Necessary Skills in Real Estate Industry

Necessary Skills in Real Estate Industry

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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.