Specialized Properties versus Residential Properties
The listing and selling of the residential properties usually involve one agent who comes to the client for a listing opportunity. The listing assignment is mainly done between the agent and the property owner where the two agree on the deal and the valuation of the property. In contrary, the listing and selling of the specialized property mainly involve more than one agent to commit to the transaction. In the listing assignment, a client and multiple agents meet to have the deal sealed and have the property listed for sale. However, listing and selling of both the residential and specialized property require an agent to commit with the client. While the listing of the property may be easy for agents as long as they are experienced enough to get clients and referrals, selling the property can sometimes prove difficult due to the difficulty getting a willing buyer.
Discuss how a new agent locates new Real Estate listings. Who and what do you consider? Where is best to look?
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Connecting with people can be one of the best ways to locate and get new listings as a new agent. Being active and creating a strong connection with the rest of the business members and community developers can help a new agent get a business referral for a new listing. Searching in the business networking groups such as BNI and other professional groups can form a good foundation for the new agent to locate and get new listings ( Gay & Zhang, 2014 ). Searching in the public records for particular apartment buildings and contacting the owners if they want to sell their properties. Meeting in person with the clients can help build a strong connection and develop a sense of trust that can help win and get more listings as a new agent. While sending emails or making phone calls may be quick ways to communicate with clients, direct face to face communication provides an opportunity to put forward a proposal and build a relationship that the client can trust.
Forming a relationship with major developers in the community can also act as a source of information for the new agents who wants to get listings. Major community developers are usually in contact with the real estate business people, and by forming a trustable relationship with them, it becomes easy for them to link the new agent with any client for listing. Sharing the information in the social media can act as a great deal for recognition. Many property owners can get to know and connect with the new agent through social media. Social media is an effective marketing site for new agents who want to get recognition and get new listings. Due to the massive use of social media, advertising through such sites is the foundation for getting more new listings as well as recognition.
As a new agent, reading various real estate publications can provide a sense of the market and increase understanding of the events that make headlines within the market. Some of the most important journals include the New York Times, Wall Street and the Real Deal ( Gay & Zhang, 2014 ). With much information from the real estate journals, a new agent is at a better position to understand the market and where to locate new listings within the industry. At the same time, the new agent should look and identify a broker who can represent his/her interests and who has good knowledge of the market to help connect the agent with clients. By connecting with brokers who are trustworthy and who can truly represent the business interests, the agent is at a better position to get new listings. Overall, the new agent must remain dedicated and determined in the search for listings through all means involving relationship building and collection of information from reliable sources to help locate clients for new listings.
How does a new agent properly prepare for a listing appointment?
Before attending a listing appointment, the new agent must make certain preparations that will ensure that the deal to be sealed is a legal and a genuine one. First, the agent should ensure that the person who sets the appointment is the rightful owner of the property. Obtain a property profile through the MLS to verify the name of the owner of the property. It is also important to ensure that all the people whose names appear as owners are all present at the listing appointment. The purpose of the verification of the owner is to ensure that the listing of the property is legal and will make it to the closing ( Norwood, 2013 ).
The agent also needs to research to gain an understanding of both the current and past market activity. This ensures that the agent knows of what the property costs in the market currently. Presenting a suggested list price will lead to the seller asking about the price and how it relates to that of other properties. Some sellers have used an online valuation system and may not agree with the value presented by the agent. Only if the agent has all the information about the current value and price of the property in the market that he/she can get the deal.
Also, the new agent must know the competitors in the market, and what they offer because on most occasions, sellers contact more than one agent. By knowing and understanding the competitors and what they offer, the agent can present to the client a unique value that can make them build trust and give the listing. The agent must also be readily prepared with the required documentation so that after everything has been verified during the meeting, the client can sign the listing agreement immediately ( Norwood, 2013 ). This is always a competition, and failure to get ready with the required documentation could provide an opportunity for another agent who comes in prepared.
Discuss Potential Difficult Situations as a New Real Estate Agent and how to avoid or Handle these Situations.
One of the major difficult situations that the new real estate agents find themselves in is the challenge of finding a seller who wants to list property. Because they lack experience, the new agents become less attractive to the homeowners who quickly want to sell their property and make good money ( Agarwal et al., 2015). However, the new agents can overcome this challenge by looking for referrals. Sellers are more likely to trust a referral than a new agent directly. New agents also face the challenge of understanding the market trends and valuation of the properties. Because they are new in the market, new agents may find it difficult to understand how the market operates. The success of any real estate agent depends on the level of experience and ability to understand the market trend and where to locate listings. However, new gents do not have enough experience to understand the way the market operates. This can be solved by reading journals and publications by the real estate markets to gain an understanding of both the current and future trends in the market. Also, getting a broker who has sufficient knowledge of the market and who can genuinely represent the business interests can also be useful in helping the new agent understand the market.
References
Gay, S., & Zhang, A. T. (2014). Expertise value added in the real estate market. Routledge.
Norwood, G. (2013). Twenty-First Century Estate Agency . Estates Gazette.
Agarwal, S., He, J., Sing, T. F., & Song, C. (2015). Why do real estate agents buy houses at lower prices? Cherry picking or bargaining power. Pearson.
