5 Ways to Sell a Property

Don’t Take Every Listing!

Saleable listings are almost always created at the listing appointment. Some agents tend to have "I’ll take the listing at any cost” mentality; but consider the flaws of that attitude. If you take a listing that is overpriced, the condition is horrible or if the seller won’t allow you to market the property properly - what will the end result be? A frustrated seller, an empty bank account, and a huge amount of wasted time!

Instead, decide that you will only take listings that you feel have a reasonable chance of selling. This may include setting your own internal standards. For example, perhaps you will only accept listings that are within 5-10% of your recommended price range.

To set the stage for success you have to come prepared for listing appointments. Meaning you have to have done your homework. One of the key ingredients to taking a saleable listing is setting the right asking price. Also while summer or autumn takes all the laud winter is a good time to sell your property. 

Take your gut feeling and work backward. As soon as you walk into a home, you have a sense as to what it will sell for. Consider this your "gut price”. It may not be exact, but your sense is usually fairly accurate. Many agents fighting this sense; they look for ways to build up the price. Why? So, they can appeal to the seller. Don’t do it; trust your gut.

Set the Stage for Price Reductions

A terrific technique to use when taking a listing is to explain to the seller that, as a normal part of your sales process, your team mails out a price reduction letter every thirty days to homes that have not yet sold. This will give the seller an ongoing push to reduce their price, a point which you can address during your regular phone follow up calls.

Here is an example, using ‘Sally’ as our agent:

Sally: Listen, I want to really thank you for this listing, I’m very excited to begin marketing the property. I want to take just a couple of minutes and talk about the follow-up process. Would that be okay?

Seller: Sure.

Sally: One of the things that my team does is to mail out an auto-price reduction letter every thirty days. I don’t want you to be offended by this, we do it with every seller. You can do one of a few things with it - Of course, you can throw it away, or save it in case you want to use it in the future. Or you can just fill in the price adjustment and mail it back; if you do adjust your price, let me tell you what will happen then…

By using this simple technique along with some essential selling tips for real estate agents, you will keep your seller focused on an area that they control; price. This opens discussion to price adjustment  creates a better environment for you to sell the listing.

Talk About Inspections

One key to building a sale-able listing is to talk about showings. Sellers often associate showings directly with your performance or lack thereof. They tend to think - If my house is not being shown it must mean that my agent isn’t advertising enough, so bingo they call you and complain. And for the better selling of the property you should know some killing marketing ideas on real estate.

Most agents will then run off to spend even more money on a listing that will never sell. Instead, why not explain the truth to the seller? What is the truth?

Here it is:

If the home is not being shown it’s almost always because the market is rejecting the price. If on the other hand the home is being shown but you are not receiving any offers it’s almost always because there is something wrong with the condition of the house.

If you explain these facts at the listing presentation you will set yourself up to talk intelligently about getting the home sold, instead of just placating the seller with more advertising that will never work.

Example:

Sally: A couple of things we need to be really conscious of, first, if we don’t get any inspections or very few inspections - what this means is that the market is rejecting the price, and no amount of marketing will fix it. 

At that point, I may need to ask you to adjust the price. The reverse would be if we get a lot of inspections but no offers, that would indicate that the buyers are rejecting something specifically about the house. My job would be to find out what it is and see if there is something we can do to fix it.

Be Honest During the Listing Presentation

Most agents think that telling sellers what they want to hear is a good way to get listings; and while in many this may be to true, it is almost always a straight line to the bottom of the profitability barrel. When you mislead sellers, you may end up taking a listing which has little chance of selling. This is a huge waste of time and energy.

Instead, tell sellers what you really think. This may seem radical, but I guarantee they respect you for it.

Consider the condition of a home. Most sellers will ask an agent what they think should be done to prepare the home for marketing. Many agents will respond saying "oh, nothing, it looks terrific!". But what about the holes in the rug? The water spots on the ceiling? Really, terrific?

Instead, try this technique:

Sally: Listen, we can go two ways here. I can tell you what you want to hear, or I can tell you the truth - Which would you prefer?

Client: The Truth

Sally: Are you sure?

If you were the seller what would your answer be? I expect you’d want to hear the truth.

Give the Seller Something to Do

Think about your seller for a minute. They’ve been thinking about selling for the last six months. Finally, they work up the nerve to invite a successful real estate agent over to the house. They listen carefully to the presentation, all the while getting more and more excited about the prospect of selling, and moving. At the end of the presentation, they agree to list the house. Now they are on cloud nine, and they just can’t wait for that first inspection.

Then the first step is taken, and all they can do it wait. They watch your every move; your flyers, your advertising, your website, and your follow-up letters. Perhaps they find mistakes, which in their mind is exactly why the home is not selling. They become frustrated, irritated, and hard to deal with – eventually, they hire another agent. So the real estate agents should know the network building tips for selling property.

Instead of just letting your sellers sit and do nothing, why not give them a list of things to do. For instance - how about a pre-inspection checklist, a pre-marketing checklist, or an after-inspection checklist? This simple list of things to do can provide a seller with an outlet for all of that nervous energy.

To know other tips on education for real estate along with courses on real estate investment contact REET!

How to Start a Real Estate Business with Less Capital

As the real estate industry continues to boom in Australia, many more people are getting interested in using this financial trend to invest into. Whilst having a large amount of capital would allow you greater freedom to invest in the real estate market, not many people know the nitty-gritty fact that to start in Real Estate, you don’t have to start out with huge funds.

Property investment has taken a number of different forms over the years, so let’s look at some of the ways to invest and how to start in real estate with minimal capital and on a low budget.

The stock and bond markets have continued to be stuck in financial woes for the past 10 to 12 years which has made people turn to the real estate markets to move all of their investments over to.

As you may expect those, who invest in the stock market, how to invest in stock market or to know what they are doing in terms of the markets and how companies and businesses are run, but the real estate is no different in both its complexity and its movements in terms of gains and losses.

Get Insider Knowledge with a Training Course

Having a great base of information in regards of how the real estate market and its inner workings function, you might find that you will want to go back to school to learn the ropes. This can be done relatively easily thanks to the number of courses that can be taken to get you right to the heart of the real estate industry in Australia.

Real Estate Education & Training (REET) is one of the best course providers in Australia to start a successful career in real estate and is on hand to help you find a training course that provides you with all of the information you need to be completely informed about the real estate industry of the region where you live.

Not only will you be able to learn all the important aspects that make up the technical and legal sectors of the real estate industry, but you will also learn about the ethics and working practices.

All those go into making a real estate agent, a working real estate agency as well as the interconnection between different aspects of real estate from residential, commercial and industrial practices.

Invest in Short-Term Group Schemes or Long-Term Growth Investments

As, in due course, you gain deeper insights in the real estate industry you will realise that you do not need huge capital to invest in one or many properties to get started in the industry, and that there are a number of schemes that allow investments of only a few thousand dollars to start owning part of an existing housing scheme.

Also to invest your minimal capital into a new build project that offers a shorter term but bigger gain investment or ensures maximum profit. Even with the proper knowledge you can buy real estate without money down.

Many people have seen the rise of new build properties coming onto the market, including both residential and commercial and have invested a small percentage of their incomes into this market.

Once these buildings have been completed and are rented out or sold, you will see a return on your investment, or for those looking to create longer term investments you can re-invest into the scheme to help you build a nest egg for you and your family.

Build Your Real Estate Business through Learning

Once people have seen some of the types of gains or maximum profit range that are available in short term small capital real estate investment, they have been inclined to go onto investing in properties themselves and creating their very own real estate investment business that allows investment for even larger projects.

If you’ve ever wondered how to start in real estate, it has never been easier! If you are interested in getting the insider knowledge on how to start in real estate industry in Australia, then one of the best ways to grow your investment is through REET real estate agents training courses that can boost your knowledge and allow you to make the most of your minimal capital and invest it wisely.

3 Valuable Tips You Must Implement to Avoid Dealing with Fraudulent Real Estate Companies

Photo Credit - bizj.us

In this article, we tried to explore the real estate industry out of Australia and find out some practical tips on how to avoid fraud real estate companies which are useful in aspect of every country.

Buying or renting a property is one of the most important decisions in anyone’s life and requires a great deal of responsibility.  You can obviously not afford getting scammed when a significant amount of money is involved. So you should either go for a tested and professional real estate agent who are always in demand or a trustworthy real estate company.

Dubai’s real estate industry is booming and with that, the number of real estate companies in Dubai has also increased. With so many real estate companies currently present in the market, investors do get confused in choosing the right one.

When investing in real-estate, you must carry out a thorough research on the real estate company you’re planning to work with. Bring out the investigative journalist in you and make sure you deal with reputable real estate companies only.

During your property research, you’ll come across all kinds of real estate companies, both genuine and fraudulent ones – it’s your job to stay alert and spot the fraudulent ones beforehand.

Following are some tips to help you avoid dealing with fraudulent real estate companies in Dubai:

1: AVOID DEALING WITH THE NEW ONES:

Why would you want to risk your hard-earned money by dealing with a new real estate company when lots of well-established real estate companies in Dubai are already there to help you make a reliable property investment?

The problem with dealing with new real estate companies is that you’ve no idea about the future of their existence. A new company will most likely not have any successful projects under its belt which is not a good sign as this is going to make it more difficult for you to assess the competency of the company.

2: AVOID DEALS THAT ARE “TOO GOOD TO BE TRUE”

Whether you’re buying a readymade property or are investing in an off-plan project, always try to stay away with developers who offer investment plans that are just too good to be true.

If the developer is offering a beautiful home located in the most sought after area of Dubai at suspiciously affordable rates then this is when you have to bring out the investigative journalist in you. You must carefully check each and every aspect of the investment plan and control yourself from being carried away because of its super-affordable price tag as this is a pretty old technique used by scammers to lure property investors.

3: MAKE SURE TO CHECK THE COMPANY’S CURRENT AND PAST RECORDS:

Even if the real estate company is well-established and has had a few successful projects, this still does not mean that you can proceed with the deal without giving it a second thought.

Get to know how the company has been performing since the past 3-4 years. Try to get some reviews from people who have recently worked with the company, get to know about their investment experience and then make any decisions.

If you still smell something fishy then its best to consult a trustworthy real estate agent. But again, you still cannot solely depend on the real estate agent – doing your own research is a MUST!

How To Have A Long-Lasting Real Estate Relationship With Your Clients?

Being a real estate agent, this is a huge responsibility on your shoulders to build a lasting relationship with your customers. You should be their top-notch choice among all other options. It can be possible only when you will listen to their requirements attentively to help them out in finding best property. Your minor mistake or any trust issue would spoil everything.

A question will pop up in your mind what kind of trust issues could have been in between estate agents and clients? 

Well, as an estate agent long promises or showing unexpected things to your customers that are hard to fulfil will lose your credibility to a major extent. No one would prefer if you kept on repeating the same thing in future. So, it is essential for real estate agents to keep your clients in touch by knowing following factors. Take a look below at those factors.

Give Importance to Time

We all know time is the essence and we need to give importance to it. Usually, clients don’t like non-punctuality, late response and late arrivals for the meeting. So, you have to follow the time strictly. Make sure you have completed your task on given time that was underlined to and fro in the meeting. Attentive listening would help you to win over your client’s satisfaction. The letting agent in Worcestershire are responsible to complete all the process in time before deadline just because of they know the significance of time.

Proper Communication

It is essential to do proper communication with your customers and keep them updated through latest updates. If they are looking for possible property solutions, then keep on forwarding them few results on a daily basis. It would help them to make mind for their desired option. Communication is a first milestone that you as an estate agent have to achieve for an everlasting relationship with your client.

Stick to Truth

Things would go perfectly if you remained loyal because great promises usually don’t fascinate customers. These days’ they are aware of all the possibilities and non-possibilities. So it is important to design your strategies on reality base. Keep your customer updated through the current market situation and the key factors that influence the real estate market. Stay honest with your words and promise only for what you can do easily because extravagant promises would only turn out as a fool’s errand.

Ensure Your Loyalty

This one can be a hard task for an estate agent. You must be thinking what would be the possible steps that need to be taken? Particular insights can show to the client that would help him to understand about your achievements. Do share your experiences that are relevant to customer requirements. It would help to build your clients trust on you, and they can rely on you for their future option as well.

Design Detailed Strategy

Developing comprehensive plan would be another significant milestone for achieving customer’s trust. If you would do detail analysis on his requirement according to market trends, then it would leave a great impact on him that you are doing best to buy a valuable asset for them. You have to think long-term, so it is essential to work in detail by considering each aspect.

These are the few important steps and skills for real estate agents that would help you to build long-lasting relationships with your client. 

Through these, you would be able to position yourself on top among several competitors. Give importance to your customers’ requirements to win over their trust. Stay honest and avoid different manipulations to grab your customers’ attention because these days everyone keeps on updating their selves from current marketing statistics and new approaches. So, go for reliable real estate agents courses that will help you develop some of these skills.

What Do Negotiation Skills Comprise of in Real Estate?

As we’ve discussed in previous blog articles, a good real estate agent has a number of important skills. Being a position in which you are working closely with people, excellent social skills are a must. The ability to properly manage expectations, convince and persuade people of certain points of view and ultimately being able to negotiate a price that both parties are happy with all falls under this category and can be the difference between a good real estate agent and a great one.

While these skills are touched on during various licensed real estate agent courses, this is often something you usually need to work on with experience.

Understanding The Needs of Both Parties

Negotiation skills can help you get a sense of the potential buyer’s position and use this knowledge to ensure you get the maximum sale price for your client. How willing is the potential buyer willing to pay? How badly do they want to purchase the property? How far should you push back? These are all things that a good real estate agent is able to get a sense of early on in the negotiation process.

Like in any sales focus, both parties invariably keep their cards close to the table, so being able to read people’s body language and other social cues can be very helpful.

Appearing to Be Neutral

While you’ll always be trying get the highest possible price for your client, it’s your job to facilitate the process. A good negotiator will avoid approaching the situation as one wherein they are trying to cheat or take advantage of the potential buyer. Rather, a good negotiator is a trusted advisor that helps both parties reach the ideal agreement help ensure the needs of both are met. If you can earn the trust of both parties, you are in a much better position to do this.

Making The Situation Comfortable for All

Talking about money can be tense at the best of times with people you’re very close with. When it comes to large sums of money and the transferring the ownership of a property, the potential is there for things to get heated if you don’t manage the situation correctly. Ultimately, you’re there to help both parties come to an agreement and often the best way to do that is to ensure everyone is comfortable and in good spirits. If all parties are relaxed, things are going to go much smoother.

Being very positive yourself and adding a little humour here and there can be an effective way of ensuring this is the case; people will often feed off the energy you’re bringing so be aware of the importance of this.

Every great real estate has their own unique approach to how they deal with and negotiate with clients. But there are certain strategies and things to remember that nearly all agents subscribe to and it’s well worth while thinking about them when you’re starting off in the real estate industry.

4 Sales Skills that Make A Great Real Estate Agent

Real estate agent courses are designed to prepare you for a career in the industry and develop all kinds of skills from client management, reading the market and of course the art of selling. It’s a fact that some people are naturally  better sellers than others, and much of what makes a great salesman is built in. At the same time, this is something that you can work on and develop over time. 

This article will discuss a few of the most important sales skills for real estate agents.

Preparation is the Key for A Successful Sale

Every great real estate agent does their homework and understands he market better than anyone. This is something that simply comes down to prep and effort, rather than any specific god-given talent. That said, it is very much a skill to be able to use this information to influence potential buyers. Having the knowledge about what the conditions of the market and the tendencies of buyers and sellers enables you to ensure you are going after the right kind of potential buyers and arms you with the information you need to get the job done.

Listen to Your Clients Carefully

There is some sentiment that being a great salesman is all about having the gift of the gab, but good listening skills allow you to relate with prospective buyers in way that earns trust and increases your chance of making a sale. Listening to the needs of potential buyers when combined with a knowledge of the market and your product, can allow you to convince that what you’re offering is in their best interests.

Take Quick Action 

Actioning requires a diverse set of skills that not only keep ensure the auction runs smoothly and everybody knows what is happening, but essentially keep people entertained as well. A good auctioneer will have natural charisma and a flare for showmanship that drives bidding and creates an overall positive atmosphere. Humour can also be also used in some cases and can help perspective buyers feel as if you are on their side, so to speak. Confidence and a general recognition of when to amp things up and be more assertive is a highly valuable skill.

Every auctioneer will have their own unique style and means of wining the crowd over and it’s usually something you develop through experience.

Acquire Organisational Skills

Organisational skills are highly necessary in a range of different position, and are highly essential for real estate agents as well. Managing a sales pipeline requires discipline and the ability to pick up new prospects and maintaining relationships with current and previous leads. This generally requires a system of some kind and a general knack for organisation.

Real estate agent courses will help you develop some of these skills, creating a good foundation to build upon throughout your career in the industry. From learning to auction to reading market trends, a good course puts you in a great position to succeed. 

For more information, please speak to the team at REET in Sydney today.

Real Estate Agent Courses - Online vs Live Classes

Technology and internet have changed many things about the way we live, including study and education. Today the number of people studying online here in Australia is well into the millions, and there’s no doubt that this form of study can be well worthwhile, particularly when a student has other commitments. Like if they are taking part time real estate agent course and doing a regular day time job, then it can be a little difficult for them to maintain consistency. This however depends on what you are studying and your particular learning style. We can always debate on which method is better between the quintessential and the more modernized learning approach.

Let’s take a look at some of the pros and cons of each approach and find out why learning in a classroom is usually preferable.

Motivation

If you’re a person that finds it easy to motivate yourself and stick to a study schedule, then you might be suited for online study. But it’s not easy to get motivated easily, looking at some random person talking to you from inside the screen. As for the majority of people, being a part of a group that is moving forward every week and going through exercises together, having a real flesh and blood human being to guide can be very beneficial.

It can provide the motivation the person needs to be successful with their study. Real estate business depends a lot on personal interactions if the person who’s mentoring the course has an attractive, pleasant personality nothing can be more motivating for the students than that. 

Flexibility

There is no question that people with a jam-packed schedule may be better off going down the path of online classes. However, there are classroom-based study options offered by real estate course providers that are fast-tracked, meaning if you have just a few days free, you can get yourself qualified. They actually provide courses at various hours of the day of a week giving you the opportunity to select the best suitable time and day for you. There are also night courses. It really comes down to personal preference and your schedule.

Concentration

Not only it can be difficult to motivate yourself when it comes to online study, but absorbing the information effectively is a genuine challenge to. This is particularly the case with real estate agent courses, which, we admit, can be tedious at the best of times. Having a professional that can explain the concepts to you goes a long way in helping you understand.

You don’t learn only from the books and theories, the personality of the mentor, his body language, the aura they have when they are talking about handling a potential customer, all these are such interesting things to study. These are the things that help you to concentrate more than theoretical aspects. Class discussion with others also has a positive effect.

Learning Style

Are you a person that benefits from one-on-one interaction with people, or are you able teach yourself a lot of information in a very short span of time? While you can communicate with teaching staff and possibly other students online, it’s usually done via email, audio and in some cases video. For some nothing compares to sitting down and having a conversation in real time with someone that knows the material.

Often, people may not even know the best conditions for them to learn. In these cases it may be a good idea to go for a balanced approach, where some of the time is spent learning online and some is spent in the classroom.

When making the decision about whether to go for an online or classroom based real estate agent course, do your research and make sure you select one that has a great reputation of producing new agents that find work and succeed. There are lots of options out there for both online and class room based on real estate agent education and training requirements. But the decision of which study method you need comes down to your personal situation, which you know better than anyone else! So think about how you learn best, your other priorities and you can make an informed decision.

How to Pick A Quality Real Estate Agency

It’s fair to say that in just about every market, demand for a product and the customers’ willingness to pay is about more than just what the product is, but also about how the product is presented. Put in another way, having a good sales team can do a lot for your bottom line. In the case of property and real estate, the difference between a good real estate agent and an average one can be huge in terms of your selling price. But what is the best way to pick the best real estate agent out there? 

Let’s take a look at a few things you can do to make sure you’ll be well looked after.

Ask for Testimonials

Being in the digital age, there’s ample information out there about businesses and companies, including people’s experiences with them. While it’s true there is a lot of misinformation and fraudulent reviews online, its usually pretty straightforward figuring out which are legitimate. Do your research on the company and store branch you’re dealing with and always ask for testimonials from the provider. They should be able to provide you with information about the house they’ve sold and their success stories with contact information to previous clients.

 

Go for A Highly Decorated Agent

There are awards that are given to exceptional real estate agents in the field, as voted by peers and people in the industry. The information is available online and if you’re a savvy researcher you should be able to find it without too much trouble. If you’re going for someone renowned in the industry, the higher price you’ll be paying is probably well worth it.

Check the Agent’s Listings

Putting yourself in the shoes of a potential buyer is a smart play when you’re researching your options regarding real estate agents. Check their current listings online and check out the presentation of the homes that are being sold. It might also be a good idea to attend any actions or open house days to get a sense of who you’re dealing with and what to expect.

Experience Is Important

If you’re serious about selling and getting the best possible price and have the budget for a top tier provider, make sure you find out how long the agent has been operating in the industry. While experience isn’t everything, it counts for a lot in this industry and if you’re working with someone with only a couple years in the field, chances are they’re still learning the ropes. That’s not to say that you should shy away from Twenty-somethings, but keep in mind that 10+ years of experience as a real estate agent is usually a sign of success.

Don’t Ignore First Impressions

Real estate agents are people that you need to warm to and feel comfortable with from the get go. While you might have the best agent in town, an understanding and chemistry between yourself and them is crucial if the relationship is going to be a fruitful one. You will usually pick up a positive vibe from a successful agent and sellers will too.


Remember that you need to take your time picking out a real estate agent when you’re selling, as doing your homework can truly make a big difference. If you’re interested in making a start in the real estate industry, speak to the team at REET today to get yourself qualified.