The Procedures Faced By Real Estate In Getting And Preparing Real Estate Listing
Listing Home With Owners
The first step that most important is we must make some home listing. We as an agent must well prepared to assist from beginning to end, it helping us to feel at ease throughout the selling process. We need to know how to possessing a wealth knowledge about local neighbourhoods. So that we can suggest specific improvements at the property that have bad in appearance for example repaint it. This is because to enhance the value of home’s saleability to be equal or more expensive than the market value.
Customised Marketing Plan
We as an agent must help ensure that home is visible to potential buyers in a variety ways. We need to list home by entered into the local Multiple Listing Service (MLS) placed on the company websites. The agent also tried and gives the best price for the house in optimum length of time by making phone calls, contacting potential buyers, alerting other area agents, planning open houses and following up with respondents to ads, signs and from the web all play a part in marketing home. These will help set apart the home from the other in market and get in potential buyers. (Agency Real Estate, 2018)
Pricing Home for Sell
When developing the marketing plan, it needs to establish the list price that attracts the most buyers at the best price. At a listing price, must not too low or too high as want just right because if it is too low, it will not maximize the profit and buyers may perceive that something is wrong with it but if is too high, buyers might be avoid viewing the home as it is not in their price range. We have to prepare by analyzing the prices of homes that have recently sold similar to size, features and location. Our knowledge of current trends in the market is the final determination about home’s listing price as it was so important. (Agency Real Estate, 2018)
Preparing Home for the Marketing
Next, we have to prepare for showings. For the first impressions count, we need to allow potential buyers the opportunity to envision themselves living in your home. We talk to agent about specifics pertaining of the home. We make some guidelines to do exists such as cleanliness, paint, curb appeal and odours.
Then, we will advise that owner leaves while it is being showed. To ensure the best showing possible, make a home inviting and welcoming by creating mood lighting, adjusting the temperature and adding decorative touches.
Negotiating the Purchase Price
After getting informed about an offer to the home, we will guide the owner property toward arriving at a price for both owner and buyer agree upon. Then, a formal contract must been written by buyer’s agent and signed by the buyer as submitted to owner for review and consideration.
Once have agreed upon price, we do the formal inspection of the home to detect defects or problems. It usually takes between 2-4 hours depending the size of home and the number of rooms features and amenities. We will look at home’s structure including the foundation, basement, roof, chimney, walls, doors and windows. By making an inspection, it will give you an opportunity to resolve issues prior to listing the home and could help to make a buyer more comfortable. However, the buyer will also eliminate any objections that could rise during the sale process.
The day has arrived for the final step in selling the home. The closing, also known as the settlement or escrow in simplest terms is when money is taken in from the buyer and paid out to the seller. It can take place in person or by mail and is handled by the Real Estate Company or title company. The sales agreement details the payments and credits that are due to the seller and the payments and dollar amounts due to buyers. Details include transaction cost like title and tax searches, and adjustment. We must need the closing documents like mortgage, deed, homeowner’s insurance policy, title insurance policy and certificate of title, property tax bill, water and sewer bills, utilities records, warranties, services records and referrals and surveys plot plans. (Agency Real Estate, 2018)
The Challenges Faced By Real Estate In Getting And Preparing Real Estate Listing
When the Local Market Conditions are Not Ideal
One problem that seems inevitable within the real estate industry is that you have no control over local market conditions. However, you can control how you address this situation with your clients. Since local market conditions play a huge role in whether a home sells or not, you need to be aware of whether the area is currently a seller’s or a buyer’s market. This sets you up with the perfect opportunity to provide valuable advice and information to your clients that will ultimately make a huge difference in the outcome.
2. When the client do not understand about the real estate.
In our society, not all the client or people understand about the real estate agent role or scope. So, we as estate agent need to understand the client about real estate. To ensure the client understand about real estate, we also need to be educated. Based on En Ahmad Al Amin, people or client usually ask about why do we have tax, what cost that involved and more. In other hand, if client ask anything about real estate, we need to answer them correctly.
3. How to get the client.
As we see, there are many estate agency firm that operate today. Its mean that, we must to compete more among the firm. So that, we, as estate agent need to striking the client to appoint us. In this case we need to be more attractive and creative. For example, the way to promote the firm or the agent to make the client interested with our services. This thing considered as a challenges because some of another estate agent willing to use their dirty tricks to get the client or to ensure that the other firm or agent did not have client.
4. When Home Buyers are Unrealistic
On the contrary, you will also come across the clients that are unrealistic home buyers. They want it all for nothing. They want to go in with a significantly lower price than what the home is worth. Unrealistic home buyers may also have unreasonable opinions about the condition of a home. So in this case, we need to have an understanding of the home’s condition, the condition of the current economy, sellers, and overall market.
Rejection is a normal thing, in this real estate agency role, we meet many types of people and attitude. If the client give Instruction or opinion, we as estate agent need to obey the client instruction as long as following to the law. In this situation, rejection happen when we get prepared for the closing but suddenly the client want to pulls out in last minutes and we as agent need to accept that and go on another deal.
Different Ways To Market The Listing
As a Registered Real Estate Agent, the way of marketing of their real estate property are very important to gain attention from people around Malaysia. So, as a way to gain people attention, Real Estate Agent need to advertise their sales, properties to be sale, and many others related to their real estate agency businesses through various ways. A study from the National Association of Realtors showed that 92% of buyers use the internet to begin their house hunting quest, driving home the vital need for real estate agents to have an active online presence.
Websites are the most effective way to get a high response rate from the buyer in Malaysia because it are more user-friendly than others type of ways. Many people loves to buy property through the websites because it provide a range of accurate data about the properties. So, the buyer’s task become much easier because do not have to work hard going to surrounding area for searching the sell property, can save cost and also time. Here are some of the common websites used by the Registered Real Estate Agent to promote their businesses.
https://www.mudah.my/This is an online market where people usually buy and sell a variety of goods and services. Here, the property also has a high demand because the process is easy because selling and buying can be done through the chat board provided or by arranging meeting recommendations in real life without the need for a physical store. As of June 2015, Mudah.my is the second most visited local website in Malaysia, with 1,887,000 visitors (Wikipedia, 12 July 2018)
https://www.iproperty.com.my/ In this website, people can find that there are variety types of properties on sale and properties that are rented out. It also focused on operating leading real estate portals. Besides, it delivering the most effective ways of related real estate services and property marketing across the country. Reaching over 4 million consumers on a monthly basis and serving 30,000 property agents and 400 developers, the company offers property listings, news updates and property related information. (Wikipedia)
www.propertyguru.com.myIn this website, it have offered the viewers on thousands of property lists based on their ability with detailed information about each property, including maps and photos. This will help the viewers in obtaining a greater view regarding the properties all over the world. It is the best place to start real estate search whether for an investor, buying for own use and so on.
Social media networks are very popular as generations now like to spend more time using them in their daily lives. The real estate agent can interact directly with the clients and assess them based on their requirements without need to meet them face to face. The time that need to spend for inspecting real estate can be saved once with the costs by upload the properties picture on social networks such as Facebook and Instagram. In that way, the clients can decide which one the properties they are interested to.
Facebook is used by almost everyone. Estate agent can market their listings on the personal page, business page and groups. It takes time to build an audience, but once they do, facebook will help to market as well. They can post as many pictures as can, a link back to their website and information on the properties. Facebook also boost the post locally so that they are spending money to reach people all over the world.
InstagramWhat sets Instagram apart from other social media platforms is the ability to receive instant feedback on property and neighborhood info. They can also experiment with different hashtags, captions and photography filters to enhance the photos. Instagram is the fastest-growing social media platform and it a necessity for properly marketing a property online.
Exhibitions can be exposure to a wider set of audience which is normally the general public. This provides the real estate with a platform to promote their product or service to a broader group. Exhibitions also is a great way to get a network with other industry members and grow their customer database by the attendance at exhibition booth.
The Present Phenomenon In Real Estate Listing Practices In Malaysia
Don’t want to sign an appointment letter
As we can see now, there are many phenomenon occurring in real estate listings in Malaysia, according to what has been described by Mr. Amin is that the majority of clients do not want to sign a letter of appointment letter. This is because they often question why they need to sign the letter. Therefore, we as an agent need to explain to them more detail about the process so that it runs smoothly without any other possible problems. If the issue arises, the letter of agreement will be proof that they have signed and have agreed with all the matters stated in the letter. So, no one can deny it. According to him, these phenomena are the things that they often face and come across in real estate listings.
The seller’s demands
Besides, the agent is also difficult to get listing below the market value. This is because, the seller puts or sets their property prices higher than market value. This matter becomes a trend for the seller to request or sell the property at a price that is not logic causing and difficulties for the agent to sell the property and also difficult to get the buyer. Thereby, the agent has taken steps by advising them to sell the property according to the market value that has been determined or set in that particular area. Sometimes the seller also questioned why their property prices are low, so as a professional agent, we need to explain in more detail about that so that the seller can understand.
In this sophisticated modern age, we cannot escape the progress of technology. With that, the latest listing phenomenon is with the internet technology. All at the fingertips and easy to handle. Therefore, every agent uses this method as best as possible because it only requires a low cost but gains a huge and vast influence. This is because, the majority of buyers will search the house through research. So to facilitate their search, agent will use the way hash tags like on Facebook, Instagram and also Twitter. In addition, agents also use YouTube as one of the ways to advertise the list of properties they have. In the site, contains photo gallery and virtual tour along with all information about the property. But it is undeniable that this technology has its disadvantages as well. For example for ‘virtual tour’, the reality is that the property is not as it was shown in the recording. May be worse and less manageable when we look at it face-to-face but it’s taken so beautifully that we are lured to buy it. In conclusion, here is the current phenomenon in real estate listings in Malaysia.
Property prices are increasing.
In addition, the development of housing is increasing and the value is also higher in the market. Although, perhaps, there may be a decline in market prices, it does not have a significant reduction gap and even if GST and SST are in the acquisition of property. According to sources, this is due to lack of land causing market value to be high and also high demand from consumers.
https://en.wikipedia.org/wiki/Mudah.my Mudah.my Wikipedia, the free encyclopedia 12 July 2018,
https://en.wikipedia.org/wiki/IProperty_Group iProperty Group Wikipedia, the free encyclopedia 16 September 2018