Suspected Money Laundering in the Residential Real Estate Industry
Make Money in Real Estate
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Transcript of Make Money in Real Estate
Make More Money in Real Estate Broking
RE/MAX Mumbai Gujarat Maharashtra
Present Market statistics:
Number of brokers in Mumbai: Approx. 40,000 active.
Number of deals : 50,000-60,000 registrations a month
Estimate of primary deals being done by brokers: 50%- 60% (increasing as number deals reduce)
40% of the new projects of India are in Mumbai
Investors from all India have invested in Mumbai
RE/MAX Mumbai Gujarat Maharashtra
Next 10 years?
Media will continue to loose its productivity
Resale properties will have a great share of transaction in the market
Buyers will have a higher Dependence on agents as plethora of options emerge
Technology will play a pivotal role in broking
Organized broking is the future
RE/MAX Mumbai Gujarat Maharashtra
Next 10 years?
Foreign investors investing in India and Indians investing outside the country will increase
Proportion of White money in real estate transactions will increase
Real Estate broking will follow
the foot steps of organized
stock broking
Fundamental Questions First:
RE/MAX Mumbai Gujarat Maharashtra
What is broking?
Broker is a party that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed.
RE/MAX Mumbai Gujarat Maharashtra
What does a buyer want?
Inventory
Agent time
Guidance
Saving of his time
Quick Closure
RE/MAX Mumbai Gujarat Maharashtra
What does a seller want?
More genuine buyers
Get best price for his property
Liquidate at the earliest
Agent’s time
Guidance of valuation
Relevant buyers consider his property
RE/MAX Mumbai Gujarat Maharashtra
Why a broker cannot satisfy?
Getting and retaining best employees
Training
Advertisement Budget
No Surety of Income
Limited budget for Running costs
Network
RE/MAX Mumbai Gujarat Maharashtra
Why employees don’t stay?
Employer gets the lion’s share of income
Boss gives little value addition to each deal once the employee becomes experienced
Lack of independence
Lack of Personal Identity
Limited office growth
RE/MAX Mumbai Gujarat Maharashtra
How to increase deals? Give more options to buyers
Employ more agents to serve the customer better
Use technology to increase the viewers of the property
RE/MAX Mumbai Gujarat Maharashtra
Get access to HNI/NRI clients? Get high quality agents who are experienced qualified
and who give better service
Get properties which they would prefer:
100% white for NRI
Give a good ROI for HNI
Train employees regularly to improve your quality of service
Use technology extensively
RE/MAX Mumbai Gujarat Maharashtra
Attract and retain employees? Number of transactions is the key to improving income
and motivation of employee
Create a brand value of your office
Fire low performing employees: key to retain top performing people
Continuously recruit
RE/MAX Mumbai Gujarat Maharashtra
Network?
Join a network to share inventory and leads
Networks help wide geographical presence
Can access various segments of buyers and sellers
A network gains more trust than an individual broker
RE/MAX Mumbai Gujarat Maharashtra
Technology: How important?
Do you use Mobile?
Why?
RE/MAX Mumbai Gujarat Maharashtra
Example of A listing:
Property with an excellent view over looking a river, sea and a hill.
Very upmarket locality.
3 bed room, fully furnished, good wood work.
Parking for 2 cars.
RE/MAX Mumbai Gujarat Maharashtra
Technology: How important? Buyers require more information e.g.: floor plan,
elevation photos, views, amenities etc.
Cost of petrol increases so buyers prefer to see properties over internet and short list rather than visit each and every option
Buyers don’t have time
Buyers can be outside city or even country.
Buyers want to share information with others
RE/MAX Mumbai Gujarat Maharashtra
Technology: How important?
Brokers need to:
make quality leaflets to give as handouts to customers
Promptly respond over email
If they work in network: Technology is critical for sharing information
Smartphone challenge: using apps to search properties
RE/MAX Mumbai Gujarat Maharashtra
Informal sector: thrive or survive?
Small Stock brokers: on brink of extinction
Starts with reluctance to change
Later results in reduction in market share
In 5 years substantial shift will be seen from the unorganized broking sector to organized broking
Then it is too late to change
RE/MAX Mumbai Gujarat Maharashtra
"It is not the strongest of the species that survives, nor the most
intelligent that survives. It is the one that is the most adaptable to
change."
— Charles Darwin
RE/MAX Mumbai Gujarat Maharashtra
Thank You