How to Do Really Well as a Real Estate Brokerage?

Whether it is leasing or selling, a real estate brokerage firm needs three (3) parties to close a real estate agency deal, namely:

1) a client;

2) a customer; and

3) a marketing assistant (sales associate, sales agent, Negotiator or an equivalent name in your country).

Your Client is the party that engages your brokerage firm to represent him to sell, to let-out or to lease his property and is therefore responsible to pay your firm its brokerage/agency fee, commission and/or retainer. In some countries, the clients, by norm, are the property landlords or owners; while in others, the property tenants or buyers – however, in all cases, the Client – by law – is the party that engages and pays the brokerage upon successful “introduction” of a customer for the Client’s property.

 

Your Customer is the party who uses the services of your firm which has been engaged by the other party known as the Client or the broker’s principal. The customer does not pay you any fee, commission or retainer. However, in most countries, the professional rules of estate agency practice allow the broker to be reimbursed such expenses as may be incurred in serving the customers e.g. transportation charges to see properties and the likes.

 

The Owner or proprietor of a real estate brokerage firm cannot be personally serving all its firm’s clients and customers all the time. So, the firm must employ trained marketing assistants to assist the brokerage in closing deals. These marketing assistants are designated different names in different countries. In all cases, they assist the brokerage to close deals and are paid commission and/or allowances for doing so.

 

To do really well, a real estate brokerage firm must be good in two (2) fundamental areas:

1) The leasing  amp; selling skills of its marketing staff;

2) The recruitment, training and retention of good marketing assistants.

 

And, these two (2) areas require seven (7) core skills:

1) Prospecting – clients, customers and marketing staff;

2) Qualifying them;

3) Preparation to deal with them;

4) Presentation to them;

5) Closing – a real estate deal or a recruitment exercise;

6) After-deal services / Post-recruitment trainings and motivation;

7) Pre-empting and overcoming objections at all the above six (6) stages.

 

If a real estate brokerage excels in all the above seven (7) core skills, its Clients, Customers and staff will be consistently happy with the firm and its services.

 

GT TANHALIM

 

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