Jobs in Real Estate Industry, Basic Guidelines and Policies to Follow, Career of Selling Properties (11-14)
By arlene | July 7, 2008
11. Signs and sign register. “For-sale“, “sold” and “showhouse” signs will be provided by the firm. The following responsibilities relate to signs:
- If you obtain a mandate, it is your responsibility to place a “for-sale” sign on the property without delay.
- If you sell the property, it is your responsibility to retrieve the “for-sale” sign without delay and to replace it with a “sold” sign, which you should also retrieve within a reasonable period of time, not exceeding one month.
- If you are in charge of a show house, the erection and removal of signs is your responsibility.
- A sign register is kept with the telephone receptionist. When you remove a sign from the office stock, its precise whereabouts and the relevant dates on which it will be used must be recorded in the sign book until such time as it is returned to the office.
- The firm will be responsible for the repair and renewal of signs. Read the rest of this entry »
Topics: Form, Investment, Job, Listing, Property, Rental, Residential, Sale | 5 Comments »
Jobs in Real Estate Industry, Basic Guidelines and Policies to Follow, Career of Selling Properties (1-10)
By arlene | July 7, 2008
Preamble
You are an associate in our professional team of salespeople and not an employee. We are proud to be associated with you as an independent business person and respect your freedom to conduct your business in an efficient and professional manner. In order to ensure that an association such as ours functions efficiently and achieves maximum productivity and integration of effort, it is necessary to establish a number of written guidelines for general behaviour and conduct among associates. These guidelines will cover issues such as your relationships with fellow salespeople, the day-to-day operation of the office and the backup services you may expect from our administrative staff. We hope that these guidelines will answer most, if not all, questions you may have, will assist you in avoiding potential problems and be useful to you in the solution of existing problems. Read the rest of this entry »
Topics: Agent, Course, Property, Sale | 5 Comments »
Boost Property Sale, better Sales Promotion Explained, Real Estate Market Scan
By arlene | July 6, 2008
Sales promotion includes the presentation of gifts such as diaries and calendars, providing the prize money for a high school essay competition, helping to raise funds for purchasing, restoring and preserving a historic home for the benefit of the community, taking a leading role in resisting an unpopular decision by a local authority to locate a bus repair workshop in the heart of your residential community, having a Sunday show house, cooperating with a local interior decorator in furnishing your Sunday show house, and compiling various brochures, newsletters and annual reports for distribution to various client target groups. Read the rest of this entry »
Topics: Agent, Commercial, Market, Property, Residential, Sale, School | 5 Comments »
Real Estate Sales Promotion strategies, get Properties into International Market for a better Price! continue…
By arlene | July 6, 2008
Property Cooperative Actions
Cooperative sales promotional ventures are activities undertaken jointly by your own firm and other businesses with the costs and benefits being shared. You may, for example, decide to cooperate with a furniture store and an interior decorator in furnishing your show house. In this way your property is shown to its best advantage while the services of the interior decorator and the merchandise of the furniture store are promoted.
Property Brochures
A brochure is a handwritten, typed or printed document that can be used to describe your firm and its services. It may describe a specific property, or properties, that your firm wishes to sell or lease or may be used to recruit staff. A brochure may or may not be illustrated; Read the rest of this entry »
Topics: Agent, Company, Investment, News, Property, Sale | 4 Comments »
Real Estate Sales Promotion strategies, get Properties into International Market for a better Price!
By arlene | July 6, 2008
Property Advertising Specialities
An advertising speciality should ideally satisfy three criteria — CI relatively low price;
- high visibility; and
- excellent utility.
Typical examples are calendars, pens, pencils, matchbooks, diaries, time planners, nail clippers, key rings, rulers, memo pads, playing cards, metric conversion tables, beer mugs, ties and city maps. These items usually bear the name of the advertiser and his telephone number; some may even have space for a carefully planned message. They are usually handed out free of charge to elicit goodwill towards the salesperson and the firm, or to expose the name of the firm to the public eye. These objects have a strong institutional advertising character. Read the rest of this entry »
Topics: Agent, Development, Form, International, Market, Property, Residential, Sale | 5 Comments »
Suggestions for Successful Real Estate Advertising
By arlene | July 3, 2008
In order to advertise effectively you should pay attention to at least the following matters:
- Understand what advertising is and what it can do for you. An advertisement is a message akin to the message or sales talk of the salesperson and involves the same kind of selling procedure as sales talk. Like sales talk, the advertisement must satisfy four criteria — it must attract attention, create interest, arouse desire and encourage action:
- Attention. Your advertisement has to compete with hundreds of other advertisements. In the case of a classified advertisement, something in the advertisement, usually the heading, has to attract the attention of the reader. Interest. The reader of, for example, classified advertisements, may have his attention drawn to an advertisement but may not read it, or may only read it half-way. The advertisement has to succeed in holding his interest at least long enough for him to read it.
Topics: Form, Market, Property, Sale | 4 Comments »
The Estate Agency Business’s Promotion mix for Personal Selling
By arlene | July 3, 2008
Personal selling by a salesperson is one of the main ingredients of the estate agency business’s promotion mix for selling its own services and for selling properties. There are many reasons why the salesperson is important. Consider the following:
- In many cases the salesperson has to persuade potential clients actively before the firm can obtain mandates.
- Immovable property, almost without exception, has to be shown to the prospective buyer before he will consider buying it.
- The attributes of a property have to be carefully matched with the needs and
wants of a buyer or tenant. Only the salesperson can do buyer qualification. - Personal selling, in contrast to the mass appeal of advertising and publicity or even sales promotion, relies on face-to-face communication. Personal selling is more flexible and adaptable than the other promotion tools.
Topics: Contract, Job, Market, Property, Residential, Sale | 6 Comments »
Real Estate Agent, Homeowners motivation and cooperation
By arlene | June 30, 2008
It is important to analyze how motivated the owner is to sell and how cooperative you expect him to be in the sales effort. Owner motivation and cooperation are very important factors in determining whether or not a property will sell. To conduct this analysis, use the information obtained in qualifying the seller.
At the other end of the scale, a seller who scores only sevens is highly motivated and extremely cooperative. A seller scoring six fours is average in the current market. If the total profile lies between three and seven, you are working with a seller whose motivation is above average and from whom you can expect reasonable cooperation. Read the rest of this entry »
Topics: Development, Market, Property, Sale | 6 Comments »
Property Market: Home Buyers appeal of the Subject Property
By arlene | June 30, 2008
Once you know the objectives of the owner, have inspected the property and conducted a market analysis, you can make recommendations on the market position of the property so that it will have good buyer appeal while achieving the objectives of the owner.
Similar to owner motivation and cooperation, you can develop a visual profile from which buyer appeal can be ascertained, at a glance. This is a rating grid that can be used to assess the appeal of the property for potential buyers. In this diagram buyer appeal is assessed in terms of six variables. A profile which, on average, is in excess of three indicates average to excellent buyer appeal. A property which scores only ones may have very poor buyer appeal. Read the rest of this entry »
Topics: Development, Land, Market, Property, Sale | 6 Comments »
Home / Property Marketing plan seriously Homeowners part 2
By arlene | June 29, 2008
Promotion activities
Once you have identified your target market by buyer type and where possible, identified individual and company prospects, the question arises: How do I reach these people in my target market? This is the function of your promotion campaign which involves the use of four “tools”, personal selling, sales promotion, publicity and advertising.’ 6 Which of these tools, and in what combination, will enable you to communicate best with your potential buyers. The first step is to simply list all the promotional activities that may lead to a sale. Let us now briefly consider each of these four tools of promotion.
- Personal selling. For commercial and industrial properties personal selling, almost without exception, constitutes the main thrust of your promotion campaign. After targeting prospects, contact them personally.
Topics: Agent, Commercial, Company, Course, Dollar, Form, Market, Property, Sale | 3 Comments »
Home / Property Marketing plan seriously Homeowners part 1
By arlene | June 29, 2008
Each marketing plan should be developed taking into account these six questions:
- What do I have to sell? (DECIDE ON THE SALES PACKAGE)
- Who are my most likely buyers? (TARGET MARKET ANALYSIS)
- How do I reach my potential buyers? (PROMOTION ACTIVITIES)
- How should my promotion activities be scheduled? (THE PROMOTION CAMPAIGN)
- Who will be responsible for what? (PEOPLE INVOLVEMENT)
- How much is it going to cost? (PROMOTION BUDGET)
Deckle on the sales package
You are selling a complex package and not just a physical property. Sales price and terms are usually very real aspects of the total package you are offering for sale. So is location and land use. Consider the following two sets of sales terms which may be applied to a piece of land with potential for industrial township development. Read the rest of this entry »
Topics: Company, Development, Form, Investment, Land, Market, Property, Residential, Sale | 4 Comments »
Commercial Property, Get action to implement your Marketing plan
By arlene | June 29, 2008
The marketing plan is implemented by executing all those activities that you decided upon to locate and inform buyers and to create and stimulate a demand for the property.
In order to implement your marketing plan successfully it will be necessary to create an adequate feedback system for the capture and recording of the following information:
- Direct action taken to market the property.
- Individuals contacted: How were they contacted and by whom? What were their responses?
- Contact with the seller: How was he contacted? What information was relayed to him? What was his response?
Topics: Agent, Commercial, Contract, Form, Market, Property, Sale | 3 Comments »
The initial Negotiation with a potential client continue…
By arlene | June 27, 2008
The fees charged reflect the dual nature of the work involved in property administration, that is, the letting of space and subsequent rent collection and management of the lease.
In order to set your collection and management fee, you will have to be guided by the property market in your area and the work involved for a specific property. Although the Institute of Estate Agents recommends certain fees, competition among property administration firms is severe. If competition in your town or city forces you to deviate from the fees recommended by the Institute, use the following as general guidelines. The fee for each individual property will depend on considerations such as the services you have to provide, the size, condition and type of property, lease conditions, rental and the type of owner. Read the rest of this entry »
Topics: Agent, Commercial, Investment, Market, Property, Rental, Residential | 6 Comments »
The initial Negotiation with a potential client
By arlene | June 27, 2008
Having located your prospect and arranged the first appointment, you should ensure that you are adequately prepared. Apart from being conversant with regional and local market conditions, you should also have some knowledge of the owner and his property. Your sales kit should include a presentation book containing details about your staff and their training, properties that you are administering, a list of clients, and your property administration policy. Your presentation book need not be a printed document — it may consist of loose sheets and photographs in a book of plastic sleeves or a ring binder.
During the first interview your object is to illustrate how the expertise of your firm and the services you offer can benefit the owner. Although you may convince him immediately to entrust his property to your firm, further interviews may be required. Obtain a copy of the operating statement for the property, as well as permission to inspect the premises. This will enable you to prepare a management proposal. Read the rest of this entry »
Topics: Agent, Commercial, Contract, Form, Investment, Market, Property, Rental, Residential, Sale | 3 Comments »
The New Property Administration pitfalls
By arlene | June 26, 2008
If you consider providing a property administration service, note that this can be complex. A few potential pitfalls have already been referred to. The following comments relate to the internal functioning of your office.
Property administration is a volume business. At low volumes, it is not very profitable, but is more of a service to owners. However, this service is potentially beneficial for public relations and for generating future sales.
Property administration is more staff-oriented than sales. When your business increases to any significant volume beyond a few units, you will need additional office staff to deal with tenants and administrative tasks. Eventually, you will require staff that specialize in matters such as leasing, maintenance and credit control. Read the rest of this entry »
Topics: Dollar, Property, Rental | 4 Comments »
The Ongoing relationship with tenants
By arlene | June 25, 2008
Harmonious tenant relations can exist only within the framework provided by the lease conditions and rules of conduct. Many lease conditions consist of restrictions on the behaviour of tenants and their visitors. In the case of a block of flats, typical restrictions that are embobied in lease clauses are:
On the premises, tenants and their visitors may not
- cause disturbances or be a nuisance to other tenants;
- keep live animals or birds;
- place objects or refuse in public areas;
- hang washing out, other than in the designated drying area;
- keep combustible and hazardous substances;
- alter the electrical installations or overload electrical circuits;
- alter the plumbing; Read the rest of this entry »
Topics: Property, Rental, Sale | 5 Comments »
The Ongoing relationship with tenants
By arlene | June 25, 2008
Tenants are an important asset of the owner, a close second to the property itself. Without tenants, the property is unable to produce income. When the rental market is poor, with high vacancy levels, this is obvious. However, in good times your existing tenants may not seem as important. Yet, existing tenants represent a significant investment of time, money and goodwill. It makes good economic sense to maintain healthy tenant relations.
When a new tenant moves into a rental unit, his own inspection of the premises serves to reassure him of its inventory and condition. Leases typically require the tenant to report in writing any defects in the premises within, say, three days of occupation. Read the rest of this entry »
Topics: Investment, Market, Property, Rental, Residential | 5 Comments »
Commercial Properties Come in Different Ways
By arlene | June 23, 2008
Offices and shops differ from residential properties in several ways:
- The mix of tenants in the property is more critical. Whereas an offensive tenant in a residential property may simply cause a few vacancies, a poor tenant mix could destroy the profitability of a commercial property. We shall return to this subject when discussing shopping centres and again when considering tenant selection.
- The attitudes of tenants are different. The fact that the property is often seen as merely a shell for their activities implies that the property must function as smoothly and unobtrusively as possible. Whereas a residential tenant may tolerate a defective plumbing system for a few days, the commercial tenant cannot afford to do so, since it may jeopardize his business. Read the rest of this entry »
Topics: Commercial, Market, Property | 5 Comments »
Commonly Used Leases
By arlene | June 23, 2008
Space leases for a period of six months to one year are used for residential properties. The lease provides for a fixed rental per unit, which may be increased at the discretion of the managing agent, at one month’s notice. Electricity is metered separately for each unit and is payable by the tenant.
Offices are usually also leased on a space basis. The lease is based on a fixed rental per square metre, expressed as a total for the space that is occupied. The rental is determined on a net basis, with the tenant also paying for additional items which may be directly attributed to him, such as the cost of electricity. The tenant contributes on a pro rata basis to common costs such as those for cleaning, maintenance, and security. Since the lease term normally extends over a two- to five-year period, provision is made for an annual fixed or indexed escalation. Increases in expenses such as property taxes and insurance are also carried by the tenant. Provision is often made for a renewal option at the end of the lease term. Read the rest of this entry »
Topics: Agent, Commercial, Contract, Property, Rental, Residential | 5 Comments »
Get Leasing Principles Work
By arlene | June 23, 2008
The lease is the primary control instrument in property management. Through the form and clauses of the lease, the property manager can control the rental income received and property use. Leases may take various forms:
Space leases are implemented by charging a base rental per square metre or per unit. When the term of the lease exceeds a period of one year, which is usually the case with nonresidential properties, the owner requires protection from possible losses due to increases in comparable market rentals. For this reason, provision is made for the base rental to increase over the term of the lease. This may be done by way of a fixed increment, as in a graduated lease, or by linking rental to some convenient index, such as the consumer price index or the bank discount rate, as in the case of an indexed lease. Read the rest of this entry »
Topics: Commercial, Form, Investment, Market, Property, Rental, Residential, Sale | 5 Comments »
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