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While one can talk about newer ways and means to target new customers and methods to hold on to existing customers, the basic foundations on which successful real estate businesses are built continue to remain the same. These basic fundamentals are hard work, commitment, perseverance and a burning desire to keep on adding value to customers.
While keeping in mind the basics, there is a need to understand the changing preferences and tastes of customers. Today’s customers, especially the younger generation are very keen on gathering as much information and knowledge before taking decision on a particular product or service. Hence, it is important for real estate businessmen to feed customers with quality information at regular intervals. Towards this objective the role of the internet is very important.
It is quite natural that even the smallest of real estate companies should have their own websites without which it would be difficult to reach higher levels of success. The quality of information that the website has, the manner in which it is designed and the frequency with which the information gets updated are also important considerations that must be kept in mind.
Apart from the above, there is also the need for real estate companies to be constantly adding value to their customers. Hence, merely depending on buying and selling of properties alone may no work to their advantage. They should be ready to offer other services that are complimentary to the main real estate business. It is therefore not very surprising to see many real estate promoters offering valuation of property as a free service to their customers. This certainly is a wonderful way to build trust and confidence with existing customers.
There are quite a few things that could be thought of as far as your real estate business is concerned. If you are a real estate agent, you should understand the power of the internet and leverage the strength that it offers. You should without any doubt have a website of your own, which however is just the tip of the iceberg. There are other important things which also you must keep in mind. For example, as a real estate promoter and valuer, it is very important to build new relationships and here too using the power and reach of the internet is extremely important.
There is also the need to be in regular touch with the various sources from where business originates. For example, there is hardly any doubt that banks and financial institutions are the biggest source of real estate customers. It is quite evident that 8 out of 10 homes or apartments that are bought are funded by financial institutions by way of home mortgage loans. Hence, if you are an real estate appraiser it makes sense for you to identify as many banks as possible and have your name enrolled as an approved valuer. This will ensure continuing business for you over a period of time.
In the same light real estate agents and also promoters can also stand to be benefitted from such links and relationships with banks and financial institutions. While having a website is very important, you should also take steps to ensure that you are getting regular visits to your website and be certain that traffic is increasing on a periodical basis. You should have ways and means to check the same again on a regular basis.
When a person or an entity decides to buy a property (commercial or residential) there are some important and vital processes and steps that must be gone through. First and foremost, it is important to identify the right right property for purchase. To enable this to happen, buyers could take the help of various sources of information including TV and newspapers advertisements and of course the internet. Many prospective customers are comfortable taking the services of real estate agents when it comes to buying such properties. Once the property has been identified there are other service providers whose role becomes very important.
One such service provider whose role is very important and significant is that of the real estate appraiser or valuer. Unless he comes out with a valuation report, in most of the cases ownership transfer from one entity to another will not happen. This is because a valuation report is often referred to as the property bible and it contains a number of useful and highly relevant information.
Many persons are under the opinion that valuation reports contain only the fair market value of the property. This is only partially true because apart from this figure there are a number of other information that are also provided along with a valuation report. For example, a complete and comprehensive valuation report will contain a lot of subjective information. It will talk about the locality where the property is situated, how well connected it is with the main city or town centre. It will have a look at the infrastructure that is available in terms of transport, water, power, schools, colleges, hospitals, shopping malls, and entertainment facilities.
The valuation report is also important for any prospective buyer because it will also list out the market value of similar properties in the same area. All this and much more will without any doubt go a long way in helping the buyer take a decision that is based on facts and figures that are derived from various angles and various sources.
Real estate agency is all about being good at relationship building and networking with all groups of people. So, to begin with you have to be a good at building relationships over a period of time. This is something that takes time and effort and cannot happen overnight. The next important point that goes in making a good real estate agent better is the need to understand the market very well. Real estate market is always in a flux and the only thing that is constant about real estate agency is change.
Therefore, real estate agents who would like to move to higher levels of success should be aware of these basic facts. The next important point that distinguishes a successful real estate agent from others is the way he tries to add value to his customers. This can be done in many ways and let us have a look at them over the next few lines. To begin with it is important for real estate agents to diversify into other areas. For example, it has been found that those real estate agents who are also good property valuers are in a better position to sell more to their existing customers in terms of new properties and other business relationships.
Being a good real estate valuer also helps real estate agents in more ways than one. It helps them to also build good relationships with banks and financial institutions. This over a period of time will help a lot in getting new business from them as far as property valuation is concerned. Today the most business that is generated for real estate valuers comes from banks and financial institutions and this is something that will work to their advantage. Hence, diversification is an important point that must be kept in mind as far as success in real estate agency business is concerned.
The biggest attribute for any successful real estate agent is without doubt hard work. Real estate business is a number game. You should as an agent tirelessly look for new buyers and sellers. As a rule of the thumb for every 10 customers to whom you talk about your business it is highly probable that you will have two solid leads out of which one will give you business. This will be enough to sustain you for the next 3 or 4 months. Hence, numbers are highly critical for your real estate business and this can come only with discipline and hard work.
The next important point is to find out ways and means by which you can add value to your customers. There are quite a few avenues available for you in this. A simple method is to look for other services in the real estate business that are complimentary to your main source of income, i.e. your real estate agency business. While there could be many such services it has been found that many successful real estate agents also have become highly successful real estate property valuers.
This is because there can hardly be any real estate transaction that can be completed without valuation. Even for non-sale related matters, there is a need for property valuation every now and then. Hence, as a property agent if you could also qualify as a valuer it will certainly mean a lot to your business growth. It will help you to expand your network and touch base with more numbers of people. As mentioned above, since real estate business is all about numbers, being a real estate valuer will enable you to get on board many such numbers of prospects who could become customers over a period of time.
Getting qualified as a real estate valuer is no big deal. All that you need is to enroll in a good online or brick and mortar property valuation course. Once you complete the course and get a certificate you should also register yourself as a government recognized valuer. This will certainly will give a new impetus to your real estate business and help you to move to the next higher level of success.
Those who have bought and sold real estate properties will certainly agree that the role of property valuers is very important and often considered as indispensable. Hence, as a prospective buyer one should have a reasonably good knowledge as to why their role is considered so very important and special.
First and foremost, a property valuer is the main person who helps the buyer to have a clear idea about the actual fair market value of a property that he or she is planning to buy. While the market certainly is a good indicator about the value of a property it cannot be considered as the bible. There could be wrong statements of fact or a sellers' cartel could be behind artificially trying to peg down the value of certain properties. Under such circumstances the buyer is well within his rights to take the help of a registered property valuer.
The property valuer has his own ways and means by which they come out with a valuation report. The market rates are just one input that is used. They also employ other tools and look for other important inputs and sources of information before actually valuing the piece of land, building or apartments. They use difference methods of valuation. While the market usually goes by the cost factor, good valuers often look at the revenues that such properties could generate over a period of time.
They also help the buyers by physically examining the property and also by taking inputs which are mostly subjective from the neighbourhood where the property is situated. This helps the buyers to have a clear idea about the quality of the neighbourhood where they are planning to buy such properties. The infrastructure development and other factors are also taken into account before submitting the valuation reports. Hence, there are a number of angles from which a property is valued. The main objective of any good property valuer is to serve the interests of his client and give an honest and fair assessment of the property that is being planned to be purchased by the buyer.
One of the biggest reasons for the growth in the real estate market is the demand that is originating from the retail segment. More than the commercial property market, it is the domestic real estate market that is driving the growth story as far as this country and it various important cities are concerned. So, if you are keen on investing in this period, the first job that you should do is to identify a good real estate valuer.
A good real estate valuer will certainly be a friend, philosopher and guide for all those retail customers willing to put in money in the real estate market. Apart from helping you to have a fix on the actual value of a property, they will also help you to scan the horizon from the medium and long term perspective. This is very important because even from an investment perspective, it is unlikely that you will make money in the short term by investing in lands, buildings and apartments. You have to learn to play the waiting game because that is what real estate investment is all about.
Where should I invest, how much should I invest and what is the amount that I should invest in real estate markets? These are some common questions that are best answered by the reports that valuation professionals offer you. It is not a simple report which talks about some figures. There is also a lot of subjective information that is available from a valuers report. He talks about the growth story in the neighbourhood, the amenities and facilities that are available as far as the customers are concerned.
Taking these above facts into account, there is little doubt that valuing a property thoroughly is the most important aspect for deciding whether to stay invested in the Australian real estate markets.
There are a number of reasons why it makes sense to take the opinion from a property valuer even though the real estate market might be on an upswing right now. When an expert opinion about the value of the property is taken from a valuer it helps in more ways than one. It plays a big role in reasonably estimating how the value of the property is likely to move over the short term, medium term and long term. It will also be useful in understanding the market sentiments better apart from getting to know how the other properties in the same neighborhood are priced.
This is because good and reputed property valuers do not merely go by the market price alone. They use a number of other tools and methods before coming out with the valuation report. For example, there are many valuers who use the revenue model when they are valuing a property. Through this method, they plot the expected revenues that could be generated either by renting or leasing the property or by savings effected by way of rent. This when plotted over a period of time would lead to an estimated value of the property over a period of time.
There are other valuers who would like to take the present market cost of the property and use it as a yardstick to find out how the property will be in terms of cost over a period of time. They will use several time-tested methods and tools to work out the cost of the property for a number of years. This will also help potential buyers to find out whether the time is ripe to get into the market or should they wait for the situation to improve further. Hence, given the above facts, there is every reason to believe that going by market sentiments alone when purchasing a property may not be the best way forward. One has to be factor other happenings too and this can be best understood by experienced and qualified real estate valuers and appraisers. As a customer you should identify a good valuer and leave the rest to him to ensure that you get good returns on your real estate buying.
While it has been proven beyond doubt that real estate agency business can help a person to become wealthy, the success ratios is quite low. Many people therefore are under the impression that real estate agency business is only for the very few privileged, lucky or fortunate. They also start blaming their luck and fate when they fail to achieved the desired levels of success. Success in many business requires hard work and learning to get up from failures and start moving forward again. The same applies to real estate agency business also. If one looks at the success stories of many achievers in the real estate agency business, you certainly would come across a number of stories of struggles, setbacks and moments of depression or even despondency.
Successful real estate agents are those who go beyond the normal call of duty to achieve high levels of success. They are always on the lookout for ways and means by which they can add value to their customers. When looking for such out of the box ideas, it would be pertinent to mention here that clubbing real estate and property valuation with real estate agency could yield very good results This is because whenever a customer approaches a real estate agent for buying or selling a property he would certainly need the services of a good and qualified real estate valuers or valuation company Melbourne. Instead of going out in search of these service providers, the customer would be more than happy to get the valuation done by the real estate himself provided he has the right credentials and experience in the subject matter.
However, for becoming a successful real estate agent plus valuer, it is important for such persons to qualify both as an agent and a real estate valuer. There are some combined courses which leads to an examination covering both the aspects of real estate business. If both the exams are cleared, the real estate agent would well and truly be able to handle both the jobs successfully. Apart from being convenient for the customer, the real estate agent would also be in a position to rope in new customers by offering such value additions.
The biggest myth that people have about real estate agents is that they never keep their time as far as appointments are concerned. While this might be true for a few agents, a majority of them who are serious about their business always value customer’s time and also their time. Hence, painting all the real estate agents with the same brush would not be the right thing to do.
Another common with that most of us have about real estate agents is that they are there to make a fast buck out of you. This may be right with some real estate agents. Yes, it is a fact that many real estate brokers are keen on just making a customer buy a property under any cost. However, this kind of approach is very short sighted and any professional real estate agent who has been in the business for many years would never take this route. They would rather be willing to play the waiting game. They know that real estate business is a long term game and short cuts basically can cut short their business within a very short period of time. Further, one should not forget that the real estate agents on many occasions double up as property valuers and the kind of help and assistance that they offer in this field is qutie immense.
There is another common myth is that real estate agents have all the wrong connections with property builders, government inspectors and other law enforcing agencies. While this might have been the case with a very few agents, it would not be right to say that all real estate agents could be in the same league. However it is a known fact that many successful and ethical real estate agents have good relationships with all stake holders in the real estate business and at times this relationship could be wrongly construed by opinion seekers and uninformed persons.
Lastly there is another wrong belief that real estate agents will not show you the best properties which they keep reserved for making a big kill at a future point in time. This again is a fallacious piece of information not based on facts but based on hearsay and opinions. At the end of the day, it is logical that sooner the real estate agent is able to complete a deal, the richer he becomes. Hence, in fine, while it may not be right to laugh away all such myths about real estate agents, they certainly need to be taken in with a pinch of salt.
The basic premise on which tenants are protected is without the all important Residential Tenancy Act. As per this act (which is separate in different parts of the country) the tenants and the landlords are free to decide on the rent that they decide to pay or receive. However, when it comes to reviewing or increasing the rent, there is Tribunal which if authorized to play a mediator's role as far as re-fixing the rents are concerned. Here again, it has to be borne in mind that there is no obligation on the part of the landlord or tenant to take the help of this Tribunal whenever rents are re-fixed. They come into the picture only when there is a dispute between the concerned parties.
However as far as Tasmania is concerned, the re-fixing of rents is decided by the respective Magistrates and not by the Tribunal as is prevalent in other states of Australia. Whenever there is a dispute in the re-fixing of rents, the tenant is free to approach either the Tribunal or the Magistrate by making a written representation. The Tribunal and Magistrate based on such written requests will conduct a study of the current rent being paid and what is proposed by the landlord. They will take into account the rents being charged in the neighborhood and then come out with a figure which then becomes binding both on the landlord and the tenant.
In most of the cases, the rent cannot be increased more than once a year though some very special exceptions are available. The notice period for vacating or renewing agreements varies from state to state. It could be anything between a few weeks to a month. Last but not the least, deposit is something that is also controlled by the local rental and real estate laws. This again varies from place to place and could be anywhere between 2 weeks to 4 weeks depending on the state.