The realty sector is made up of multiple players. Buyers, sellers, banks that offer finance options are some of the critical elements of the field. Holding them all together is the real estate agent. The market is not just about house hunters. It is also about people who want to own property, commercial space, business offices and so on. What drives this market? Many believe that it is the real estate agent. Here’s how.
There’s no real estate without finance. Banks offer mortgages only with interest rates that favour them. When a real estate agent has a rapport with banks, they work to get you a fair interest rate, with attractive terms of repayment. This can make a huge difference in how much a family or person spends on the investment. When you trust a reputed real estate agent with your requirement, the bank extends a better credit rate, lease agreements and so forth to you, based on the agent’s own work ethic. This is one of the biggest points in favour of real estate agents. They set the terms and conditions, to a large extent.
One of the key factors that run real estate is demographics. Depending on when a buyer is born, the demand for a house changes. A comfortable retirement means an additional vacation home or second home. It could mean a smaller house to cater for an empty nest syndrome. A real estate agent tracks trends and offers best options to the demographic in question. The city’s database is accessed by them and they carry key information including the most attractive neighbourhoods.
This is also true for government policies. It’s not always easy for potential buyers to be clued in on the changes in the world of property, but agents make it their job to know. This gives the potential buyer more power to make better decisions. Real estate agents then use this information to pick and choose which neighbourhoods are on the up and up, and identity potential way before others do.
When agents work in competition or cooperation, they can make a particular place rank high or low. Word of mouth is everything in this market and agents work that to their advantage. They stand to gain in terms of fees and commission and so it’s in their best interests to ensure that a buyer gets what he wants. Even something like a long-term lease agreement for a hotel suite can be safely entrusted to an agent. They liaison with hotels across the city and this relationship works to the lessee’s advantage. There might even be a quid pro quo arrangement where they keep all commissions and that works to the benefit of everyone.
A key element to consider in this sector is how prices are often determined. Chances are, an agent got a great deal on a property, way more than the asking price, because of the agent’s negotiation skills. This in turn raises the rates of the properties around it, higher. This puts the neighbourhood at a particular income bracket. Who’s controlling the strings here? The real estate agents who run the sector.
To become a really good real estate agent you need training and a lot at that. You need practical training where you are trained by veteran real estate agents who will teach you the tricks of the trade. Your sales skills will improve a lot with this on the job training.
Apart from sales skills you need to learn marketing and you should improve your social media skills. There are many training courses for real estate agents for this. Apart from this real estate agents need to be trained on the legalities and drawing up contracts etc. There are courses for this too. And lastly a real estate agent needs training on team building. Once a real estate agent gets trained on all these then there can be no stopping him, success will surely follow.
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