Whether you’re buying or selling a house for yourself or for your real estate business there will always be some form of negotiation taking place. If you’re buying privately or using a realtor you will need to have a good understanding of negotiation and reading body language. What I mean by that is learning to use and read others body language, tone of voice and rate of speech. You and your realtor are always in the negotiation phase until the deal closes. This is one skill with practice will can make you a lot of money in real estate. Sales skills also go along way when buying and selling real estate. This is why when working with a knowledgeable realtor on your team who understands the market and negotiation styles can have a positive impact on your business.
In today’s blog I will be talking about what qualities a good realtor possesses, how to find knowledgeable realtors and how to coach them for your personal and business buying and selling decisions.
A competent realtor is someone who truly understands what you are looking for, why you’re looking for it and at the end of the day wants to sell you a property that will make you happy. They can be good advocates for you in the negotiation phases with other sellers, buyers and their realtors. Real estate in one of the biggest purchases of your life and working with a realtor who understands your needs is going to be important. They will need to understand your short term goals as well as long term. If you know you plan on buying two properties a year and have X amount of money in the bank for a preapproval a good realtor will keep that in mind when looking for a house for you. By keeping your goals in mind your realtor should work within your budget and with your banker to help you not only buy a single property but get positioned to buy another property in the given time frame.
A good real estate agent will have extensive knowledge of the business. They will not only know the current market but also have a grasp of what to look for in houses that might be “red flags” to a buyer. You also don’t want a “yes” realtor, one that doesn’t seem to know the real estate business well and is more than happy to sell you or give suggestion to buy any house that comes up. If you feel that you know more about the market then your realtor you might want to consider looking for someone else. They might be new and looking for a quick commission, which I have seen happen. A good realtor knows the market in certain neighborhoods, certain opportunities in properties and how you can add value to one through renovations or a conditional variance by adding another suite. This knowledge comes with time and is why it is pertinent you work with a realtor who has a good knowledge base or works with a team or broker who does.
Something that I look for in every realtor is someone with a friendly personality. Some realtor’s might not put too much into being friendly but this is very important for many reasons. Working with an agent who is easy to get along will make the journey of looking to sell or buy a house that more fun and smoother. They should make you feel understood and that they are patient with your needs. Working with a realtor that seems to rush you into buying or selling could cost you a lot of money in the end and that is why it pays to find one that is patient and understanding of your situation. When it comes to the negation table, working with a Realtor who isn’t timid or overly aggressive will also help you lock down a deal you want. Being a good sales person with a friendly personality is something that I have learned works well in the field. You and your realtor’s ability to get along with the most diverse group of people will go along ways in this business. Your realtor should also be someone who shows flexibility. This means that they can adapt to changes in your plans and are willing to change the search and their strategy to do so. If this happens, an agent should be willing to advise you differently.
A major part of being a successful real estate investor or home buyer is having a vision of the future. What is it that you want in the future, how long do you want to live in your current house, how many properties you plan on buying? These are questions that you need to ask yourself constantly about now and the future so you make the right buying and selling decisions. You need to know where you are at any given moment. Life’s circumstances change and your real estate portfolio decisions will change with it. Your realtor is an important piece of the puzzle. They need to share this vision and their knowledge base of real estate and the market needs to reflect your vision for the future.
I hope you enjoyed reading today’s blog and found it beneficial. As always, like, comment and share. For more information about some of the real estate results programs we offer visit Millionaire Mastermind Alliance.
Manjit Rukhra, Your Results Coach to Real Estate and Entrepreneurship Excellence.
[social_sharing style=”style-9″ fb_color=”light” fb_lang=”en_GB” fb_text=”like” fb_button_text=”Share” tw_lang=”en” tw_button_text=”Share” g_lang=”en-GB” g_button_text=”Share” alignment=”center”]