A lot of people have misconceptions of what “real estate” means. Let us define the basics of what constitutes the phrase “real estate” since we are in the business of Real Estate! Real Estate consists of a piece of land and any “construction” on it. Note the word “construction” which is the result of human effort. This could include building construction, developments and assets. These assets can be seen in conjunction with the regular assets. For example, in small towns and villages, real estate assets might also comprise of the natural resources of and in the land, such as minerals or water harvests, agricultural produce on land, machinery that comes with the land etc. To sum it up, real estate is made up of, but not limited to, the land that comprises of the physical property and any improvements that are done to any of the structures on the land. Hence, buildings, landscapes, fencing of any kind, are all part of the real estate land. The purchasing, selling and mediation between buyers and sellers of the land is done by real estate agents or property consultants like us.
What is Title?
When referring to Real Estate Management, the word “title” refers to the title that is attached to mineral rights, surface rights and air rights that can be sold under underlying conditions. In some countries, real estate land can be owned, sold, or the ownership of the property and land on which it is built can be transferred. Title is more commonly known as Realty.
The Real Estate Market
The real estate market can be divided into three different classifications with respect to the use of land. These are:
- Residential Real Estate
The various forms of residential real estate includes land that is not fully developed, and also houses that are built and developed on land. Residential real estate include housing for individuals, and groups of people or families. This widely familiar asset group comprises of apartment homes, bungalows, studio apartments, duplexes, triplexes, row houses, villas and other types of living accommodation.
- Commercial Real Estate
Commercial estate refers to property that is being used by businesses and companies to carry out financial operations. The different types of commercial real estate are warehouses, retail store buildings, malls and shopping centres, educational buildings, and medical centres. Hotels can be referred to as commercial real estate, too, because although they are residential, they are used for commercial purposes.
- Industrial Real Estate
Industrial estate refers to the land that is used by industries for business activities such as production and manufacturing of material. Industrial real estate includes factories, mines and farms.
Voicing your Opinion
While real estate is a vast market and there are a number of agents engaged in helping their clients buy and sell property, some real estate consultants stand out as compared to the others. This is because they are much better at their jobs and can successfully close almost every deal with perfection. This leads to creating an impressive image in the eyes of their clients, who then choose to return to them for any future real-estate-related business. As capable property consultants, clients must be made to feel that they have left their fears behind and are venturing into the market space with utmost confidence. If you are in the market to buy properties then do remember that you don’t need “yes” men or women. A professional who is being hired for offering a certain service to you based on his / her years of experience and reputation will not shy away from voicing their opinions in front of you. This is especially beneficial as an agent with a voice and a view of their own is what helps clients make an informed decision to a certain level. All clients and investors necessarily not possess enough knowledge about the real estate market or business. Hence, when hiring an agent, they look for someone who possesses the market knowledge that can help them make better property-related decisions. Clients always appreciate an agent who can guide them through the buying or selling process with utmost care, confidence and honesty.
A professional who is afraid to voice their opinion or has taken up the job solely for the sake of earning a commission does not make it very far in this competitive business market. When clients contact us for hunting for a property to buy or invest in, our agents like to make the best of it and pay attention to promoting a property by focusing mainly on those aspects that they know will be appealing to the buyer or the seller. As passionate as they are towards their job, they make sure to put their clients interests before their own, and focus on communicating with clients in a very non-aggressive manner. A professional property agent works well with both sides while a deal is being carried out. Successful agents often have a growing track record which they must make sure to provide testimonials for. Testimonials of their past work reassures clients that the agent they wish to hire will meet their expectations. This helps give clients a sense of satisfaction that their property decisions are in safe hands. In a competitive market like real estate, there are a number of traits and characteristics one must possess to become the “go-to” property consultant for buyers in the market.
Strengths that Property Agents Must Have
• Local Knowledge
Successful real estate consultants know the ins-and-outs of the business in their surrounding local area. This exposure helps agents gain good working knowledge that can further help them suggest properties to their clients and also give them an estimate price at which the property will likely sell or can be bought. Local market knowledge also helps agents recommend the best real estate opportunities to their clients after carrying out a thorough research of the neighboring locations and prices. A good understanding of the market, the fluctuating prices and ongoing sales give agents an edge over the others in the market, in terms of understanding the rules and regulations in different areas and suggesting the same to the clients accordingly. Understanding the neighborhood and property values in neighboring areas is a crucial step which must ideally be taken by all the agents in the market. That is where the knowledge mainly lies. Budding agents who are new to the city must take some time to familiarize themselves with the place before they start engaging clients, as gathering good local knowledge is what helps agents build a successful career in the real estate market.
• Communication Skills
The most successful agents in the market are the ones who know how to effectively communicate their thoughts, opinions and interests to the clients. A good communication skill-set helps agents discuss any and all property-related matters before a contract is drafted. Once all the details have been discussed with the client, agents must be able to negotiate all the aspects of the deal in a way that both the parties can benefit from it. Capable agents are well-aware of how to get both parties to sign the deal by successfully communicating with their clients as well as the agent representing the other party.
One of the most important traits of a professional real estate agent is honesty and integrity. This means that dishonesty, unethical behavior and immoral conduct of any kind can end an one’s career before it has even really begun. No client would like to work with an agent who sells dubious claims and has a reputation for cheating their clients. When buyers and sellers hire an agent to help them buy or sell property, they expect the best return on the deal. Hence, they make it a point to ask around for references before they can finally decide to hire a particular agent. In a connected world like the one we live in today, reputation matters and therefore be sure that you are hiring an agent who has created a good network and strong client-base that can vouch for them and their work in the field.
It’s no secret that good ethics is what sets an individual apart from the rest of the crowd. It is the same when it comes to a real estate agent. A hard-working attitude is what makes agents standout. Buying and selling property and homes is not an effortless job. It requires an immense amount of research, hard work, time and effort to get both the parties to agree to terms before they can sign a contract and close the deal. Hence, the key to being a successful agent is hard work and moral values, and to be able to do the job with utmost honesty.
• Understanding Rules And Regulations
Only a well-aware real estate agent will be able to understand the rules and regulations of the market and how they apply to real estate and property value in and around a particular region. Agents must be familiar with all the laws related to property and sale value so they do not risk communicating incorrect information to their clients. Responsible agents must guide their clients through all the legal and other necessary paperwork. As most homeowners are clueless about how the market works, agents must take the responsibility to guide them with honesty.
As a property agent in a competitive market, one must make it a point to follow up. When agents fail to do so, they are less likely to be able to establish a bond with their clients. Following up with every property-related lead in order to help close the deal is crucial in achieving success. Agents must learn to keep tabs on all the relevant details related to work on their phones or in their diaries, whatever they find themselves more comfortable with it. Moreover, as a successful agent, one must keep in touch with their clients to check on appointments and meetings. They must also make sure to accommodate their client’s convenience while deciding timings for work meetings.
Stated above are just a few traits that most agents who work with us possess. We always advise fresh young entrants in the real estate industry to keep themselves up-to-date with any and all changes in the rules and regulations even remotely related to the business. This business requires diligent, persistent, passionate, and dedicated individuals keep themselves abreast of the daily dynamics of a volatile market. You have to be informed about the latest developments in the market, latest websites and marketing strategies to keep clients updated about even last minute changes in realty laws and regulations. Lastly, mental alertness, good communication skills, a non-aggressive nature, and a genuine interest in the client’s requirements helps an agent establish an unbreakable bond with their clients that often lasts a lifetime!