It’s no secret that majority of real estate agents don’t make it to commission day. For those who have already succeeded, we’re sure that they know all or some of these secrets. You should learn them too.
- Build the profile of the house.
A house is like a celebrity. It needs to have an image where it will be typecast for a while.
Forget mixing-and-matching and just be consistent. A high-end property should exude that appeal from the design to the address. An eco-friendly house needs to be sustainable and safe, from the layout to the materials used. Clients who are willing to “spend” are never in-between, so you should never be too.
- Renovate a home based on your liking.
It contradicts what some experts say, that the target market should be kept in mind when renovating. However, not all buyers know what they want and what shouldn’t want, so we are sticking to our rules.
Your job is to make them realize that. A real estate agent should know how to shape his client’s preference but not in a way that becomes too manipulative. If you don’t have a good taste and sensitivity to empathize with what the market wants, then it shows that you don’t have what it takes to become an agent.
- Go international if the price is right.
Only luxury properties can be overpriced. Tommy Hilfiger obviously knows that so he is putting his apartment in the market for a whopping $75,000,000. However, when a property seems to be so much above the average market value in the area, some agents tend to lower the price to meet the market demand.
That’s wrong. A luxury real estate should never adjust for the demand. The demand should adjust for the price. If your current market cannot afford what you think is the property’s real worth, you are probably targeting the wrong market.
Go international if needed. Many millionaires from abroad will be more than willing to stay in a grand residence in the U.S. Heiress Petra Ecclestone from U.K. flew to Hollywood just to buy producer Aaron Spelling’s $85-million mansion.
- Don’t let the clients see the property; make them feel it.
Visually pleasing your clients doesn’t always result to permanent awe. However, when you reinforce their impression by experience, the impact becomes more compelling. Instead of touring them inside and outside of the property, give them experience of enjoyment in the property. Hold a party, a networking opportunity for clients, or in the words of Raymond Bolduc, a mini auction.
Some people won’t realize that they want a real estate until they enjoy having it.
- People want to live near their own kind.
It doesn’t always follow, but clients want to buy a property in a place where they feel they belong to. Rich people want to live near other rich people. Families want to live in a neighborhood where most households share the same situation as theirs. Racism aside, many African-American families also want to live in a community where the majority belongs to the same ethnicity as theirs.
When a client approaches you, find a property that fits their profile well. You don’t base the negotiation on price all the time. Many clients will pay a little over their budget if they feel that they have already found the perfect place for them to live in forever.
- Don’t invite a client to the property; bring him there.
There’s nothing wrong in inviting prospective buyers, but when you do that, you practically eliminate the ones who haven’t yet decided and the ones who are not that into your salesmanship.
We are not saying that you shouldn’t invite a client to see a property. We are just saying that if you feel that a client is so close to signing the papers, add an extra pampering by picking up the client, treating him to a scrumptious meal, and touring him in the community.
- Investigate your client’s profile
Getting to know your client better shows his strengths and weaknesses—the things he likes and doesn’t like. You can use that information as you go through with the negotiation. By touching his soft spots and avoiding his sensitive side, you get closer to closing the deal, and you walking away with the commission.
You can clandestinely follow clients on their social media accounts and professional profiles. You can even ask around discreetly. At the initial stages of the negotiation, it is also important that you learn their likes and dislikes in their current and past residences.
- Deals don’t normally start online
Although online marketing now plays a crucial role in finding clients for real estate, would you believe that most top agents still do not recommend faceless transactions? Even answering inquiries through chats and emails is not recommended.
Whenever your gut feel tells you that the man on the other end is a potential buyer, make a call and answer him through a formal conversation. You are selling properties and not pancakes. It wouldn’t hurt to make a call.
- A lost deal is not a lost client
Losing a deal doesn’t mean losing the client. He may not push through with the property, but an agent will always have other properties on his list. If the client doesn’t like anything you have as of the moment, still keep the lines open, because a bad day today may become a great day tomorrow.