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Real estate sales… it’s all about focus, ambition, skill, empathy and discipline. But it’s also a knowledge thing, and that’s the most important element of all. In this case, in such a competitive and expensive sector, knowledge really does mean power. Here are four crucial knowledge-led tips for hard-working people who operate in the estate agency sector.
Know your goals and aims
Goals are essential. They underpin everything you do in business, any business. But goals are only worth having if they’re smart: Specific, Measurable, Attainable, Realistic and Time Bound. What is your main objective? What do you want to tick off your list? Is it actually achievable?
At this point there’s no need to be an expert in real estate investment. Your goal might be to generate an awesome amount of wealth for you and your family. You might want to build a reputation as the best in your area, or the best in the industry. You might simply get a buzz out of helping people find their dream property. Once you know what your motivations are, your goals should flow easily.
Assessing your reasons for operating in the real estate sector also lets you make wise decisions about the type of properties you want to sell, the effort you are willing to put into each sale, and the expectations you need to meet. Using this insight you can analyse market trends, evaluate the condition of properties, negotiate with sellers and buyers, and deal effectively with property management projects.
Know your competitors
It’s important to harness every piece of information you can in pursuit of success. And that means knowing your competitors. Only when you know them can you effectively compete with the personalities involved, and move confidently in the local market, knowing all about the properties in it.
You can use online platforms to search for and find out about competing businesses, their activity, their goals, their priorities. If you operate in the EU you could analyse a good quality Germany business directory, for example, to discover the IT equipment and tools used by competing estate agencies, how many staff they have, their turnover and much more, all of which helps you create workable strategies to out-sell them. Remember research isn’t a one-off. Regular competitive analyses help you stay current, stay ahead of the game.
Know when to use technology
Time is money. You can’t do everything yourself. Luckily you don’t need to. There are all manner of excellent supportive tools and apps to help you keep your records in good order, know where you stand financially at every stage, prioritise deals to close, create great property details that people love to read, you name it.
You might choose to use Freshsales, a speciality real estate Customer Relationship Management tool, or Placester, the specialist IDX website builder. You might choose BoxBrownie.com, which offers virtual staging and image enhancement, or Matterport for their wonderful 3d Virtual Tours. Zillow Premier Agent is popular for estate agency lead generation and CityBlast works a treat for Social Media lead nurturing. They’re all designed to support excellence in your field, so pin down the best for your circumstances – bearing your goals in mind – and grab yourself a competitive advantage.
Know the market inside out
Property buyers expect professional guidance and advice from you, and that means knowing the housing market inside out in your area. You need to know which streets are rough and which are safe, which have problems and which are the most desirable, where the cheapest properties are and where the secret bargains can be found. Which schools are the best, where traffic pollution is worst, people who buy homes want to know all sorts of varied facts before making a decision.
Knowing your market also means knowing the latest property trends and which properties fit those requirements. And that means constantly learning, constantly developing your skills and knowledge base. You may even want to find out all about different building materials and construction methods, or different types of glass used in conservatories. Whatever your clients could possibly want to know, you need to know. At the very least you need to know where to find the information.
Technology is your ally. Even if your clients use the same technology to find out the same information online, you have more to give – your specialist insider knowledge, your instincts, your experience. And because you know the lingo, you can explain everything in plain language.
Knowledge is the one thing that can set you apart from the rest, make you more successful than your competitors. Make the most of it and watch your real estate agency grow!