Real Estate Trade – Some Basic Info

The purchase and selling phase when it comes to real estate could be a real profitable one. The various commissions one can get can be up there. This is the reason why there are those who take a gamble getting into a business such as this. But, there are only some who succeed at the real estate trade.

It is beyond question that there has been a great rise in property rates during the past few years and this has been both a gift and a curse for many a house owner as well as many a real estate agent. Also recorded were the shortcomings that happened.

It is necessary for one who wants to engage in real estate trading to understand that this business does not sleep. Client bases can call up from any given place at any given time. This means that you must be prepared given the circumstances. Aside from that, one needs a solid investment in order to pull it off in this business. Also, you will need to put a great deal of effort as well as time in it. There are states that need you to take up an exam. Furthermore, it will be necessary for you to have a license from the state before you get started.

Marketing your estate venture is vital. You should learn the most effective methods in doing so and employ them well. Taking time to read anything and everything related to the real estate business is a definite plus. This will enable you to absorb all the necessary facets there is in the business.

Property has a lot to do with money. With this in tow, it is highly recommended that your finances be managed well. There will be situations where a buyer pays in cash and as such, will take longer to do. With that said, it pays(pun intended) to be prepared for any situation.

There is another factor that plays a major role when it comes to real estate and that factor is litigation. Make sure that the deals you engage in are legitimate and that no laws are broken. A hefty fine awaits one who isn’t legitimate. As such, one must comply with ever law related to real estate, whether local or state.

One more important factor that you shouldn’t ignore is the Internet. The Net is a really huge place and as such, one ought to look up updates and the like in order to be in the know.

Finally, and as the saying goes, patience is a virtue. Clients in real estate can be few and far between. Sometimes though, they can come in droves. What’s important in any case is to calm and collected when the situation calls for it.

The Law of Attraction and Commercial Real Estate Selling

When you work as a salesperson in commercial real estate, nothing is better than to have clients and prospects call you to list their quality property for sale. So how can you create this “Real Estate Law of Attraction”, and optimise it in your career in the property industry? Are you up for the battle?

Your progress in attracting more property market share and listings emanates from your personal actions and focus on a daily basis. So many real estate salespeople in the industry really struggle here, and yet they do not have to. They have a choice, and the reality is they are in control of their success in any market and even the tough one we have at the moment.

To get more listings you have to know more of these people:

  • Property Investors
  • Property Owners
  • Landlords of rented property
  • Tenants in leased property
  • Properties and tenants on a street by street basis
  • Large and successful businesses in your area that own or rent property
  • Local accountants who could have property investment clients
  • Property Solicitors in your area
  • Planning officers

Now this list may not be new to you and you may say that you know these people. Here are a couple of questions that I would like you to think about:

  1. Do you really know these people on a reasonable personal level?
  2. Will they take your call or return your call when you make it?
  3. Can you say what the plans of the key people in the list really are?
  4. Can you say what planning changes and property supply coming up will impact the market?

These 4 questions are foundational to knowing your market fully and building the right business out of it. Many salespeople may indeed know who a prospect or property owner is, but generally they have failed to establish a great relationship with them.

How often have you seen another agent’s property sale sign go up on a property that is known to you and you were only taking to the client or landlord last month or last week (and they said nothing to you about the property sale)? Frustration is common in the industry and this is something you will not totally avoid. Importantly you should get to a position in the local property market where you get more than your fair share of good property listings and that you are the dominant real estate agent with the best listings and best clients.

So the “Real Estate Law of Attraction” when it comes to commercial real estate sales is centred on constant and regular contact with the property people that matter in your local area. The great advantage is that many if not most commercial salespeople do not systematically canvass their market, their streets, and their prospects. They do not make the calls and contact every day. This is where you can be better than the rest.

Make it a rule to personally contact all the relevant people in your database each 90 days without fail. When the selected people have an active property need coming up then simply lift the frequency of contact to monthly. Fill your pipeline of contact with new and fresh people every day. Drop out the dead contacts so you can improve your prospect quality in the pipeline.

The conversions for prospects to potential clients happen on average after the 3rdor 4thcontact with the same person. It may take you that long to get a meeting with those that you target. Most of your competition agents are not sufficiently organised to do that on a 90 day cycle. Set up your model of constant contact and it will become your “Real Estate Law of Attraction”.