4 Ideas On How To Increase Sales In Real Estate

The Most Important Factor In Real Estate Sales

Realis is a Latin word meaning 'existing and true'. According to Etymonline.com, real is used in a legal context in Middle English referring to permanent property, like a house, building or structure, as opposed to personal property, for example clothes or furniture.

The saying "location, location, location" is very relevant and remain to be the most crucial factor for success in real estate investing. Nearness to facilities, green area, scenic views, and the neighborhood's status influence strongly into residential asset valuations.

Five general categories of real estate which comprise of: 

1. residential
2. commercial
3. industrial
4. raw land
5. special use

While broadly acknowledged and well-regarded in the industry, understanding the four concepts is frequently the subtle key to success selling properties. These four concepts are commonly known as the 4 P's of property management: 

• People

• Price

• Promotion

• Product

When you're looking for the perfect sales agent, here's a suggestion of eight qualities to consider:

1. Communicate clearly and regularly with their prospects
2. Proactive with the selling process
3. Listening
4. Client-motivated
5. Know the local area
6. Aware of clients time frame

Real Estate Agents have had a bad reputation over the years labelled as sales people without ethics, but agents who enthusiastically demonstrate honesty and integrity are more successful in getting a sale. These agents also sustain longer in their career journey.

The most successful agents in the country, many of them consider themselves as introverts. As a matter of fact, an all-inclusive Penn State meta-analysis concluded that extroversion and sales almost have no correlation at all. You don't have to be an extrovert to succeed in real estate sales.

The type of real estate that makes the most money, almost six figures on average, is the commercial real estate agent, who came in as the highest income out of all the agents surveyed. Becoming proficient in commercial real estate selling requires more training — but it was proven that more training pays off.

Selling a piece of real estate takes some critical strategy. Just like selling any other kind of property, specific ways of advertising, showing and creating contracts on a real estate would need to be particular to that kind of property to be effective.

The methods that one may use to sell a condo or an apartment may be slightly different.

1. Know the rules and guidelines

Real estate will have specific rules about who can and cannot own them. There is no point selling to someone only to find out the piece restricts them against holding them. Particular real estate associations also require pre-approval of the buyers, so it is essential that you consider all of these things before even listing to avoid complications. You will filter through a lot of unsuitable buyers and therefore increase your chance of selling.

• Real Estate 10 percent Rule

One of a good rule is that every 1% increase in interest rates equals to less 10%  you are able to take the loan but still maintain the same monthly installment. The whole concept is when interest rates increase, every 1% increment decreases your buying power by 10%. The higher the interest rate, the higher you pay every month.

• Real Estate 4 Percent Rule

The 4% rule recommend that retirees can safely withdraw an amount equal to 4 percent of their savings during the year they retire, and then adjust for inflation each following year for 30 years. This rule is a simple rule compared to a hard and fast rule for retirement income.

2. Price your real estate competitively

No sensible buyer will buy a property that costs a lot more than others which are similar. If they know they can get the same real estate or similar for cheaper, then they will. Look at how much other real estates in the area are selling for, and either match that or keep very close within the price range of it. Don’t put off potential buyers by being too expensive.

3. Make it look appealing

With any property, buyers need to be able to see the potential of a real estate. If they go for a viewing and it is messy or poorly maintained, people may be put off. Everyone is good at using their imagination, but there is only so far it can stretch. Also, buyers don’t want to feel like they are buying a piece of real estate that will give them a lot of work to do. Not everyone is looking for a DIY project when buying a property. Some want a ready-made piece they can live in immediately.

4. Be boastful

What is good about the real estate you are selling? Why should someone buy it over another which is cheaper or at the same price? Put your best foot forward and let potential buyers know what makes your property stand out. Chances are, that will be the selling point that will increase your likelihood of making a sale.