of the service provided by the agent and office
  15. 15. RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  16. 16. EXCLUSIVE MANDATE RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  17. 17. 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
  18. 18. 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
  19. 19. Advantages for the Broker RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com Guaranteed Commission No Wastage of Time No Unnecessary Sharing of Commission
  20. 20. Advantages for the Seller RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  21. 21. More Advertising for the Seller Internet, classified ads, fliers, house tours, etc. Your agent will know that he can invest safely in your Property RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  22. 22. Gets More Agents To Work For the Seller Your agent knows more agents than you do RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  23. 23. Higher Price for the Seller Your agent will insist that you wait for higher offers, within reasonable time limit RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  24. 24. Seller is Better Informed Your agent will feel safe investing his time in your property RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  25. 25. Seller Gets Better Service Explain clause for possible termination if the service provided is not what was agreed RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  26. 26. 7 Steps To Exclusive Mandate 1) Call & Fix an appointment 2) Meet & gain confidence through Personal Promotion 3) Discuss Services Provided 4) Marketing Plan 5) Benchmarking Property Price 6) Commission and Terms Negotiation 7) Closing RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  27. 27. 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 viewings RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  28. 28. Long term v/s Short Term Mindset RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com “Plant for the future” “Hunt for today”
  29. 29. Time Management RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  30. 30. Database Management Categorize your database • Past clients • Vendors • Current clients • Prospective Clients (Leads) • Niche Farm • Geographic Farm • Friends • Family • Professionals • Real estate agents based on geography RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  31. 31. Some last points • Collaborate – don’t compete • Employees or Associates • Regulation and Licensing • Organized Broking is the future • Education and Market Knowledge RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  32. 32. No Excuses • Great Sales People do not give excuses, they accept 100% responsibility for their success or failure. • If they don’t achieve their Target, they don’t revise them, they simply revise their activities. RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com
  33. 33. THANK YOU RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com

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