How brokers may answer questions about rival ventures
For a broker to ensure efficient transactions, information of similar and competitive real estate ventures is important. We investigate how consumer requests can be handled by realty agents.
“My biggest failure in negotiating deals with potential home buyers has been addressing queries about competing projects,” admits D Shetty, a broker involved in the northern Bengaluru region. “I know about the three to four projects I’m selling, but it’s difficult to answer questions about other builders’ projects in the same micro-market, particularly when the customer insists that those projects has value for money,” he explains. Many brokers working across India echo Shetty’s experience.
Much of the time, as the prospective customer mentions the capabilities of other rival ventures in the vicinity, brokers and sales personnel have little response. “As happened in Gurgaon with Diwakar Jain, who had no idea of the nearby project that the prospective home buyer was talking for, all he could say was: “Har project ka kuchh na kuchh toh strength hota hi hai (It is obvious that every project has some strength or other).
However in today’s intensely competitive market, where home buyers do a comprehensive cost and profit review before making a final buying decision, such uninformed answers are a huge put-off. A glance at the developed global markets, such as the United States and the United Kingdom, shows that effective real estate agents are those who are well aware of the market, its geographical, social and economic infrastructure, the projects to be offered and the nearby competing projects.
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How to classify a project’s USPs?
It is no longer about matchmaking between the buyer and the seller to sell a real estate project. It needs the application, as well as competing markets and ventures, of mind and information about the business. In order to leave a positive impact on prospective clients, a broker would have to do extensive analysis and use analytical skills. Once you have the market/micro-market awareness, the project to be offered and the competing projects, you become an expert, with the opportunity to invite consumers by word-of-mouth ads.
There is something to be discussed in a housing project: a USP that lets it stand out in the crowded market area. A dealer or agent should ask yourself what the USP is that you can attract prospective customers with:
- Is there a good brand identity for the creator that can serve as a USP?
- To make an impact and explain the premium, is the brand credible enough?
- Is the project’s resale value greater than that of other developers in similar competitive markets?
- Are you playing on the project’s favorable price advantage in the inexpensive category?
- Is the load on the market smaller than other competitive projects?
- Will the scheme have an upgraded lifestyle and amenities?
- Are schools and hospitals closer than other rival initiatives to the projects?
- Are centers of jobs near to the project you are selling?
- Are transport improvements such as metro trains within walking distance of your venture?
- Are reliable banks providing successful home loan offers for the project in question?
How to draw consumers in a dynamic market place?
A detailed analysis of the micro-market where the project is based is crucial for the salesperson. A client’s odds of saying yes, whether you have answers to all the questions that are important to the home buyer, are far better. Place yourself in the shoes of a potential buyer who is going to compile all the results. Offer him all the micro-market knowledge important to him and all the projects that match his assigned budget.
To present your case, do a comparative data analysis; whether it is about the adjacent micro-market or the competitive ventures in the given micro-market. A SWOT review of the competitive projects will help to win the trust of the buyers, as the buyer can feel secure that his home buying option is the best.
Awareness also allows a real estate agent to concentrate on the attributes of the project to be sold, whether it is the builder’s brand worth or the resale value of the projects of the given brand in other areas of the city, or whether it is a budget housing project, the price benefit.
Finally, as today’s home buyers make deliberate attempts to review references and analyze multiple projects before making a final buying decision, don’t fib about the projects. In a comparative study, the key for sellers is to demonstrate the strengths, in terms of the project, the pricing, value for money, etc.
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