An overview of the market and economy:

Have a close look at the ongoing situation of real estate market; do you see a bullish or bearish trend? Do you think this trend is going to continue in coming days or there are some signs of change? The overall economy has a direct effect on real estate as well, if there is economic growth in some regions, real estate prices are supposed to grow as more and more people and businesses will step in to take advantage of the growing economy. If you can retain a residential or commercial property or even some vacant land in this region, it can bring huge yields. Projecting a bullish or bearish trend is not an easy task unless you have got the drift of economic ups and down. However, you can take help from some experts (though, they might get it wrong as well).

Vacancy rate, Rentals, Prices:

If you are looking for short term investment, where you wouldn’t have to wait for longer period before you start earning, then look for these indicators. Vacancy rate of a real estate market is obtained by dividing the unoccupied units to the total units available in the market. You can have an idea of the existing property prices and the possibility of rise or decline in rentals or property prices, in near future. A significant change in mortgage rate can also boost or reduce sales.  

You should also check for the infrastructure and development work going on in the real estate market and adjoining areas, in particular if some big companies have recently entered or left the market.

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Knowledge and compliance with Real Estate regulations and policies:

Every country has its own set of laws to regulate real estate sector, your real estate agent must be aware of these policies. For example, one of these laws is to treat all clients equally without any discrimination. In case a client feels that he/she has been mistreated because of their race, religion, color, gender or nationality, they can contact the concerned department and register a complain. Other important regulations include license, tax, purchase agreement and registration, etc.

Trust & Privacy:

A real estate agent is obliged to protect the privacy of its clients. You cannot disclose any part of the information without their consent; neither can you make use of that information for your own purposes. On the other hand, a real estate agent must not conceal facts related to a particular property; it is against the professional integrity of this particular business.

Relevant Statistics and Knowledge:

People hire real estate agents because they feel they are not experienced enough to carry out such deals, therefore a real estate agent must be an old hand in this industry. He/she should be able to offer ample experience and data for customer’s satisfaction. Their responsibility doesn’t end on showing the property for sale or rent with required specification, they are also responsible for guiding their clients in the best way possible. A real estate agent is required to help you with negotiations, home inspections, appraisals and agreements.

Difference between a buyer agent & seller agent:

There is not much difference between the basic responsibilities or the nature of the job, when we compare between the buyer’s agent and seller’s agent, except that they are working in different directions. However, the above mentioned obligations such as fair & respectful conduct, privacy, trust, and complete guidance apply on both types.

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The syllabus for this particular program focuses on market analysis, finance, project management and design for real estate developments. Idea behind this extensive program is to prepare professionals with practical skills to carry out all sorts of tasks included in real estate  development process, from planning to oversee the construction work. Some of the subjects included in this program are Market Analysis, Finance Fundamentals, Real Estate Project Management, Construction Management and the likes. Also the industry specific courses like Real Estate Law, City Planning and Architecture are included.

It’s interesting, how for a long time real estate was neglected as a specialized subject in schools and universities. Real Estate plays a very significant role in the economies and financial markets in all parts of the world. It deserves as many qualified professionals as any other sector. However, for years people had no other option but to acquire the regular MBA or a similar degree and get into the field having no clue as to how the real estate market works. Thankfully, that’s not the case anymore. Universities and institutes are gradually starting to realize the importance of qualified professionals. Now we’ve got the institutes like Cambridge University, Hong Kong University, London School of Economics, Meikai University and European Business School offering programs like Master of Real Estate, Masters in Real Estate Finance, Master of Arts in Real Estate and Master Program in Real Estate economics.
Masters in Real Estate Development is the ideal course for anybody who is looking to pursue a career in a market where lots of new constructions are in pipeline or under progress (hint: Dubai). Because of the shortage of qualified professionals, one can expect to get a job without delay after getting hold of this degree.

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Do you really need a real estate agent?

Even before you go out searching for a real estate agent, make sure you really need one. For example, if you are hiring them solely for property search or you want them to show you available homes for sale or rent, you can easily do it yourself, as a number of websites now offer free property listings for almost all cities in the world. You can just search for the property with your required specification and contact the property owner directly. Similarly, if you are looking for an agent to sell your property, you can try doing it yourself by placing an ad in those property portals. That doesn’t imply that real estate agents are of no use, it’s just that you don’t always need to hire a full-service agent all the time.

Normally real estate agents ask for a specific percentage as their commission; however there are companies who demand a flat rate. You can make a choice between both of these options if you’ve got a clear idea of the amount that will be involved. Do not make huge upfront payments or you’ll be stuck with that agent for a long time even if he/she fails to deliver, and always check for the real estate license issued by the concerned authorities before making any sort of payment. The situation of the market also affects the rate of commission, if the market is slow then you may get a real estate agent at lower commission rates, if there are lots of transactions taking place, you may find it hard to hire an experienced real estate agent at low rates.

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Powerful branding can do wonders for your real estate business. With the passage of time, it automatically becomes the leader of the market. You can expect lots of customers coming straight to your business, since the majority of first time customers can only remember (and they’ll often purchase from) an already established brand. For that reason, you must be working towards transforming your real estate business into a reputable brand.

Building a brand, especially in realty business is not an easy accomplishment though. The business must be able to deliver the expected quality and services every time someone hires their services. Otherwise, the decay is not going to take as much time as it takes in building brand-identity. You can start from pinpointing a special service or trait that the customers can count on, following it with a consistent marketing plan that highlights this special feature of your company or service. In order to do this, you must be aware of the qualities that your targeted customers will be looking for. In case of real estate agents, some of the required traits include professionalism, honesty, and unsurpassed knowledge of the market, unrivaled experience or trust.

Branding creates a positive impression of your product or services in the minds of the customers, even before they’ve started doing business with you. Then again, such luxury is an outcome of nonstop commitment and efforts being made on your part. If all kinds of businesses have been successfully benefited from branding, there’s no reason that a real estate business cannot. Therefore, irrespective of the very nature of your business (be it a real estate agency, appraiser, attorney, real estate contractor or developer), you must be concerned about the branding of your real estate business.

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