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

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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