Necessary Skills in Real Estate Industry

Necessary Skills in Real Estate Industry

Posted Leave a commentPosted in Real Estate

Successful people typically possess an expertise in their field that few can match. Real estate leaders, for example, may know the intricacies of project financing, how to estimate construction costs with accuracy, which building codes apply, contract writing do’s and don’ts, and much more.

That knowledge is certainly vital, but it has little worth if an individual can’t close a sale or work with key partners to form deals that are otherwise unattainable. That’s why having the right soft skills plays a critical role in being a leader in today’s real estate industry.

Soft Skills

Are as almost as important as hard skills. In fact, they often define success more than expertise does. It’s one thing for a real estate investor to know the market well enough to deduce that a specific parcel of land is an ideal target because of foot traffic, location, cost, and zoning. But no deal occurs without negotiation and communication. Here are six soft skills real estate professionals need, including the ability to negotiate and communicate.

Communication

Communication may be the most important soft skill of them all. There are many different aspects to communication beyond the spoken word like being aware of your and other’s body language, understanding pain points involved, uncovering problems, and being respectful of people’s time and contributions. Investing in interpersonal and communication skills would be time well spent for ensuring a successful career in the real estate business. One technique is “active listening”.

Active Listening

Winston Churchill said “courage is what it takes to stand up and speak; courage is also what it takes to sit down and listen.”

A great communicator is not only articulate, but he also listens actively. Active listening requires undivided attention to truly understand what is being said. This does not necessarily mean listening to respond. Whether an employee or a business partner, someone who actively listens to what is being said can help resolve conflict and inspire new ideas.

 Social Cues

Social cues can be helpful across different cultural backgrounds. When meeting an international client with a plan to partner on a land deal, a good real estate professional should be aware of social cues that are considered to be disrespectful and those that would be appreciated.

Negotiation

Napoleon Bonaparte may have conquered much of Europe and built a powerful empire. But as far as soft skills go, negotiation was not his strong suit. He approved the sale of the Louisiana territory 2 ─which included land from 15 U.S. states and two Canadian provinces─for $15 million, roughly equivalent to $250 billion in today’s money. Little did he know that the U.S. was prepared to pay up to $10 million for New Orleans alone.

Major real estate negotiations are assisted by good communication based on reality of the current market and property condition. Further, the negotiator should be able to see the deal from both sides and make wise business decisions.

Patience

Patience is necessary in real estate because most deals take a while to close. And in the realm of commercial property and large housing developments, years may be involved. After all, the process of developing land requires zoning, permits, construction, and much more. Having patience to stay the course results in fewer mistakes and achieving optimum results.

Tactfulness

There are times when a deal doesn’t make sense anymore because of a changing market, new goals, rising costs, among other reasons. The best leaders in real estate cut their losses on a property they own that no longer make sense financially or let go of a property they have been seeking. This must be done as harmoniously as possible with all stakeholders involved. Too harsh, emotional, or sudden a withdrawal may burn bridges that interfere with future projects or networking relationships. Being tactful while being fair can help ease the negative impact and maintain peace.

 

Sources

http://www.huffingtonpost.com/kristi-russo/hard-skills-vs-soft-skill_b_8341566.html
https://en.wikipedia.org/wiki/Louisiana_Purchase#Negotiation

5 ways to invest in real estate business in Nigeria

5 WAYS TO INVEST IN REAL ESTATE BUSINESS IN NIGERIA

Posted Leave a commentPosted in Real Estate

You may have wondered how to become a Real estate investor in Nigeria, you may have as well, over the years, been studying about real Estate investments and how it’s been done online, well unfortunately most things you have read in foreign journals or followed in webinars are not operationally possible in Nigeria. This article tries to explain in simple terms five simple ways you can begin your investment walk in real estate in Nigeria.

  1. 1. Try to Understand what Real Estate really means:

Investopeadia defined Real Estate as:
Real estate is property comprised of land and the buildings on it, as well as the natural resources of the land, including uncultivated flora and fauna, farmed crops and livestock, water and mineral deposits. Although media often refers to the “real estate market,” from the perspective of residential living, real estate can be grouped into three broad categories based on its use: residential, commercial and industrial. Examples of residential real estate include undeveloped land, houses, condominiums and town houses; examples of commercial real estate are office buildings, warehouses and retail store buildings; and examples of industrial real estate include factories, mines and farms.

5 ways to invest in real estate business in Nigeria
Investment in Properties is a wonderful exercise which you’d hardly ever regret doing if done the right way. Buying, rental and selling of Homes, Lands, or Landed property, Rocks, dilapidated building and re-investment are all the activities called real estate businesses. A smart Real Estate investor, observes, and researches an emerging regions and draws an investment forecast and decides whether investment process should be initiated or not in the region or place.

  1. Buy REITs

Reits, or real estate investment trusts, allow you to invest in real estate without the physical real estate. Often compared to mutual funds, they’re companies that own commercial real estate such as office buildings, retail spaces, apartments and hotels. REITs tend to pay high dividends, which makes them a good investment in retirement. Investors who don’t need or want the regular income can automatically reinvest those dividends to grow their investment further. As an investment scheme, REITs/REICs can either be publicly traded on the stock exchange or owned by private investors. Ambicorp Real Estate company possess the expertise to help you with more Information about Buying REITs.

5 Ways to Invest In Real Estate Business In Nigeria

3 Take advantage of Established Online Real Estate Companies.

Real Estate Industry is large and Information spread across easily especially among industry experts, One of the easiest ways of Investing in Real Estate in Nigeria is to liaise with a reputable online Real Estate company who networks property owners with investors, developers etc, connect borrowers to investors willing to lend them money for various personal needs, such as a wedding or home renovation

These platforms connect real estate developers to investors who want to finance projects, either through debt or equity. Investors hope to receive monthly or quarterly distributions in exchange for taking on a significant amount of risk and paying a fee to the platform. Like many real estate investments, these are speculative and illiquid.

The bump is that you may need money to make money. Many of these platforms are open only to accredited investors, defined by the Nigerian Securities and Exchange Commission as people who’ve earned income in few millions in each of the last two years or have a net worth of 100 million or more, not including a primary residence.

  1. RENOVATE AND RE-SELL PROPERTIES

Some people have properties in highbrow areas like Ikeja, GRA in Lagos, This properties have outlived their resilience ,The houses are dumb looking already, yet they stick to living in It, an expert advice will be to renovate the property and sell it off, but before selling it off, make sure you already have other properties you are just waiting for funds to pay up for, because it won’t be advisable to sell and start looking for a home or land to buy,
You may try property trading. It’s not necessary to live at a spot forever; buy to sell is real Estate.

  1. Form Real Estate Investment Groups

Instead of investing your club money in mere mutual support, why not invest in properties. There are lots of properties all around Nigeria in both developed and emerging areas, contact a real estate professional to guide you on how best to invest in properties.

 

Nigeria Real Estate and other Businesses Success Tips

Posted Leave a commentPosted in Real Estate

Experience  and research over the years led to this article, It should known that successful business people didn’t jump into success overnight but took a conscious effort to grow steadily in Business.  Business guides or a piece of Business advice for someone in America or China may not exactly work for someone in Algeria or Nigeria, Putting this in Perspective, entrepreneurs and dynamic business enthusiasts the world over study their market and their government policies and itemize all to structure a workable business strategy.

Be that as it may, Experts argued that there are profound and universal business tips that obtain in every clime, especially those relating to the basics and relationships between clients and product/service providers.

This article seems to underline these baseline tips necessary for a business to be successful.

  1. Plan your Day Before it starts

Take a few Minutes the night before and plan your top priorities for the following day, Attack those things first and seriously not minding other things competing for attention.

  1. Write Valuable blog Content

Anita Clark advised that blogging in today times is a top priority,
As an entrepreneur or a real estate Agent in Nigeria you should know that The more quality content you publish improves your visibility, trust, and the better chance you have to be seen by buyers and sellers.

You can find out about ways to Invest in Real Estate Business in Nigeria here:

  1. Invest in a Great Website

This is a no-brainier, The quality of website you develop gives people the assurance that you truly are into business, Spend time and money to get a good website done, with good description of your services, your team and be honest about what you can do.

  1. Network and Socialize Daily

Socialize with other people, throw parties, do things that bring people together, attend gatherings and find a way to mix up with the people, give people reasons to retain your contact, relationship is the currency of business

  1. Give to Get

In your line of business, or as a realtor, promote other brands, re-tweet their tweets, share their Facebook posts, and make them believe you support their business, then certainly same may want to follow you back in sympathy and share your brands as well.

  1. Put Clients Need first

This is one area most Nigerian Business people get wrong, at the start of a business, they will value their clients so well, but when they have gained ground, love and respect for even new clients begin to diminish, you may not be able to maintain all clients but you can’t afford to lose one, the advice is to prioritize the need of your clients at all times, Remember they say customers are always right..

  1. Stay up on Social Media

social media seems to be a direct gift from God, utilize the efficacy of the social media to drive sales and brand awareness, If you can’t do it on your own, you would need to employ a dedicated professional to handle your handles, and make sure you understand why you need to do this.

  1. Respond Quickly to Leads

Pay attention to every comment, and new leads, no matter how it sounds, respond quickly and professionally.

17 Cool Real Estate Marketing Ideas For 2017

Posted Leave a commentPosted in Real Estate

Try these real estate brand building techniques to get more real estate clients

As a real estate agent, you’re busy helping buyers and sellers in a major transaction. But you also have a business to build, to keep your pipeline full.

There are so many ways to do that — from digital ads, to billboards to newsletters and direct mail. But sometimes you need to break out of the box and shake up your marketing. As 2017 gets underway, here are 17 ideas to help you meet new people, strengthen relationships and be the local real expert.

  1. Buy lunch for your local public servants. Bring sandwiches for the local firehouse or bagels to your local librarians.

 

  1. Put your office somewhere public. Hang out at your local coffee shop with a handwritten sign that says, “Ask me anything about real estate!” (Hint: get the manager’s permission first!).

 

  1. Change your message on your phone. Don’t follow the same ol’ format you’ve used for years. Mix it up to make someone smile.

“Bob’s voicemail is broken. This is his refrigerator. Please speak very slowly, and I’ll stick your message to myself with one of these magnets.”

“Hello, this is Jane. I’m not in the office right now, but I can take a message. Hang on a second while I get a pencil. (Open a drawer and shuffle stuff around.) OK, what would you like me to tell me?”

 

  1. Sponsor a cause matters to you. From rescue animals to cancer to children’s literacy, connect your cause to your brand. Don’t just do it once — make it part of your brand for the entire year. You can do this easier than ever through sites like Rockstar Connect.

 

  1. Share what you know. Are you part of an organization? A book club? Chamber of commerce? Offer to speak on your area of expertise. From first time buyers to fixer uppers, bring your experience to the forefront. You can even invite your referral partners to join you, from loan officers to home stagers and closing attorneys.

 

  1. Be Oprah. Interview one of your clients. Talk to your latest seller about what made their home special for them. Or ask a first time home buyer what surprised them most about the transaction.

 

  1. Reach out to past clients. Run a digital ad campaign everywhere on the web, but only for people you’ve worked with, and thank them for working with you. Have the ad link to a landing page where they can sign up to meet you for coffee.

 

  1. Do a brand health checkup. Ask your colleagues and clients to describe you in three words. Are they the same words you would use? Is there overlap? If you like what you hear, integrate those words into your branding!

 

  1. Imagine your ideal client. Create a persona by describing the client you want to work with. Know everything you can about this person. Then compare what you have to your current brand. How would this persona respond to your brand as it is now? What do you need to tweak to make those two connect?

 

  1. Connect your offline to online. Use digital listing ads that look like the Just Listed/Just Sold postcards you mail out.

 

  1. Host a safety day at a local elementary school, where kids can get free bike helmets and the fire department helps parents install car seats.

 

  1. Invite a guest to write on your site. Who is a local expert that you admire? Who is doing work you respect? Even if that person isn’t in real estate, it’s a great opportunity to offer someone else a chance to be published. Then that person will share the post that lives on your blog.

 

  1. Host an art show in your broker’s office. Find a local photographer or painter who needs a gallery and make an event out of it.

 

  1. Sponsor a movie night. Talk to your local library or chamber of commerce about using a room and play a family friendly movie on a big screen or white wall. Offer popcorn and healthy snacks.

 

  1. Go in on a social media fad! From the ice bucket challenge to the mannequin challenge to a dance craze, get your team to participate.

 

  1. Celebrate a nontraditional holiday. Send your clients Valentine’s Day cards. Or pass out donuts on, you guessed it, National Donut Day. Find some unique holidays.

 

  1. Host a virtual reality roundup! Learn more about VR for real estate and let home shoppers view homes with Matterport or other content from the comfort of your office.

These Article Was Originally Written

BY JED CARLSON

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