People who are interested in acquiring or selling property, can contact either a buyer's agent or a seller's agent respectively. Real estate agents work for brokers, and earn a commission on purchases and sales. Generally, a seller's agent earns more than a buyer's agent, since the latter is paid a percentage of the purchase price or listed price as commission, while the former earns a percentage of the sales price as commission. A good buyer's agent needs to bring down the purchase price of the property, while a good seller's agent ensures that the property is sold to the highest bidder. Hence, the difference in remuneration. Regardless of whether one is a broker or a real estate agent, one needs to market the investment property in a manner that is appealing to the buyer. The following tips may be useful to Realtors and brokers desirous of clinching a good deal.
The importance of good communication skills cannot be underestimated since the agent or the broker needs to convey his/her beliefs, ideas, and thoughts to the customer (buyer or seller) and assess the needs of the prospective buyer or seller and arrive at a mutually acceptable solution. An agent or a broker who has a number of property listings will be unable to clinch a buyer unless he/she is able to present the property in a manner that appeals to the aesthetic sense of the customer. The unique selling proposition (USP) of the house should be clearly communicated. Again, a seller's agent needs to be able to convince the customer about the prudence of entrusting the task of selling the property to him/her. This brings us to the mode of communication.
Nowadays, e-business is the preferred mode of conducting transactions. It comprises setting up a website, helping the potential clients navigate through the website, and showcasing the available products in a manner that would encourage prospective customers to transact with the real estate agent/broker. Virtual tours are an excellent way of providing buyers a glimpse of the home. The buyer can have the satisfaction of touring the entire house or property that he/she is interested in with the aid of slide shows and accompanying audio description. People who are looking to sell their property need to have confidence in the professional who professes to sell the property for a profit. The seller's agent needs to ensure that the website describes, in detail, the professional services that can be expected from the seller's agent. The professional needs to distinguish himself/herself from competitors, and communicate with clarity and precision the extent of services that can be expected by the customer. Moreover, the website should not lack visibility. Again, video clips of the homes that have been sold by the agent/broker, may help drive home the point. The agent/broker may also upload a small video clip of himself/herself to make the presentation seem less impersonal.
Permission based email marketing is a highly effective promotion strategy since the product information, or in this case, information about real estate, is supplied to people who are looking to buy or sell real estate. Contrary to popular belief, email marketing generates the maximum return on investment as compared to the other modes of direct marketing. The Direct Marketing Association has predicted that the return on investment in case of email marketing for the year 2009 is expected to be $43.52 per dollar spent. Sometimes, local Multiple Listing Services (MLS) may be the best bet as far as promotion is concerned.
The above list is not comprehensive. Ultimately, agents need to find a system that works for them. Designing a good website, permission based email marketing, and using MLS may attract potential clients. However, the ability to complete the transaction is contingent to the agent's prowess as a good salesperson.