Fundamentals in Real Estate Series Part 1

Fundamentals In Real Estate
Part 1 : Getting Started
Pranav Pandya
Franchise Development Manager
RE/MAX Mumbai Gujarat Maharashtra

Getting Started
o Nature of the work
o Market trends
o Become the Sales Associate of choice
o Four reasons why Sales Associates fail
o Sales Associate mission statements
o Goals
o Marketing plan

NATURE OF WORK
o When selling property verify ownership and act as an
intermediator.
o When listing properties for sale, compare the listed
property with similar properties.
o Before showing properties to potential buyers meet with
them to get an idea of the type of home they would like/
afford.
o Must follow your client’s instruction thoroughly
o Once the buyer and seller signs a contract, you must
ensure, all the term of contract met.

• Social
– Demographics, Cultural changes
• Economic
– Consumer income, Interest rates
• Technological
– Internet consumers, Social media
• Competition
– Main players, New players,
– Their competitive advantages and weaknesses
• Regulatory
– Laws, Consumerism

MARKET KNOWLEDGE
• As part of the market knowledge that
Agent need to have, he has to devote
enough time to learn things needed to
execute his business well.

BECOME THE SALES
ASSOCIATE OF CHOICE

While selecting an agent what a customer is
looking for ?
• Trustworthiness
– Give a guarantee
– Testimonials
– Organizations
– Positions held
– Be up front

• Market Expertise:
Insight into the neighborhood – schools, crime,
activities, events, demographics and being able
to refer local renovators or landscapers, loan
advisors, cleaning services etc..
Neighborhood expertise can be critical in
establishing trust - and you are selling TRUST!

Listening skills
– Ask questions
– Add testimonials
– Buyer interview process
Accessibility
– Return phone calls or emails
– Feedback on showings
– Set a minimum contact period

• Helpfulness
– Keep “it’s my pleasure” attitude
– Provide literature
The best way to get what you want is
by helping others get what they want.

• Professionalism
– Negotiation skills
– Be patient and flexible
– Pay attention
– Hardworking
– Networked
– Diligence

1. Unrealistic expectations
2. Not enough working capital
3. Burn-out
4. Part-time work

Sales Associate mission
statements

Guideline questions:
• What does your business do, what is the reason for your
businesses existence?
• Who benefits from your business products or services,
what are you trying to achieve on behalf of your
customers?
• Why is it better than other businesses products or
services in the marketplace?
• What do you do well?
• Who do you serve best?
• What actions would you like to be distinguished for?
• Where would you like your business to be going?

Mission Statement examples
• I cater to high-tech clients, providing them
the kind of service that they expect from a
modern real estate Sales Associate. If you
consider yourself high-tech, I am the Sales
Associate you want to work with.

I am in business to make sure that first-time
buyers have a great experience in their
transaction. This includes knowledge of
specialized financing.

• My mission is to make sure that
sellers in West Ahmedabad or South
Mumbai or Pune sell at the highest
possible price in the least amount of
time. My thorough pricing techniques
help my clients set the price right
from the beginning of the process.

• My business purpose is to help clients from
different cultures buy and sell houses in the
Ahmedabad/Mumbai/Pune/South Gujarat
area. I guarantee a good business
experience by communicating with them in
their own language and by helping them to
overcome cultural barriers every time that
this is needed.

I specialize in helping buyers from overseas
purchase a property in my beautiful part of
the world. I accomplish this by providing
abundant information not only about real
estate, but about the entire experience of
living abroad.

Have goals for all areas
• Real estate career
• Spiritual
• Health
• Family
• Social
• Recreation

Guide for your real estate career goals
1. Annual Commission Goal RS.._______
2. Average Commission Rs. _______
3. # of sales to achieve your goal #1/#2 ___
4. # of buyer transactions – you are selling Sales Associate ___
5. # of seller transactions – you are listing Sales Associate ___
6. Sales/listings ratio - % listings that sell ___
7. % of contracts that close ___
8. # of sales contracts required #4/#7 ___
9. # of appointments needed to obtain a listing ___
10. # of contacts to obtain one listing appointment ___
11. # of listings required #5/#6 ___
12. # of listing appointments required #11 x #9 ___
13. # of listing appointments per month #12/12 ___
14. # of listing appointments per week ___
15. # of contacts per week #14 x #10 ___

Three major areas
• Following-up on the transactions that you
have on the table
• Prospecting for new business
• Contacting past clients and centers of
influence

List of Sales Associate Tools
• Login name and password to
access RE/MAX Mainstreet
• RE/MAX Pins
• RE/MAX yardsigns
• Photo to be used for business cards
and personal promotion
• Appointment scheduler
• Contact management system
• Map Book or GPS
• Business cards, preferably with
photo
• Tape measure or electronic
measuring device
• Amortization table or financial
calculator
•Thank-you notes
•Contact cards
•Lock boxes (if applicable)
•Listing presentation
•Buyer presentation
•Smart phone
•Laptop computer
•Digital Camera
•Listing agreement form
•Buyer agreement form
•Open house signs
•Name badge
•Flashlight
•Basic tool kit (to install yard-
signs, etc.)

Thank You

Fundamentals in Real Estate Series Part 1

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Fundamentals in Real Estate Series Part 1