The real state in Pakistan contributes effectively in the economic development, as this sector is second-largest industry from employment perspective after agriculture. Furthermore, the industry is worth more than 300 billion dollars. There are more than 250 various industries associated with the estate business. The performance of real estate is directly affected by the financial, economic and regulatory policies. In consideration of this vital sector development it is always the priority of Government to facilitate all those associated with estate market.
There had been a downward trend during recent years in its growth and economic performance which was further aggravated by the COVID 19. The present Government has instituted measures to maximize gains from the opportunities and facilitate the growth.
There are positive indicators due to recently announced liberal polices by GOP. The Special economic zones of CPEC, motorway projects, low cost housing projects and significant growth in the tourism industry, will bring in foreign as well as domestic investments. The improvement of Pakistan ranking to 108 from 136 by World Bank in ease of doing business report is an added gain in building conducive environment for foreign investment. FBR is also working on easing transactions to facilitate the investors.
There is no denying of the fact with declaring real estate, as status of industry will bring positive expansion of this sector in Pakistan. It is foreseen the revival of this sector will contribute significantly to economic growth and wellbeing of common people. Now that more and more people are being attracted towards this industry due to the larger scope it offers, here are few tips and strategies to become a successful real estate agent in Pakistan;
1. Research and know-how:
Research is one factor that can give a clear cut edge to anybody who is entering or wants to succeed in any business. As for real estate agents, it is also an essential factor for them to have enough and adequate information about the industry they are in. Normally in Pakistan, real estate works on territorial basis and which is why it is more important that they should know about the territory they are working in.
It is expected of a realtor that they should be a walking and talking encyclopedia of the neighborhood. They should know all the pros, cons, ifs, buts and shortcuts of the area so it becomes easier for them to sell and tell the clients about the area. You should be aware of the demolished, plots and apartments available for sale and rent in your area and best returns on plots. Such people also seem to make good relations in the neighborhood and increase their reach by word of mouth.
2. Work with experienced people:
It is said that it is best for entrepreneurs to work with experienced people or get some experience while working somewhere before they launch their own setup or get started on their own. This will give them some idea about how the industry works, how strategies are made and how crisis is managed.
Similarly, it is always a better option to work with experienced realtors and understand how the market or how particularly a territory works, how clients are approached, dealt with and retained. This doesn’t only enable the realtors to understand the dynamics of the markets but also make reliable connections and public relations which help them in getting started.
3. Online presence:
As social media and digital marketing has taken over the world, real estate and construction industry is not lagging behind in this domain either. It is very common that buyers or investors post about their queries or look for the potential purchase on online media first before actually going for any other sources. It is therefore important that realtors and real estate agents have maintained a good online presence where they can guide the customers about the first-hand knowledge and possibly attain a client from that interaction.
Other than your own social media standings, keeping an update of pages and groups is good idea as well. You can contact, find and approach many clients via these groups and pages. This strategy will help the agents connect to the customers, create awareness and boost their leads and sales.
4. Collaborate with other agents:
It is certainly possible and a very common scenario that some clients do not belong or are looking for some territory, out of the agents knowhow. At such case, agents should collaborate with other agents of that territory rather than misguiding and losing the customer. Normally, in situations like these, realtors share the commission among each other and this helps both of them to attain business.
Another possible situation of realtors collaborating is that one agents has the seller and the other agent has the buyer as their client. Both of the collaborate and connect each other clients and enjoy the partnered business of this collaboration. Collaboration or jointly efforts are always considered fruitful in all businesses as long as both businesses clear the terms and conditions before getting in to the business.
5. Attain but also retain:
All businesses aim to attain and attract as many new customers as possible. Majority of them miss out on retaining the existing customer base. Attracting new customers cost five times as much as retaining the existing one, also the retaining customers do bring on more new customers via word of mouth.
Word-of-mouth is the most cost-effective advertising you can have and only comes from your loyal, happy customers. Repeat customers are more likely to tell their friends and family about your business and its products, and customers respect the opinion of those close to them. Even after the existence of entrance of competition, your old existing customers would trust your services and would come to you upon the need.
6. The art of communication:
Another important aspect of businesses is right communication but in real estate, it is imperative. Nobody likes to approach or waste time with an agent who does not have time to listen to the needs and requirements of the customers and respond them timely with proper information. Other than having relevant information and knowledge, it is important that realtors know how to handle a client.
Mostly because there are multiple scenarios where the agents have to tackle and deal with upset or aggressive clients, right communication is strongly needed at such point. Wrong or lack of communication on the realtor’s side can easily can easily cause a failed or lost client.
7. Standing out:
All of the above mentioned pointers will help you stand out from your competitors but all businesses have unique selling proposition that distinguishes them from the market. The real estate agents need to identify and lookout for their USP and focus on marketing it. Adequate platforms such as social media and website should be maintained to properly advertise yourself to a larger audience.
If you have any other pointers and factors to be a successful real estate agent in Pakistan, then let us know in our comment section. For more information, visit our page Landtrack