How To Master The Art Of Real Estate Sales?

Champions are not brought up in a plush cradle with a melodious lullaby being sung around them!

They are crafted in the rough and tough milieu of the streets, fighting the hardest and emerging victorious purely on the basis of their talent, skills and traits that truly differentiate them from the rest of their ilk. In every field of life, it takes grit, determination and a never-say-die attitude to snatch victory from the jaws of failure!

Master The Art Of Real Estate Sales

It is no different for real estate sector, which might look reasonably undemanding and routine from the surface, but scratch it a bit and you will find sagas of wars fought with poise and perfection to win the stacks and become the leaders of the pack.

To become invincible and a true champion of the Real Estate and to master the art of real estate sales, there are certain imperative qualities that you must possess. Some of them you may be born with, but most of these you need to acquire and learn to make your mark in the real estate sales market.

Here is what I am talking about!

1) Be a Man, Not A Boy!

First of all, I am not making a gender specific point here, but it largely relates to the adage that this is not a child’s game. To be successful in an industry which is really cut-throat and squeezes every iota of energy out of you, requires a personality which can handle it in a cool and suave manner. You must be a risk-taker as a person and be equipped to keep yourself calm in periods of extreme highs and lows. Such is the nature of the real estate world that it functions in cycles of ups and downs, so one should have the hearts to laugh out loud even when going through a phase of extreme lows!

2) Persistence and Smart Working Attitude

Once you are sure of what you want, the next step is to go all out and work towards attaining it. Hard work is very important, but more imperative is the smart technique of doing things. Being the master of the game when it comes to information about your neighbourhood, about what your potential customers want, what are the buyers’ and sellers’ needs, these vital points are absolute musts to know! Be ready to work at all times, whether it’s 6am in the morning or an off day for you. You’ve to be persistent and be there for your customers to clear all their doubts and queries. For that, be tech-savvy; gather all data required to make a sale, use different means of communication as per your customer’s convenience. For example, text those customers who want SMS conversation! Call those who are comfortable talking on the phone, connect on mails and Skype chat who are gadget friendly and are comfortable using online resources, so on and so forth. Do not restrict yourself to closed means of communication. Be open to adaptation. Just make sure the customer thinks and rightly believes that you are there to help them genuinely and ready to work around their comfort zones.

3) Building Trust

This is one of the most basic requisites not only for one sale, but for a long term association with your clients. From the time you meet the client, you have to win their trust. The simplest way to do so is to explain the whole process of buying/selling to the client in an upfront manner. The things to do, obstacles on the way, approximate time to be consumed, etc. are the things which will help the client to gather the confidence that he is dealing with a well-informed person and not shooting in the dark. You should be confident enough to give testimonials of at least 10 clients you dealt with successfully, whether or not it reached a conversion. You have to be sure that all have something positive to say about you, to your potential client, with the upfront confidence.

4) Detailing

God lies in the details and this holds true if you want to succeed as a real estate sales guy! Not only should you be aware of your client’s needs, but you should also have an accurate and detailed data to support your suggestions for their needs. With technology being used in every sphere of life, use spreadsheets, charts and maps to help a client make the best decision. From choosing the right locality to finding the best suited property to purchase, everything must be supported by detailed information about laws and taxes of the area, previous sales in the locality, and return on investments, etc. Listen attentively; be quick with your replies and responses whether it is on mails or phone calls, and make sure that every little nuance about your client is known to you as far as their real estate requirements are concerned. Ask questions, as many you want, (read legitimate) and be ready with the answers.

5) Be the Ultimate Ustaad

To be the guru of all sales agents in the area, you must be at the top of your game. Be self-motivated with an intimate knowledge of your work area, be ready with facts and figures anytime the client asks for it and make a client feel that you’re there to help them with this deal in the best possible manner. Any customer would want to deal with an expert who knows what he is saying and doing what he says. You cannot and you should not, camouflage or fake it. Hence, gain knowledge, hone your skills, work real on the grounds and create an impression based on real-time work and not just bogus air around you!

6) Art of Closing

The art of closing a deal is a real special one which needs to be learned and perfected! To be a Master Closer, you need to listen, adapt, learn and understand problems and use a lot of wit, enthusiasm and positivity to solve them. Just closing a deal is like Salman Khan starring Kick; just watch, enjoy and forget it the moment you’re out of the theatre. To be a Master Closer is like Aamir Khan starring 3 Idiots! It is magical, thought provoking, makes a difference to your life, and it should stay with you as an experience. One last point about closing: consider a deal being closed only when the cheque credits in the account, till then, it is only a prospective client!

7) Go On and On and On

Sitting on the laurels after closing your last big deal, is akin to running towards the failure. Ask me why? Well, Real Estate Business can’t be run on auto-pilot. You have to be on it every minute, day after day, generating leads, closing deals, getting new leads and making sure that your pipeline is always full with prospective customers. Be proactive! That’s the secret of being super successful in the business so that every day gives you new opportunities to explore.

These top seven points can help you be the leader of your trade and even build an empire where other sales guys from the industry would want to copy you, be inspired by you and even want to join you.

I am happy to help if you have any questions!

What is the role of digital marketing in real estate transaction sale?

Let’s face it, these days both buyers and sellers start their real estate journeys online. Whether it’s searching for listings or finding answers to real estate related questions, people head to the internet first and to an estate agent second. Internet is largely becoming a trusted medium for most of the required information. That’s why it’s more important than ever to integrate digital marketing into your real estate business in order to make sure that your business presence and your listings are what people find on the net.

What is the role of digital marketing in real estate transaction sale?

Hence the need for digital marketing for real estate projects assumes even greater significance to have an advantage over the competition as well as to be in direct touch with potential buyers. The companies that don’t have an online presence or aren’t active on the internet in promoting their projects and engaging with prospective buyers will lose out in the battle of real estate supremacy.

Moreover, due to its extended reach, digital marketing for real estate is known to have shown a phenomenal increase in the number of leads almost by 300%, and property sellers now have opportunities to convert them as current buyers or as potential buyers for future projects. Since, buyers want a more personal buying experience on high monetary value purchases, they are increasingly getting inclined towards digital adverts online. B2B businesses or even real estate businesses selling higher value products achieve greater impact on branding and lead generation from digital marketing. This works good with real estate selling, where all the marketing is essentially directed towards generating leads, than on direct conversions.

Let me list down the factors enveloping real estate digital marketing, in the details for you.

First of all, why to have Digital Marketing campaigns?

With an estimated internet user base of 250 million people in 2014 and projected revenues for the total e-commerce business of approximately Rs. 1,00,000/- crs. by 2015, it makes a lot of sense to be present in the digital world in an aggressive way. The reason being it reduces the cost of marketing when compared to conventional mediums of marketing like TV, radio, print etc. and gives a higher return of investment. Also, the youth of the country as well as the NRIs are tech savvy and it is easier to engage them with this medium of marketing. A research states that the internet is influencing real estate purchases worth approximately $43 billion! It is important to tap this segment, which relies on clicking a mouse to fulfill their dreams! Also, the big real estate players have already started seeing the results of their digital marketing proving quite effective. For example, Tata Value Homes has already sold over a million sq ft (around 700 homes) of residential space online. Just imagine the potential!

Types of Digital Marketing

Franklin D. Roosevelt had once said, ‘Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.

This is the kind of confidence the buyer needs from you that the investment in your project can be the best ever investment of their life. There are different ways of doing it with digital marketing. Chris Bogan, founder of New Marketing Labs says, ‘No Matter what, the very first piece of social media real estate I’d start with is a blog’. It is indeed a valid point, even endorsed by American author and entrepreneur when he says, Marketing is no longer about the stuff that you make, but about the stories you tell’. Not only a blog or the presence on social networking sites like Twitter, Facebook or LinkedIn, it is important to explore all the facets of digital marketing. This includes marketing via emails, online referrals, and Google Search for Organic searches which have survived the tests of time.

In simple words, Having a strong presence in all the channels of digital marketing is akin to using all five fingers of a hand for a firm grip; let go of any one finger and the grip loosens!’.

Upside of Real Estate Digital Marketing Campaign

The whole experience of connecting to a buyer online via various promotional and marketing campaigns is a very personal one. Middlemen are avoided and so is the need for the physical presence of a potential buyer at the project site. With technology, a 3D view of the flat or project can be shared with the viewer while he sits in the comforts of his home. All details about the project, the features, amenities, the look and feel of the project, the legal documentation, pricing etc. can be shared without any confusion leading to a more transparent and efficient dealing. This is a professional way of doing business, making the customer consider you as a serious player and creates a positive perception about the whole project in his mind. Not to mention, it also saves time as the customer can physically visit the site only after clearing all doubts and going through various options.

Downside of Real Estate Digital Marketing Campaign

Nothing is perfect and similarly the evolution of digital campaigns is still suffering from some bottlenecks; the major being proper implementation of such campaigns. If the information shared isn’t sufficient or not clear enough, consumers tend to feel that the real estate developer isn’t serious about the project and giving false or misleading information. The communication between the buyer and seller has to be prompt, or else buyer will go to someone else who listens to him and replies as well on a priority basis. The campaigns are still kind of fragmented and more focused on bringing the traffic to websites, rather than focusing on getting relevant people who can turn from potential leads to buyers.

Does Real Estate Digital Marketing Campaign Really Work?

Despite all the problems and the bit of confusions around the digital landscape of marketing, the bottom line is that digital campaigns are here to stay and are actually going to do wonders for the realty sector of the country. The point to be considered is how well thought out and implemented are the campaigns, keeping in mind the buyers’ needs. If they meet the requirements of a potential buyer in terms of ease of doing business, transparency, efficiency and comfort level, these campaigns can lead to contributing more than 50% of a developer’s business, without him going out physically to hunt for the prospective buyers!

If you need more specific information and expert advice on how Real Estate Digital Campaign can work for you, get in touch with me. Unless we discuss on a more productive level, we cannot make concrete plans.

The Reality of the Indian Real Estate Sector!

Real Estate industry is one of the highest employment generating industries in the country giving employment to almost 7.6 million people. Not only that, the contribution of the sector towards the economy is as high as 6% of the GDP. It is no wonder then that any downturn in the industry adversely affects the supporting industries like cement, paints, steel, chemicals, tiles etc. and vice-versa!

Reality of the Indian Real Estate Sector

The real estate sector in India has undergone sea-change in the decade from 2005-2014. 2005 was the year when Foreign Direct Investment (FDI) was allowed in the sector and since then, the country’s residential as well as commercial landscape has changed. However, in recent years the sector is stagnating due to a host of factors, including governmental regulations as well as the economic downturn prevalent in the past couple of years.

Let us share with you some hard-core facts about the industry, which are making builders and developers lose their sleep. Do consider the fact that all these points are not stand alone facts, they are all interrelated and a reason for each others’ existence.

1) Unsold Inventory

Even though the government is aiming for ‘housing for all’ by 2020, the current level of unsold inventory is really troubling. The leading residential real estate markets of the country are: Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bangalore, Chennai, Pune and Hyderabad. Out of these, the unsold inventory in MMR stood at 2, 13,743 units, while in the NCR, it stood at 1, 67,000 units by the end of June’14.

2) Delay in New Launches

Due to unsold inventory, the developers’ appetite for new projects has also gone down simply because the cost is insanely high. In total, the new launches have declined by as much as 32% in the first half of 2014 compared to H1 OF 2013. Going region wise, MMR saw a decline of 38%, while new launches in NCR declined by 43%. The maximum decline was witnessed in Chennai at 47%, while Bangalore saw a modest decline of 16%.

3) Government Regulations

The first step for any builder to start building a project involves taking permissions from the government departments. The scary part is to get as many as 52-55 approvals from numerous government agencies. It was extremely difficult to get those approvals. Earlier it used to take as much as 3-6 months for that, but now things have gone really bad to the extent that sometimes it takes 3-5 years for such approvals! During such period, not only the cost of holding on to the land increases manifolds, even the cost of construction rises. This leads to the final flat/property becoming costlier and not finding enough buyers leading to money getting stuck.

4) Stuck Capital

The real estate sector is currently worth $57 billion and is projected to become a $650 billion industry by 2020. But to reach such levels, the investment climate has to be conducive for business. Given the fact that sales are down by as much as 27% in the H1 of the current year compared to H1 of 2014 and unsold inventory build up has increased in a range of 16-47% across the country, all the major developers and builders are facing acute cash crunch. Add to that, high interest rates on existing bank loans and the difficulty in getting newer loans, the scenario is not very rosy for new investments.

5) Reduced Cash Flow

Due to unsold inventory, decline in sales, and high out go of interest on loan, developers are facing shortage of cash flow to kick start new projects or pour in new investments. The only silver lining to this problem of liquidity is that the Securities and Exchange Board of India (SEBI) has approved the establishment of Real Estate Investment Trusts (REITs). This will help in getting retail investors to invest in the sector and builders getting much-needed cash to meet their capital requirements. This also promises to bring transparency, growth and accountability in the Indian real estate market.

The only consolation is that the commercial segment of the sector wasn’t that severely impacted by all the issues plaguing the industry compared to residential segment. This can be gauged by the fact the vacancy levels in commercial segment have reduced from 21% in H2 2012 to 19% in H1 2014!

Despite these problems faced by the industry, all hope is not lost. The second half of the current year has started showing some stability in terms of sales volume and as per reports the sector is projected to show a growth of 26% in H2 of 2014 compared to H2 of 2013.

Let’s hope that the macro-economic factors take a turn towards the positive growth and the real-estate sector can come out of the slump to grow in double digits to generate massive employment and contribute in the country’s development in a healthy and constructive manner!

Master the Real Estate Investment – Learn from Salman’s Six Pack Abs Routine

Markets across the world are used to seeing severe highs and lows in a periodical fashion. Sometimes the return on investment one gets when the market is outperforming itself is much less than the losses incurred when market goes on a downward spree. However, there is a way out to safeguard your investments and make money even during those bad market days.

So, how exactly one can overcome the sluggish markets and make profits when least expected?

The answer lies in real estate sector that can provide as a buffer as well as an investment opportunity to increase income. The way you can use this sector in an informed and intelligent manner can outdo any other financial solution being provided by any other sector. The simplest way to understand is to relate it to Bollywood biggie, #Salman Khan’s abs! You must be thinking that I am joking, but no, I am not!

Master the Real Estate Investment

Let me tell you how.

  1. Salman Khan’s much talked about and admired 6-pack abs was not crafted overnight. A lot of effort was put in over a period of time with great discipline, which resulted in desired results. Similarly, you have to invest in real estate over a period of time, regularly with discipline and ongoing persistence without expecting overnight returns.
  2. A great physique not only requires gymming, but also proper diet and rest. In the same manner, only investing in a flat or a bungalow may not yield desired returns. Diversify your folio to include all possible kinds of properties to get the best returns on investment. If the residential market drops down, the investment in commercial space will help you cover the losses. Commercial spaces undoubtedly carry a wider market for the evident rise happening in nation’s trade and commerce.
  3. The quality of the diet required to build those terrific looking abs also matters a lot. A diet rich in good quality proteins can ensure faster and better looking muscles. Similarly, not only should you invest in upcoming economical properties, you should also be ready to invest in high-end properties which are more or less insulated from the cyclical recession affecting all major economies. Whether those are high-end townships for the elite class or manufacturing or business hubs for any industry, they will ensure that you get profits over a period of time.
  4. One size fits all doesn’t work in case you are working out. Salman’s body is different from #Hrithik Roshan, hence their workout regime will be different. That’s how the real – estate market also works catering to different needs of different segments of people. The way youth of our country is joining the work force, in coming years there will be requirements to provide them a dignified and luxurious way of living. This definitely points towards robust growth in the property sector. This way you can plan accordingly as to where you are living and how the market around is developing, so you can make an informed investment.

Real Estate Can Be A Saviour

This might sound boasting to some, but if you have planned your ‘investment workout’ in an informed manner and are ready to display some patience, the real estate sector can definitely help you make those profitable ‘six-pack abs’, thereby making all your contemporaries go green with envy!

There is always a fun way to find solutions to the gravest of issues. Join me to explore the real excitement in the hardcore business arenas.

Dream Home Buying Experience Becomes a Reality

Happy Couple Dream New Home

Home buying experience has been much simplified compared to what it used to be even a decade ago. No more do home seekers have to rely solely on brokers to locate the best properties within their budgets. Real estate websites provide a holistic solution to home seekers in netting their dream home within an affordable budget.

Real estate websites not only work as property consultants, advising you about the different profitable residential communities coming up within the city, but also accompany you for site visits and help you with the paper work. Unlike brokers, they do not push clients towards a particular property. For instance, on IndiaHomes, more than 600 employees work collectively to make home buying a pleasant, fruitful and hassle free experience for home seekers.

Prior to hunting the ideal home, you should look up different property sites to read up real estate news about your city, the areas that are coming up and the profitability of investing in certain areas around the city. Home buying may be for personal use, but there is no harm in trying to find out the value of your property. You can also participate in the discussions being held on the website where people share their myriad home buying experiences. You could take a tip or two from their experience to ensure that you are not harassed in the same way.

To transform the experience of buying a property, you can register your name, mobile number and other details on the websites. Officials from the website would give you a call within 5 minutes to discuss your requirements. You can expect representatives from websites like IndiaHomes to accompany you whenever you go to see a particular property. They will explain to you the pros and cons of the residential community. Not only will they help you in selecting the right property, but also in getting your loan approved at the lowest possible interest rate with a feasible repayment plan.

Reputed real estate websites often give special offers on occasions. For instance, IndiaHomes offered to pay Rs. 1 Lac to select home buyers on completing 5 years in business. Recently, the company conducted a real estate sale for buyers to pick the best properties in India as per their budget.

Smart Cities in India

Smart Cities – The Next Super Heroes Of Indian Real Estate!

We all are aware of the potential that the Indian economy possesses. But, it is bogged down by the lack of infrastructure and extremely ignorant attitude of the government and administration towards that. However, that was the case before #Modi Government was sworn in.

Now, suddenly there are visible changes happening which can not only provide world-class living facilities to an average Indian, but also holds a promise of substantial contribution to the booming economy on a large scale.

I am talking about the projection and construction of SMART CITIES in the country which have the potential to generate employment of outsized magnitude, and the result will be the building of planned cities of the future. These cities will be made with huge investments of multi-billion dollars and if planned well, can lead to healthy living conditions for millions, in the coming decades.

What is that invisible magic that a SMART CITY going to bring for Indian Real Estate?

Well, the answer is, a Billion Dollar Idea that holds the SHINING FUTURE for one and all! Smart Cities are the next super heroes for the Indian Real Estate Sector.

Let me elaborate, how exactly!

One of the Biggest Real Estate Booms in History

The official initiative for SMART CITY was taken by the finance minister Mr. Arun Jaitley when he earmarked Rs. 7060crores for building 100 smart cities! Both figures are shocking. 100 smart cities is a really tall dream, unheard of anywhere in the world. And the budgetary allocation of approximately only Rs. 70crore per city is awfully less given the huge requirements of resources to build a city, not a township! However, as per Mr. Jaitley, that is just the seed money required to initiate the process and actual finance will have to be generated with the help of private sector.

This is where individual or corporate investors come in the picture. A project as huge as building so many cities, either from scratch around existing mega cities or converting small cities into smart ones, requires humungous amount of money, resources and efficiency to see the project through. Government alone cannot produce results.

Therefore, various business models are being discussed at the moment to bring a seamless co-ordination between the government, civic agencies and private investors. These are: Build Own Operate (BOM), Build Operate Transfer (BOT), Build Operate Manage (BOM) and Open Business Model (OBM). The best amongst these seems to be OBM given the fact that civic agencies can utilize the services of the best company for different needs and requirements as per the specialization of that organization.

Pre Requisites to a Smart City

Smart cities will need to have certain basic parameters to be fulfilled, and based on that work can be outsourced to private enterprises.

These parameters are:

  1. smart governance
  2. smart energy
  3. smart building
  4. smart mobility
  5. smart infrastructure
  6. smart technology
  7. smart healthcare
  8. smart citizens

Now each one of these parameters require private partners who can provide required technological expertise as well as manpower support for these cities to function smoothly without breaking down or becoming a mess, just like our current cities are.

With an estimated population of 600 million about to move to cities by 2030, it becomes absolutely necessary to plan our urban areas in a manner which reduces the chaos and provides clean, hygienic and productive life-style to citizens. Without putting additional pressure on already depleting natural resources and considering the load on environment, the concept of smart cities is the need of the hour.

This would require an educated manpower to run the city which will work seamlessly using the technological advancements of providing basic utilities like gas, power, water etc. Also included in the city will be hospitals, schools, hotels, work-places, places of leisure and entertainment. Combining all these means having adequate resources to provide efficient services!

Smart City or Similar Projects Underway

The best part is that this concept is already being tried in the country, albeit on a small scale, but experiences from these small projects can be used while planning for bigger cities. In Bengaluru, Cisco is already working on a smart grid-based Education City where all the basic utilities will be integrated with the available data of the inhabitants. Not only there, but outside Mumbai, IT major IBM has bagged a contract from the Lodha Group to build all data systems in their Palava City project. Many more such examples exist, which point towards development already taking place with private-public co-operation. It’s just a matter of time that big bang projects will be launched after locations are finalized and feasibility studies are completed.

Smart cities can really change the face of Indian economy as there are only 26 smart cities across the world and India single-handedly as a country is planning to have four times the number of those cities. This single project can give a boost to various sectors like manufacturing, development, IT etc., not only in India but across the world.

Short Term and Long Term Opportunities for Investors

Smart City investment is really a game changer plan if implemented well. For investors, there are multiple gains whether they want to stay in the project for long term or if they want to en-cash their investments over a short period of time. Both ways, they stand to gain as once the process gets kick-started, there will be no looking back.

Now, how exactly a Smart City can contribute towards changing the spending power of a middle-class Indian, and the overall economy of the nation?

Let us have a productive discussion and bring advantageous ideas on the table. I am waiting to hear from you.