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Importance of Property Valuers in Organization of the Real Estate Industry

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Importance of Property Valuers in Organization of the Real Estate Industry

By Aashil Patel Subscribe to RSS | December 22nd 2011 | Views:
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BUYING AND SELLING PROPERTY IN AN ORGANIZED MANNER

More than 95% real estate leads are generated online in the US and developing countries like India will soon follow suit. So it is very important to have a listing portal that helps agents and brokers to promote their listings. It is very important to be a part of this vibrant and ever-growing business field of real estate brokerage. However, it is even more important to be part of a successful global network. Real estate industry professionals need to work on a business model that has successfully been employed in major countries across the world. To overcome the inefficiencies of the real estate industry, it is important to have the use of training, technology and be ahead of its time. The RE/MAX policies of cooperative growth and shared office expenditure, ensuring that a person can focus more of his time on earning and doing transactions, is a collaborative way of doing business and making sure that everybody wins.

PROBLEMS IN THE CURRENT REAL ESTATE BROKERAGE SYSTEM

1. Less inventory: The number of sellers one represents in the market

2. Less leads: The number of buyers one represents in the market

3. Budget to advertise: Agents and brokers have little money to spend on advertising.

4. No training on real estate broking : Lack of knowledge of the real estate industry

5. Staff retention: Employees do not stay for long in the system.

6. Staff monitoring: Employees need to be given more time in terms of monitoring.

7. Staff motivation: Motivation levels fluctuate as per the market dynamics.

8. Recognition: A small office cannot recognize the efforts of a good employee.

9. Restricted network : Network of a real estate broker is restricted to his local friends at the most

10. No trust: Customers do not trust the average real estate broker, as agents are normally seen as dishonest.

11. Unorganized market: The property market is unorganized with no entry barriers and no regulatory body.

12. No international presence: Lack of reach to international locations plagues property agents.

13. Builders have to spend a lot of advertisement: Since selling agents are not coordinated, builders are spending a lot of money to promote their projects.

WHY A REAL ESTATE PORTAL IS NOT THE SOLUTION TO YOUR PROPERTY NEEDS

There are many real estate portals competing online in India right now, such as MagicBricks, 99Acres, Makaan and IndiaProperties. These property websites constantly vie for the attention of real estate buyers, sellers and tenants.

Online property portals on the Internet were established with an agenda to remove or bypass real estate brokers and agents from transactions taking place in the industry. They allow customers to list properties directly with the idea of eliminating the broker from the chain. However, nobody knows better than a broker that only a well-established property agent can give local market knowledge, help with paper work and find the best deal for the client at the lowest possible cost. It is difficult as well as unreasonable to try and eliminate agents and brokers out of the network.

HOW REAL ESTATE VALUERS CAN BE PART OF AN ORGANIZED REAL ESTATE BROKERAGE SYSTEM

The primary job of the broker is to sell the property he lists. The value at which a property is listed is of prime importance. If the property is undervalued it will sell fast but the seller will lose substantially. If the property is overvalued then it will take a long time to sell and the seller will lose on interest with increased opportunity costs and the may miss an ideal investment prospect.

A valuer can not only list the property in the market at the right price, he can also convince the customer that the price is perfect as he has the precise knowledge as to why the property is valued at that price.

KEY ADVANTAGES A REAL ESTATE VALUER HAS COMPARED TO A REAL ESTATE BROKER

• Trust: A real estate valuer gets the trust of the seller as he is considered to be an independent third party doing the valuation of property.

• Knowledge: The valuation of a property requires in-depth knowledge of various aspects to valuation and knowledge of the field. This creates an entry barrier to anyone who wants to enter the field of real estate.

• Mandate: Generally, a seller will not get multiple valuations done for the property. So, the awareness that the property might be up for sale is available only to the real estate valuer.

• Early Involvement: A real estate valuer gets involved in the transaction much before a real estate broker. This gives a bigger advantage to him in both customer interaction as well as the whole property deal process.

• Expectation Handling: A real estate valuer can set correct expectations in the mind of the seller, helping in the negotiation process which ultimately helps in faster transaction.

• Allied Services: Real estate brokerage can be reflected as an allied service or value added service to the main earning business vertical of real estate valuation. Customers increasingly prefer a one-stop-shop that provides a centralized solution to their end-to-end real estate requirements.

For further information in successful, profitable and organized real estate dealing, buyers, sellers, agents and brokers can all learn from http://www.remax-mgm.com.

Aashil Patel - About Author:
Take advantage of Franchise Opportunities in Real Estate offered by RE/MAX India. Avail of training programs in property broking & real estate buying/selling information from RE/MAX's global broker network. Visit http://www.remax-mgm.com for details.

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