The world of real estate is growing significantly, and there are a larger number of parties involved in a particular transaction of buying or selling property. The real estate firms have to deal with their fair share of ups and downs, first with inflation and the latest being the pandemic. As it is an intense capital business, it sometimes becomes problematic to keep moving ahead in such difficult times.
Real estate firms have to keep up with the ever-advancing technology, abide by the changes in laws made by the government, and compete with the growing existence of online real estate agents.
The various parties involved within the real estate industry are as follows:
- Real estate developers
- Property managers
- Mortgage loan officials
- Government agencies
When one thinks about investing in real estate or looking for a property on lease, one has a lot many different images of what they must look like. Bringing these dreams or thoughts to reality is the biggest challenge as well as an opportunity for real estate firms.
Let’s talk about the various characteristics one must look for while one’s on the hunt for properties either for investment or as a necessity:
- Stability: This is a really important aspect either while one’s looking to invest their hard-earned money or for hiring a property on lease by saving for months. How established is the brand, years of experience in the industry, surrounding areas – all these factors are to be considered before making any decision. As real estate is one such buy which is done once in a lifetime for many people among us, and it has to be done the first time.
- Possible upgrades: When one buys any property, it remains with them for long, mostly till generations. As we say, this is the best form of investment if one has that kind of money kept aside. This investment in real estate will help you in some of your really hard times, so it gets important to envision the kind of things that can be done to upgrade or advance the current piece of property. For example, one looks for a space that can be used in various ways in the future, such as commercial, residential, or for leasing, etc.
- Location: As mentioned earlier as well, the property is bought rarely and is not a commodity that can be exchanged or updated frequently. It’s a long-term investment or commitment. Hence, the location of the property plays a very important role in decision-making. One needs to be a forward thinker and have an idea about what infrastructural developments and advancements can lead to the real estate of its surrounding areas selling like hotcakes in the future. And it is not only about selling but also while looking for a property on lease, along with the amenities, one essential criterion is the conveyance to and fro from the particular location.
Hence, decisions should be taken after considering these along with other factors such as the payment terms, amenities and facilities provided, additional after-sale services, assistance with the paperwork and law-related guidelines, etc.
After discussing real estate firms, let’s talk about the real estate agents that work for such firms to make them reach every household. There’s immense competition among real estate agents as they are everywhere. Today, anyone who has knowledge about the market and has mediocre negotiation skills can start selling and buying real estate and which is why one cannot easily differentiate between a good and a mediocre real estate agent.
We are all aware of what agents are. To give you a brief – whenever a person is looking for property, they engage agents who are well aware of the property listings in the preferred area and can help us understand every small detail regarding the property. An agent ideally provides all services from property listings, property visits, dealing with the owner, assisting with paperwork, and sometimes recommending financing options.
Let’s understand the top qualities that some of the best real estate agent must possess:
- Buyer’s agent:This is one of the topmost priorities, that the agent should look out for serving the buyer and not only prioritize making money by making a fool of their customers. They must practice ethical business standards, and money will be made as a by-product. During house-hunting, the customer is already going through a lot, and the agent should respect the fact that they are your customers and make your home run.
- Problem solver: Like any successful entrepreneur, problem-solving is a soft skill that is crucial to come up with creative solutions to different or the same kind of problems. Making a way out for themselves as well as their customers can make them different from others.
- Interest in the market: To become a master in any field, one needs to have an interest in that particular field, and understand the reforms and laws, in order to make it easy for survival in the long run. And not only that, the agent should be updating themselves from time to time about everything new and have in-depth knowledge about the same.
- Attention to detail: A real estate agent should be making it a point to note every small detail about the property, owners, buyers, etc., as he’s the middleman who’s managing all these parties single-handedly. There is hardly any room for error if one needs to stay in the market for a long time.
- Network of connections: The world of real estate is as big as you can imagine. Hence, connections are the only way for you to have the upper hand over others in the market. You have to reach there, where no one has ever been, and maintain connections with all parties involved. The agent has to crack a deal and make a name for himself in the market.
- Engaging personality: Last but the most important differentiator is an engaging personality. As a person who looks after sales and marketing, one needs to be out there and engage with customers and other parties. As an agent, you’re not just selling the property, but you’re selling yourself. This is because the customer should have you registered in his recall memory, which is how references work in the real estate market.
For all the reasons discussed in this article, we are implying that the real estate firms and the agents are the real dark horses in this industry.