Singapore is one of the world’s most exciting cities to live in. With its high quality of life, vibrant multicultural heritage, and constant economic growth, it’s no wonder that so many are choosing to call the city home. Properties are popping up left and right on the market and many believe that being a realtor in here should be a cakewalk. Of course, it isn’t and the competition in the industry is fierce. Estate agents, especially those who are just starting expertise comes at a great personal cost, and it can be frustrating when it seems that you’re doing all this work for not a lot of reward. Fear not, there are ways to help you work smarter this year and help you get the commission you deserve. Here are a few tips that can help you boost your performance and place yourself a cut above the rest:
Put it on paper
Be sure to lay the foundation for a good partnership. No matter your rapport with your client, there’s always a chance that things can get messy. It can be drawn out even more if there are no established ground rules. Do not rely on a verbal agreement! Protect yourself and your client by making sure the proper paperwork is always in place BEFORE you begin your work. Even if the client is family or a friend, outlining your commission rates and your duties as their agent will help you and your client understand what work needs to be done.
Understand your limits
As a property agent, it’s your job to help your client navigate the sometimes complicated world of real estate. A good realtor will usually go above and beyond to ensure that the clients every need is met. However, you can’t be expected to know everything, and some things are best left to the professionals. If your client approaches you with something that is out of your depth, such as property valuation or legalities, its best to direct them to the professionals. This will save any headaches down the line and help the negotiations go along smoother.
Know Your Worth
Need to do more groundwork because your client is abroad? Have a very particular client that has a high-value property or impeccably restored shophouse? Don’t be afraid to ask for more if you know that more work will be involved. The market rates of estate agents commissions are in place for a reason, but sales that require more than the standard fare should reflect that. Being an estate agent entails a lot of work that isn’t necessarily confined to regular office hours. Explain to your client the additional work you’ll be doing and why it warrants that extra cost so that they understand why they may be paying a little more than what they thought. On your end, valuing your own time properly and charging accordingly will help to keep you motivated and working harder so that you can attract more projects like this.
Caring about your client and what they need from their home is tantamount to finding their perfect home. Whether you’re representing a buyer or a seller, the home that your selling them extends far beyond their floor plan. Learn the neighborhoods like the back of your hand. Intimate knowledge of the neighborhood allows you to market the lifestyle to your client, and that extra step will make them feel more trusting of you and your advice.
Take No Shortcuts
As an estate agent, your job is to guide the clients to their best option, which isn’t always the quickest. If you think that any component of the deal will be unfair to either side of the party, its best to steer clear of that even if it means losing a sale. Your reputation is everything in this business, and people will continue to work with (and refer) people who they trust and feel have their best interest at heart.
Obviously, there are no hard and fast rules to playing the real estate game, and the best of the best get there after years of trial and error. With a little bit of patience and a lot of hard work, you too can blaze your own trail in Singapore’s real estate market.
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