There is no easy formula for success in business; however, there is a way to minimize the unknowns when doing anything in life and this holds true for buying and selling real estate just as anything else. If you’re a REALTOR® buying or selling real estate, here are three basic tools that can help to minimize the unknowns and prepare you for the next successful real estate deal.
1. The Rolodex
Most people don’t own a rolodex any more but the idea remains the same: contacts. A successful REALTOR® needs a constant influx of sellers and buyers. On top of this, in order to make all transactions easy and fluid, a real estate agent must have a ready bank of mortgage brokers and loan officers to connect with the buyers as well as appraisers and inspectors to connect with the sellers.
There are a number of applications to use on a smartphone or tablet to keep track of these contacts; Gist and Groupy are two such apps, and online contact organizers utilizing cloud services like Flexadex. This means easy access to the parties needed to close transactions.
The important thing is that the contact list keeps growing, is organized, and is easily accessible.
2. Market Analysis
Out of all tools mentioned, this is the easiest way to filter out unknown factors. Every REALTOR® knows that the price of local listings around the property being sold can help in estimating the value of the property itself. Zillow is one of many great sources available to obtain that data and more.
One thing a REALTOR® might fail to account for are macro level economic activities. These could be anything from the health of the overall economy to the demographics of the region where the property is being sold. All of these factors can be quantified and as a result can make analysis of the market more complete.
The last necessity here is utilizing a tool, which can make examination of these numbers easy. A simple excel spreadsheet works just fine.
Once the tools for the market analysis are in place and the contacts are rolling in a real estate agent has one more thing to work on: themselves. No matter what type of personality, there is always a buyer out there that will be put-off by it; after all, not every real estate agent is a perfect match for every client and vice-versa. This doesn’t mean an agent should alter themselves completely but perhaps be willing to take an honest assessment of how they present themselves in order to maximize their success.
Thanks to the internet, a real estate agents personality can be shared through a number of different mediums as well. By utilizing a combination of video, blogging, search engine optimization and smartphone apps, an agent can get the widest possible spread for whatever they’re experts in: buying, selling or even both.
This may take a little learning, as programs such as a WordPress blog or Google Analytics take a bit of time to understand and master, but it’s worth the investment. Even learning how to do some small scale video production, or photography can help. Remember to stay on top of the game and show potential customers what you can do, a real estate agent needs to present themselves professionally no matter what medium they are working in. This way, when potential real estate buyers and/or sellers are presented, the personality of the real estate agent will shine through.
Dave Landry Jr. is a debt management adviser and finance counselor, working with BBB-accredited National Debt Relief to provide help with debt management, among other services, to those in dire financial situations. Located in Southern California Dave also has an interest in real estate. He hopes you enjoy this article.