A simple success formula for real estate brokers
If you are a real estate broker you truly have only 3 types of buyers:
1) Buyer A who will keep the property for personal use to live in
2) Buyer B who will resell the property for capital gain to profit
3) Buyer C who will keep for property for cash flow to get income
The focus and hot selling points for each of them are different:
1) Buyer A needs safety, comfort, enjoyment, social proof, some uniqueness, amenities, location, size, lay out, neighbors, schools, transportation, etc.
2) Buyer B needs good comparable sale price difference, low inventory on the market, low “days on market” historic data to resell, good trend, not too much rehab, good demand, etc.
3) Buyer C needs good comparable rent price difference, low vacancy factor, low “days on market” for rentals, good trend, not too much rehab, desirability for large Tenants, good lay out, flexible use, good neighboring tenants, good visibility, great location, etc.
The idea now is to:
1) Know yourself and what area you want to focus on.
2) Know your customers and what type of buyers they are.
3) Know your product from property value to market trend.
To succeed in business just like in life you need three things:
1) Good judgment,
2) Great skills and,
3) Some degree of luck.
Selling is a noble profession. If you spend the time to improve your judgment by understanding yourself, your clients and the product they are looking for, you will sharpen your sales skills because by narrowing your market you will increase your business.
Luck will then follow because once you align the right buyer with the right product, magic happens and that creates a set of circumstances that will make you and your clients rich and happy and will create long-lasting powerful relationships.
Wishing you the best,
Cherif Medawar
Real Estate Hedge Fund Manager, Author, and Instructor
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