How can real estate agencies and brokers survive through the slow real estate market

Real estate is going through a tough phase. Sudden abundance of supply coupled with growing misdoings of the builder are keeping the non -ignorant players away from realty market. A business that made many a fortunes is struggling for survival today. Five years back and 3 years since, one of the biggest beneficiaries were the real estate agents and brokers who invested less into setting up the business but gained much more than anticipated.  Things have changed and now buyers have the upper hand.

There are still some real estate agents and brokers (names withheld intentionally) are doing reasonably good. Lets see what they did right which helped them achieve this rare feat:

1.    Engage with the right builder – They engaged with good builder that are providing timely delivery with decent quality. This in turn helped ensuring timely release of commission from builder and also didn’t significantly reduce the sale. Remember, sell what you would yourself like to buy.

2.  Always give right suggestions to buyers – The social media wave    has ensured that no one is deprived of knowledge. With buyers            getting more aware of games played by builder, the moment you          advise a poor credential builder, you loose a client. Hence, always        suggest a good builder with decent past irrespective of how much      commission you get.

3.  Go techie – Create your own website and promote less and only      good projects there.  If you don’t do so, you lose 20% of the clients      who buy property though online property portal                                         (directly/indirectly).

4.    Do not overdo calling  – Don’t show desperation to sell. A         genuine buyer would reach you if you follow the above suggestions religiously.

5. Finally, Don’t lose heart – You are paying for wrongdoings of builder and some real estate agents and brokers. Times will change and so will buyer’s views. Till then, spend less on set up and invest more on building a repo. You will be the obvious choice when market turns on it head.

We are sure the above would help get you on to the right track.

Comments/Feedback invited.

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Last Updated on September 11, 2015 by Go4Reviews