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

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.