It is the process of selling and buying the land, buildings, apartments and homes in legal manner at affordable prices called real estate. So If you are thinking to develop the real estate business in any location, then you should have good knowledge about it. Here are some basics , tips, and principles of real estate business which everyone must know.
These are my 6 important factors on which I work and would recommend all of you to follow these rules to get success.
- List of property, buyers and sellers.
- Contacting and inviting
- 3 STP( Show the property)
- Arrange for visit
- Follow up and objection handling
- Deal close
So Let’s brief in detail :
- Target your field : During initial level of start, set your specific field in real estate. It falls into these categories: Residential real estate, Commercial real estate, Industrial real estate. I would suggest you to start with residential. Because for commercial you have to be very professional and experienced.so first start with that.
- Target your area: At start of your business rather than targeting the whole city ,Target any specific field or area initially starting with 5 to 10 km area Because if you start working in 50 km area or more large area you’ll get troubled and would get exhausted and fed up and may leave things undone. Later increase area according to the success level because that would be more effective way to concentrate.
- Create a data base of customers : Make a list of buyers and sellers of your area.
- Create a data base of property : Make a list of property in each field including all categories like 1 BHK, 2 BHK, Duplexes . Select good properties that may attract buyers. Add at least 200 – 250 property for residential that are going around to sell or buy .Do not Include Rental flats more than 20 se 25 flat at a time.
- Expand Your Social Media Presence:. Set yourself up for social media to target potential clients . Leverage Social Media to Connect and Engage. Make pages of your company and add social sharing to your property page. Through some free websites u can help to reach more people out there. There are many websites where u can buy the listing free for example Common floor, 99 acre, magic brick , quicker , OLX etc. Have a Business Card.
- Get an SEO Web Design : Create a website for yourself .Your website is the home base for your real estate Make sure that your website is mobile friendly. .
- Build relationship with experienced real estate agents : you have to Keep in touch with real estate agents and Focus on Relationship Marketing. Team up with an Experienced Listing Agent that would be helpful. Host some Parties & Get-Togethers for them to build strong relationship and to get an idea about market. You may join with them in Whatsapp groups.
- Keep in touch with past clients: Be in touch and Call Your circle regularly to get More Seller Leads from Past Clients. Attend Local Networking Events Regularly. Add them in social media and Whatsapp groups . Keep An Eye On The Competition. Take note of it to replicate their success and avoid their mistakes. Share local images with clients.
- Contacting and inviting : When u get the lead then contact them Nurture Leads Through Email .know their requirements and sell them the matching property. Call and invite them on regular basis. Ask them for meetings and arrange according to their prior engagements . Meet them whenever they want week days or weekend or how many times they want to see multiple properties. After showing properties call them within 1 or 2 days to make the deal final otherwise they will forget about it.
- Follow up : Setting meeting after meeting is the secret of business. Whenever they say I did liked the property, take other appointment immediately in week days or weekend whenever they want to see. Call until they deny directly not to buy.
- Self Representation : You should be well dressed in meeting , talk very nicely Use good script and maintain good posture for good impression. because first impression is the last impression. As You will get some percentage and that’s a good amount so do good homework for property. While visiting to property keep a diary with u to ensure the correct info .
- Have patience and Give them time to decide .
- Be confident and gather all possible knowledge about your property.
- Objection handling and negotiation : Set at ease .if the customer find the deal costly then try to Convince them by telling the benefits and feature of the particular flat , the details of market rate , trends demand, construction quality and status symbol . While negotiating please don’t argument for price. Try to fix a negotiable amount by mutual agreement.
- Deal close : after getting everything done final the deal as soon as possible. Always Ask buyer to bring cheque book and seller to bring documents to settle down the deal without wasting the further time.