Best Practices in Real Estate Brokerage

RE/MAX Mumbai – Gujarat – Maharashtra
BEST PRACTICES IN REAL ESTATE
BROKERAGE
MANAN CHOKSI
REGIONAL DIRECTOR
RE/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
requirements

Comprehensive Form

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

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

• 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

Lead Management System
• New inquiries generated
• First level meetings
• Property Showings
• Property feedback
• Negotiation & Offers
• Token done
• Transactions

Process of serving a buyer
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

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

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

Process of Serving a Seller
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

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

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

EXCLUSIVE MANDATE

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.

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.

Advantages for the Broker
Guaranteed Commission
No Wastage of Time
No Unnecessary Sharing of Commission

Advantages for the Seller

More Advertising for
the Seller
Internet, classified ads, fliers, house
tours, etc. Your agent will know that he
can invest safely in your Property

Gets More Agents To Work
For the Seller
Your agent knows more agents
than you do

Higher Price for the Seller
Your agent will insist that you wait for
higher offers, within reasonable time
limit

Seller is Better Informed
Your agent will feel safe investing his
time in your property

Seller Gets Better Service
Explain clause for possible termination
if the service provided is not what
was agreed

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

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

Long term v/s Short Term
Mindset
“Plant for the future” “Hunt for today”

Time Management

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

Some last points
• Collaborate – don’t compete
• Employees or Associates
• Regulation and Licensing
• Organized Broking is the future
• Education and Market Knowledge

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.

THANK YOU

Best Practices in Real Estate Brokerage

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