Best Practices in Real Estate Brokerage

RE/MAX Mumbai – Gujarat – Maharashtra

BEST PRACTICES IN REAL ESTATE BROKERAGE

MANAN CHOKSIREGIONAL DIRECTOR

RE/MAX MUMBAI GUJARAT MAHARASHTRA

How is the market ?

It depends whether you want to buy, sell, rent or invest? How do you wish I can help you?

RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com

Problems faced by Real Estate Broker

• Client does not pay the decided brokerage • Client negotiates on the brokerage • Client claims that property has not been seen

through a broker • Brokers give incomplete information to each other• Clients is not given idea on the valuation of his listing • Client is not updated about his transaction

requirements


Comprehensive Form


Page 1 Page 2

Client File

Things to Include •Client Information Form •Property Activity Details •Move – in details and end of service agreement •Email Communications •List of documents needed for agreement •All agreements processed •Formal communication


Presentation Packet

Things to Include Promotion Material • Your office profile • Your agent profile

Checklists• Documents required to do agreement • Documents to take care for buying from builder • Documents to take care for buying resale property RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com

• One – page fliers • 10 steps to sell your home for more • 10 steps to buy your property for less • 10 steps to take care while renting property

Education based Marketing • Buyer Guide• Seller Guide

• Process of a real estate transaction• Your office process flow and documentation • Mandates and Forms


Lead Management System

• New inquiries generated • First level meetings • Property Showings • Property feedback • Negotiation & Offers • Token done• TransactionsRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com

Process of serving a buyer


Get the details of the lead

Define deliverables and explain service

Property Requirement

Details

Understand Need, Wants, Concerns

and clear requirements

Search matching property on various

platforms

Post requirements

Prepare and send brochure of

matching properties

Coordinate Property Showings

Follow-up and close

Documentation and Legal

Paperwork

Registration and move-in processes

Invoice and customer feedback


Contact

• Client Basic details

Deliverable

• Office services to a buyer over email/ individual meeting

PRF

• Understanding the client and documenting the requirements Searching

for options

• Find matching properties on MB,99acres, other portals• Also in newspaper, magazine and database of agents you are working with. Send out email,

SMS

Brochures

• Send out brochures of the matching properties to the clients


Property

Showing

• Collect Feedback on the properties

Offers

• Send out buyer offer to the respective seller or the seller’s agen

Documentatio

n

• Send out documents to the legal team and prepare the documents. Ensure buyer interests are served

Registration

• Help in registering the property and facilitate move-in to the property. Get a client sign-off during the property possession and invoice the client for dues

Client

Feedback

• Collect Feedback of the service provided by the agent and office

Process of Serving a Seller


Get the details of the lead

Define deliverables and explain service

Property Listing details and

exclusive mandate

Understand Need, Wants, Concerns

and clear requirements

Search matching buyers on various

platforms

Post and advertise listing

Prepare and send brochure of the

property

Coordinate Property Showings

Follow-up and close

Documentation and Legal

Paperwork

Registration and move-in processes

Invoice and customer feedback


Contact

• Basic Details of the client

Deliverable

• Office services to a seller over email/individual meetings

PLF

• Understanding the client requirements and listing details • Pitching for exclusive mandate

Searching for buyers

• Find matching requirements on MB,99acres, other portals• Also in newspaper, magazine and database of agents you are working with. • Send out email, SMS

Brochures

• Send out brochures of the property to prospective buyers • Just listed postcards and property placard to market the property effectively


Property

Showin

g

• Collect Feedback of the property and update seller

Offers

• Send out seller’s offer to the respective buyer or the buyer’s agent

Documentatio

n

• Send out documents to the legal team and prepare the documents. Ensure buyer interests are served

Registration

• Help in registering the property and facilitate move-in to the property. Get a client sign-off during the property possession and invoice the client for dues

Client

Feedback

• Collect Feedback of the service provided by the agent and office


EXCLUSIVE MANDATE


What is a Mandate??

Written authorization and/or command by a person, group, or organization (the 'mandator') to another (the 'mandatary') to take a certain course of action.


What is a Exclusive Mandate??

A situation where both the agent and his office are contractually bound to do their very best to market a customer’s property within the period of time laid out in the Exclusive Mandate.


Advantages for the Broker


Guaranteed Commission

No Wastage of Time

No Unnecessary Sharing of Commission

Advantages for the Seller


More Advertising for the Seller

Internet, classified ads, fliers, house tours, etc. Your agent will know that he can invest safely in your Property


Gets More Agents To Work For the Seller

Your agent knows more agents than you do


Higher Price for the Seller

Your agent will insist that you wait for higher offers, within reasonable time

limit


Seller is Better Informed

Your agent will feel safe investing his time in your property


Seller Gets Better Service

Explain clause for possible termination if the service provided is not what

was agreed


7 Steps To Exclusive Mandate

1) Call & Fix an appointment2) Meet & gain confidence through Personal

Promotion3) Discuss Services Provided 4) Marketing Plan5) Benchmarking Property Price6) Commission and Terms Negotiation 7) ClosingRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com

Open House

• A day when a property is kept open for all the visitors to have a look and give an offer on the said property if they are interested in buying it

• Effective and efficient way to manage property viewings


Long term v/s Short Term Mindset


“Plant for the future” “Hunt for today”

Time Management


Database Management

Categorize your database

• Past clients • Vendors • Current clients • Prospective Clients (Leads) • Niche Farm • Geographic Farm • Friends • Family • Professionals • Real estate agents based on geography


Some last points

• Collaborate – don’t compete • Employees or Associates • Regulation and Licensing • Organized Broking is the future • Education and Market Knowledge


No Excuses

• Great Sales People do not give excuses, they accept 100% responsibility for their success or failure.• If they don’t achieve their Target, they don’t revise them, they simply revise their activities.


THANK YOU
