StockBrokers aspiring to become Realtors

 With the current volatility in the economy on a global and domestic level we have seen the stock markets get hit. Stockbrokers have now started to look for alternatives to income generation. We shall have a series of articles on why stockbrokers are aspiring to become realtors or will aspire to.

The broker markets have seen a fall in average daily volumes to a nine month low in the wake of new tax rules for overseas investors. Prior to this the euro zone crisis had created havoc in the markets.

In an already difficult market another problem stockbroker’s face is today there is no differentiation between brokers and no unique value addition as organised broking has created a level field. Internet broking has further eaten into the independent broker’s market share.

On the other hand the real estate sector is still booming with potential. There is still scope for value addition unique to a broker. The competition by major organised players is barely a dent in the market. A stockbroker has already a network of clients who trust him which he can leverage. On comparing a person’s wealth invested in stocks and that invested in real estate we can see where the real bounty lies.

Stockbroking has reached a maturation point whereas real estate brokerage is entering the growth stage in terms of developing as an industry.

 

* Type REMAX and send it to 53456 to join the India’s Largest Real Estate Brokerage Network.

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Tools for a Broker Agent – Response and Effective Communication

The biggest problem buyers have is communication; as agents take days to respond and do it on their own terms. Deals are broken and customers are lost because of this. It is necessary to understand the preferred form of communication of the customer and use that. Putting the customer in his comfort zone ensures he trusts you and gives complete information. At times the customer may operate in a manner which does not suit your style of working then it is advised that you promptly and tactfully tell them about the methods of contacting and availability.

One of the ways is: “I wish to give you the best of my services. If we communicate through E-mails/SMS/Calls (choose whichever suits you best) I will be able to reply promptly to your queries. I am the most available during x-y hours.”

This shows initiative on your part and also gives the client an idea as to the best time to contact you. It is important to respond within hours if not minutes. If you are not going to be able to furnish the requirement immediately inform the client if and by when can you give the details rather than not respond at all

Timely and quick responses bring trust and also increase the chances of closing the deal. It could also be the differentiation which gets you more referrals.

 

* Type REMAX and send it to 53456 to join the India’s Largest Real Estate Brokerage Network.

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Things a Real Estate Agent should tell his Client

On the surface real estate brokerage sounds a fairly simple job. Match buyer seller leads; show them a few properties and close the deal. The reality is shockingly different. The buyer will say a hundred different things or not say anything at all. They are usually unaware of the Nitty-gritties of documentation involved during and post the sale. As an agent it is your duty to make them aware of the different documents they will have to get in order for the sale to be complete. You must also inform them beforehand the additional costs involved for example:

Stamp Duty: 5 per cent – varies across states.

Brokerage: 2 per cent

Parking charges: Rs 300,000-1,000,000

Water connection and electricity deposit

Maintenance: Rs. 5-15 per sq. ft. and upwards depending on the type of property

Wear and tear

Legal fees and litigation costs

Home Insurance

Interest cost: If you have taken a home loan

 

* Type REMAX and send it to 53456 to join the India’s Largest Real Estate Brokerage Network.

What does a Buyer want from his Agent ?

Understanding what your buyer wants is the most important thing. A customer hires an agent for his services. Your job is to deliver that and not close a deal anyhow. So let us understand what a buyer wants from his agent which would make him willing to pay a hefty commission.

1.       Responsive and effective communicator

2.       In-sync with market trends and local knowledge

3.       Tuned into client’s needs and timelines

4.       Detail oriented and organized

These are the top four requirements. Stay tuned for details on these 4.

* Type REMAX and send it to 53456 to join the India’s Largest Real Estate Brokerage Network.

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