Tuesday, 7 March 2017

25 Fundamental Activities for RE/MAX Broker Associate

25 Fundamental Activities for RE/MAX Broker Associate

“The most common business mistake is not doing the obvious.” Darren Hardy

  1.     ..      Be an expert in your market and your industry.

  • 2. Have a theme for your marketing, dedicate yourself to getting to know something; differentiate yourself from the competition. What do you do that makes clients remember you?
    3.       Be a “fanatic” investing your time efficiently. Dedicate your time to activities that produce money and don’t do what doesn’t produce income. Work at least 8 hours a day and don’t waste your time.
    4.       Maintain an updated database of clients and connections.
    5.       Contact the people in your database monthly. Ask for referrals explicitly; enthusiastically thank your connections when they send you a referral.
    6.       Dedicate two hours a day to proactively seeking new clients.
    7.       Always maintain an updated brochure explaining your services.
    8.       Always use the RE/MAX brand.  It is the best real estate brand in the world and you are a part of it.
    9.       Participate in RE/MAX events (nationally and internationally).
    10.   Each month, estimate the probability (%) of selling each property you have listed. Have the owners lower the price when necessary.
    11.   Each month, estimate the probability (%) of buying for each buyer you are working with. Focus on your serious buyers and ask them for exclusivity in working on the purchase with you
    12.   Have monthly and annual goals, and develop a plan of action to achieve them. Find a coach that demands you keep focused on said goals.
    13.   Make sure you have a minimum for how many properties and buyers you add each month.
    14.   Dedicate two hours a week to studying Global Training materials and Mainstreet
    15.   Have a personal development culture (“to be” is more important than “to do”). Develop the habit of  reading, including re-reading certain fundamental books every now and again.
    16.   Make sure each of your properties is updated on each website you use.
    17.   Contact a RE/MAX colleague outside of your office every three months (a new person each time). Develop your own RE/MAX network.
    18.   Maintain an active online marketing strategy. This should include your office/personal site, blog, Facebook, Youtube, etc.
    19.   Keep track of these performance indicators on a monthly basis: number of new listings (current as compared to those acquired over the course of the month), number of contracts (acquired during the month), number of buyers that you are working with and number of transactions (monthly and annually).
    20.   Celebrate the accomplishments, birthdays, and anniversaries of your clients
    21.   Analyze your finances monthly. Get to know your income, spending, and savings.
    22.   Save 10% of each commission you earn.
    23.   Give 10% of your earnings to your community. What goes around comes around.
    24.   Charge what your services are worth. Don’t discount your fees. Stand your ground. Learn to negotiate.
    25.   Offer top quality service, impress your clients, always go the extra mile for them.


Wednesday, 1 March 2017

RE/MAX introduces the “Open House” concept in the Indian market

RE/MAX introduces the “Open House” concept in the Indian market

The industry has seen the concept of Open House in various forms like developers having sample homes at their project sites but nobody had really called it an “Open House” or conducted it like an “Open House”.

An Open House is a long standing tradition in the sale of residential real estate to expose maximum people to the property put on sale. Open house is the best medium for inviting the public to tour the home to help sell it at the best possible price in the least possible time.
It’s always nice to use innovative idea's which speed up your sale's procedure as well as create brand awareness in the market.  These innovative ideas are alien to the Indian market which is in the transition period between unprofessional and professional Real Estate consultants/brokers. At this juncture, doing such events directly differentiates you from the others and gives the seller a direct positive confirmation that “YES” this is My Agent and he's working so hard for helping me sell my property.  The positives of staging an open house are endless. A professional Realtor must go all out in marketing and preparing for an Open House, from doing paper advertisements, creating an event on facebook, sending personalized invitations, staging the house, putting up directional signage’s, assigning Agents work on the day of the Open House, having open house goodies for the visitors to having a plan for follow up on enquiries generated; their office follows the checklist for an Open House to the T.

Keeping the cost of conducting such open houses be minimal so that you can do a number of them and he feels that staging the house for the open house is one of the most important steps that needs to be dealt with well. Also, one should use such platforms to also provide the customers with some value added information in the form of pamphlets on topics such as “ 10 common mistakes to avoid while buying a home” etc which makes attending an Open House a wholesome experience for them.

One of the most important points that the office should keep in mind while conducting an open house is the selection of the right property for which an Open House has to be conducted. An investment of time, money and resource goes into doing an Open House and if the property is not well selected then all that efforts can go down the drain. Right pricing of the property and a proper staging of the house is of utmost importance for ensuring the success of an Open House. An Open House is an ideal way of generating a database of genuine buyers who may or may not invest in the property for which the open house is conducted but can always be given other options to choose from.

RE/MAX India feels that our industry and customers are ready for such concepts and customers buying and selling in today’s market are looking for an easy, convenient and professional real estate experience. Today’s new Age Broker is more of a consultant to the customer and not just a mere broker and that is the reason why embracing concepts like exclusive mandates, open houses etc. has become the need of the hour. We at RE/MAX are constantly training and up skilling our Agents to provide professional services and create a distinct niche for themselves through implementation of innovative marketing ideas such as the “Open House”. 

Friday, 24 February 2017

Post Budget Review

Post Budget Review by Sam

Post the DeMO drive, our government has been focusing on making our economy policy and system based and hence following the targeted delivery approach to become more planned and professional. Very rightly said by the FM, Arun Jaitely, the positive signs and optimistic outlook of the economy are showing green shoots and the effects of DeMo are not expected to spill over in the next year. The affordable housing has been given the infrastructure status which is likely to result in improved participation from private players. Affordable housing is a priority for this Government and it was expected to get an Infra Status. With this the developers can access foreign funds at a cheaper cost. Also with the restriction of Cash Transactions to Rs. 3 Lacs, the cash component will be eradicated completely from this sector and hence making it more transparent. The sales are expected to increase in the residential market with Real estate developers getting tax relief on unsold stock. Under Real Estate Industry, Affordable housing was given major emphasis. One such related announcement was where Instead of build up area, carpet area will be counted for affordable housing. Reduction in the holding period for computing long term capital gains from transfer of immovable property from 3 years to 2 years is another major change in the budget.  Overall, the housing sector will gain immensely from the Budget 2017

Tuesday, 17 January 2017

Union Budget for the real estate market

Union Budget for the real estate market

Everyone is eagerly waiting for the union budget which is soon going to be revealed. Demonetization has had a significant effect on the finances of the country and an impact has been seen on every sector. The union budget will give more clarity about the finances. Sahil Kapoor, Executive Director RE/MAX India talks about the expectations from the union budget for the real estate market.
Ever since RERA has been passed, the real estate industry has been going through a paradigm shift and a lot of answers are expected with the release of the upcoming Budget. With developers coming under the RERA scrutiny, there is a lot expected when it comes to approvals and clearances. In particular, we hope that government initiates the Single Window Clearance for smooth approvals and timely delivery of projects. As a Real Estate fraternity, we hope that this budget beings with it positive sentients and builds the customer trust back in the Real Estate Sector. The budget is expected to build around the lost faith of the buyer’s post Demonetization by incentivizing the home buyer with lower interest rates. Also, the first time home buyers particularly are expected to have a benefit with higher tax exemptions from the next financial year.
The union budget is expected to support the first-time home buyers. Their first house might get them additional income tax incentives for the first few years. The developers could also then come up with the products that suit the requirements of the youth to attract this segment of home buyers.
So far, in case of project delays, there was no concession or protection for the end users. This led to payment of extra taxes and other personal difficulties as well. The new budget is most likely to extend tax rebates in the projects that get delayed due to strict RERA adherence as well. If the government wants to fulfil the dream of “Housing for all by 2022”, then the union budget has to be made Real Estate friendly so that it’s beneficial for all.
The tax deduction limit for the housing loans should also be increased for buyers in the metro cities. Currently the limit is 2 Lakhs, which is insignificant considering the ticket size in the metro cities, where usually the houses go upto 1 Crore. Addition benefit on house insurance will encourage people to get their house insured and protected.
Currently, the HRA (House Rent Allowance) is not provided to all the salaried people. The one with a HRA avail tax benefits, but those who get a lump sum, without any breakup of the salary, they are just liable for a deduction of Rs 5000/month, which isn’t realistic, keeping in mind today’s housing rent. The union budget should be more in support of people with no HRA.
Moreover, in the long term we expect income tax rate rebates, Stamp duty reduction, GST rate to be finalized, tax concessions on house insurance premiums could be introduced to encourage end-users to insure their homes.

With the upcoming budget, we expect to get the industry status as deserved with all the economic reforms taking place. This will help in pushing the housing demand and eventually lead to growth of the industry. The announcements made by the Prime Minister MR. Narendra Modi will help the ultra affordable segment a lot.  The Home Loan rate cuts are having a positive impact on a wider customer segment. We just look for the confidence boosting measures by the government that will put more money in the hands of the home buyers and hence improve the home sales. the government needs to address the issues post demonetarization by encouraging the customers to have trust again and park their funds in real Estate.

Thursday, 12 January 2017

RERA Implementation

How will the RERA implementation affect the real estate sector in a positive way

 With the government seeking advice from the industry experts for the RERA act,  it’s a good move towards building the Real Estate community stronger and making the act feasible for the industry to prosper in the right direction. The act has covered many aspects of the industry but still there are a few provisions in the act that are prejudicial to  the legitimate business of the brokers. There are a few changes that the government should consider keeping in mind the interest of the serious and professional brokers. For example the Single Window Clearance for the developers that will help them to avoid delays. Also, a few qualification barriers should be added for agent to be a registered broker. Apart from this, the government should also try and incorporate a few suggestions from the broker community to safeguard their business as well. 
RERA norms, will bring long-term fundamental changes in the Real Estate sector which is also set to gain from the increased transparency.
With the positive move in the right direction, buyers will feel secure for his investments and will help in regaining the market sentiments.

How will demonetization lead to a more organised sector in the coming year?

With the Ongoing Demonetization drive by the Government, we as Real Estate Industry are going to be the biggest benefiters in the long run.  The concept of parallel economy is going to be a thing of the past. This will also help our industry by making it stronger and transparent. With the transactions taking place through a transparent channel, the industry will grow towards becoming more organized and hence increase the general public’s trust in this industry.

In the Long run, bigger and structured companies are going to play a larger role in shaping up the industry and making it more professional with their business model and education system.

How all other changes in this year lead to more positivity in the real estate sector?

With the RERA coming in, the time has never been so perfect for the real estate industry to move in the right direction. Coupled with reforms like Demonetization, FDI in Real Estate and Benami Transaction Act; this industry is going to witness a ground-breaking change in the way real estate is dealt in India. The coming year 2017 is going to be  a great year for the industry and I assume that the annual sales of 2017 will be higher than the combined sales of 2015 & 2016. The significant change in the way business is conducted will also lead to the buyers regaining confidence. The Professional Realtors and Brokerage houses are going to prosper in the long run. 

Wednesday, 4 January 2017

Benefits of real estate as short term investment

In times where the market is facing volatile conditions, with stocks market often closing at a tip and interest rates recording at low, people are looking to park their money in short term investment rather taking in risks with long-term investment. Amidst the prevailing risks and chances with regards to options such as mutual funds, real estate market had turned out to be lucrative for many.

With the Reserve Bank of India reducing its benchmark interest rate by a higher-than-expected 50 basis points to a four-year low, the step has further encouraged the new home buyers to avail home loans at a much lower interest rate. Although, the banks have been slow in passing on the benefit to the home buyers, they have still deducted their home rates by 30 to 35 basis point.

Despite the advantages, many perceive the positives to be a temporary scenario and hence advice investing in other options as well, apart from real estate. However, another segment believes real estate to be one of the best option when it comes to short term investment option. Some of the benefits with short investment with real estate are:

It isn’t so risky: When compared to intangible nature of investments such as stocks and bonds, real estate provides much more assurance, as the prices of the sector do not get affected by daily media news. Besides, investing in real estate further secure an asset, which eventually tends to provide regular income stream, especially in case commercial space.

In proportion with the inflation: Undoubtedly, inflation in on the constant rise. As per the experts, real estate prices are directly proportional with the inflation. Therefore, with every rise in inflation, your real estate prices are set to surge. Therefore, with an investment today in real estate, the value of asset is set to appreciate in couple of years.

Maximising the benefit:real investment becomes one of the best way to leverage the tax benefit provided by the government. There are several tax benefits such as the ability to recover the cost of income-producing property through depreciation, road to earn benefit from personal residence exemption, deduction for mortgage interest and likewise.

Proud ownership: Buying a real estate would only be an investment but would also make you the owner of the property, thereby inducing a sense of pride in you. Being the owner of the property, you would not only have asset but also have a complete control over it, which you cannot have in case of investments like stocks and bonds.

It can be inherited: Real estate can be a good investment in terms of passing to the next generation. While a short term investment can assure you several benefits, a long term possession of the asset can also guarantee some financial support to your next generation as well.

Tuesday, 3 January 2017

Outlook 2017

Outlook 2017-the story will focus on where real estate sector are headed in 2017.

I feel that the year 2016 will be remembered as the year of key reforms in Real Estate Industry for India. It’s a landmark year as the Union Government passed GST, RERA, Benami Transaction (Prohibition) Amendment Act. To top it all, the move of demonetizing the higher currency laid full emphasis on eradicating the black money component from the market. With RERA ready to be implemented this year in all states, it will strengthen the association between a buyer and a developer. This will improve the buyer sentiments as the customer will gain trust in the market. This will help to propel the growth of organised real estate in India. Post RERA implementation, we will also come across many challenges that government would have to resolve with time to make the real estate industry more transparent and professional. There still is scope of improvement from the government by launching initiatives like single window clearance. This will smoothen the process for the developers and ensure timely delivery of their projects.

With a lot of transactions getting digital post demonetization, we will automatically observe a much transparent realty sector in 2017. This year I anticipate good sales to happen post the Budget and after RERA implementation in May. Customers will regain faith once the government announces its Budget and RBI announces its policy. The road ahead is visioned to be in the right direction and sales gradually picking up after the mid year. The real estate developments will shift towards tier 2 and tier 3 cities with the smart cities coming up. This will eventually widen the real estate growth outside the parameters of metros and capital cities. All these policies by the union government lead to a positive growth with interest rates going down and property prices heading towards realistic pricing after the price reductions. The end users who were sitting on the fence and waiting will be able to now take a decision and buy the property desired.

 It’s the right time for the realtors to focus on customer service and gain momentum in the market. Opportunities are going to be immense for realtors who are agile to grasp the changing processes and adapt to the professional style of working.