Learn About Real Estate 101 - The selling real estate, truths that exist whether real estate sales activity is brisk or slow. Some real estate professionals might refer to these truths as Real Estate 101 or even something as simple as getting back to, or paying attention to, the basics. The truth is, by any name, these concepts are something all real estate professionals must understand, realize and continue to fine tune and practice. In order to be successful, a real estate agent must always enhance their real estate knowledge and skills.
Real estate agents should never under estimate the value of basics when selling. And yet, they seem to overlook them when their business is thriving and the real estate market is good. In good markets, they may not even be aware of the shortcuts they are taking when dealing with buyers. They are putting transactions together and they have consistent sales income. They are working with many buyers, so not converting one buyer inquiry and losing one buyer might not be so important.
However, in a slower and tougher real estate market, like we have witnessed beginning in 2006, many agents have experienced the lack of business and substantial drop in sale transactions and income. In the current market, just one missed opportunity, just one lost buyer, could be the difference in putting a new transaction into escrow for the month or not for many agents.
It is very easy for agents to place blame on external factors, things beyond their control, such as the financial market collapse, the job market, unemployment, tighter mortgage underwriting guidelines, the extreme volume of short sales and foreclosures among many others. These factors are contributing to the decline in sales transactions. However, if a specific real estate market is down 20% in closed sales transactions, many agents will not concentrate on what they need to do to increase their share of the 80% of the transactions which are being put together and are closing.
There is no secret to selling real estate. A buyer inquiry must be converted into an appointment. A relationship must be established during the first appointment where the buyer is financially qualified and their needs, wants and desires discussed and reviewed. Suitable homes must be presented and shown which result in another appointment(s) to find the right home. Upon finding the right home for the buyer, the agent must then provide the guidance and assistance in helping the buyer structure their contract offer to get it signed, not rejected.
Sounds simple enough, doesn’t it? However, many agents do not realize, or will not accept, that it is what they are doing or not doing which can be the factor that results in the break in this chain of events and the missed opportunity to sell a home. It’s the little things that can make a difference