kopiandproperty.com is a real estate negotiator friendly site. We help new ones to understand property market and investment. We help refresh the experienced ones with updates on property market. We also believe it’s important that any buying / selling should be done professionally and we should stop having all these hanky-panky going on in the property market. I have worked with many real estate negotiators (RENs). Exceptional ones, good ones and not up to par ones.
Actually RENs are supposed to be professionals in their own field. That’s the reason why they get agent fee for successful transaction. This fee is called professional fee. Many people buying for the first time would deal with a REN for the very first time in their life. Many buying for the second time may call back their REN who had served them before and ask for opinions. Many seasoned investors team up with a few RENs who helps them to monitor the market for good deals. So, what makes a good REN? Personally, they should have the four criteria below.
Work with a licensed agency. RENs must be RENs. Work under a licensed agency please. No brokers please. Get serious. A good agency typically have trainings for their RENs too. This allows the RENs to learn how to serve their customers well and the agency to reap the benefits from hiring and training these RENs. Typically the base pay for RENs (if any) are not enough to sustain them but with the right training, the REN would be able to reap the benefits of closing more deals and faster too.
Be prepared and knowledgeable. I hate it when I ask the agent, ‘Is this leasehold?’ and the agent answers, ‘I don’t know’. Or I ask, ‘Is this the best time to buy?’ and the agent answers, ‘Of course’ and nothing else. As a buyer, I would definitely want to know more about the property that I am buying. RENs should read more. RENs should do enough homework. It is ok to specialise in certain areas like what a lot of RENs do. This way you know about the area well and are able to assist the buyers when needed.
Always Diligent. Beyond just hardworking, the agent should do more, meet more, view more and do everything more than others. It’s not rocket science. Practise makes perfect. If I would like to view a property, even on Saturday, why not? Remember, everything starts from somewhere and whether you sell a house or not is all about probability. The more you do, the higher the chances, that’s all.
Strong network. Be friendly to all. Never look down at anyone even if they are new. Never look down on your customers. They may not buy but they could refer people… Get to know bankers. Get to know prominent property gurus. Get to know anyone and everyone and make a good impression. Give them a name card, jot down their name and ask them, what kind of property they love and if they would like to know if you found such properties. Chances are they would say yes and your network grows once they start recommending you.
It’s tough life in the first year as a REN, normally. Within the first 3-6 months, many would have quit. However, there is also a group who could suddenly do very well within 3-6 months too. The commission is unlimited (based on effort) once you get started to get sustained results. Just remember that when the goings get tough, the tough gets going. Once the deals start and you put in even more efforts, then your confidence grows and you can do more with less especially with your expanded network. There are definitely many more reasons but if the RENs could focus on these, they should be fine.
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