Is Real Estate a People Business or Property Business ?
- BY Krish Mahalingam
- Jun 18,2020
- 19 Mins Read
The world 'real estate' defines that it is a real and feel-good product and not an imaginary one. In fact, it is a bricks and mortar that lasts for a minimum period of 15 years, if not more.
Real Estate relates to a family's dreams, in terms of residential house or flat, palatial bungalow, resort, condominiums or sky villas, precisely a living space for human inhabitants known since centuries, evolved.
When real estate is looked as a commercial unit for business, whether it is a small office or a retail outlet or supermarket or theatre or Hotels. There is always a group of professionals, who work in that commercial unit, with a single aim to accelerate performance of the company.
When a real estate is looked as a living space for family, the decision would comprise various needs like proximity of academic institutions from the residence, petty shops to fulfill household needs, and also, an emotional connecting place besides the basic survival needs of food, shelter and living. So, the decision of one family with various needs enables them to decide whether to purchase a living space or not.
While in the business, a decision is based on a group of individuals, who contribute as a management team, with relevant heads of department (HODs) and company hierarchy wherein everyone is ranked as per their expertise. Such teams take a decision whether to rent or purchase the office place, besides considering other factors like opportunities and threat from the market competitors.
Hence, whether it is a residential space where emotions influence a decision to balance a family situation or a commercial space wherein formal rapport enables organizational growth; it is always people's business. Though, at the outset indirectly means Property Business.
Misconceptions About Real Estate
Real Estate may not be viewed fairly; many people have misconceptions about individuals working in this industry. Unfortunately, real estate investors have been tagged with a negative connotation by many people. To combat this stigma, one needs to change the way people think about realtors and ascertain a way to treat contacts, as well as potential sellers, with respect. Suppose, you are an investor but you might also be in the customer service industry when negotiating a deal. After all, in its purest form real estate is a people's business.
In essence, every person wants to work with a cohort of people with whom they feel comfortable. If a seller feels an investor is asking for too much money or if he does not like his abrasive personality then he will find someone else to work with. There is currently an increase in competition and exposure for investors. If a seller, realtor, lawyer or fellow investor dislikes a realtor, they can surely find someone else to do your job unless the realtor brings unbelievable resources or contacts with strategic planning to the table. today, a realtor's attitude and personality holds more weight than ever before.
With the advent of social media, it has become easier than ever to find out about other people. A click on Facebook or Twitter can give someone five to six opinions about a realtor. A few phone calls to previous customers for whom a realtor has worked, can provide insight about his work, attitude and other additional deets. Usually, a person is judged more from his actions than his words. For instance, one comment made by a realtor to the lawyer at the end of the deal can make a lasting impact on future deals that one may never know about. A realtor basically does not have to give into every demand or change the way he does business but should, keep in mind, how he treats other people as it creates an impact on others.
How he handles deals will go a long way in building his reputation. This reputation defines a realtor. Increasing numbers and evaluating properties are important but good customer service is even more important if one needs business for a long haul. Knowledge and customer service will make a realtor more successful than any number of books read or courses taken. Keep this in mind, when things get tough on the next deal, how a realtor acts can change his business in the forthcoming months.
Prioritise Customer Satisfaction in Realty Business
One of the most essential elements for building a sustainable real estate business is to constantly seek feedback from customers and look for how the business can be improved. Every customer appreciates knowledge on the subject, which makes him come back again relying on information that the realtor provides.
There is one thing that prevents people in real estate from achieving success and they should overcome it. A realty entrepreneur will lose business on the basis of service. Thus, he should communicate in a style that is appropriate for the customer he is dealing with.
Furthermore, recording testimonials for service rendered after the deal is completed, is an important sales tool. It extends the power of customer relationship management (CRM) and helps the entrepreneur to turn leads into clients and close deals faster.
It can be said that the realtor plays a vital role in making a business proposition out of available properties and prospects, thereby, turning it into a property business with limited funds at their disposal. In other words, realtors that facilitate it make it a people’s business by sharing amongst their fraternity as well.
In fact, business begins and ends with the realty, business makes a contribution to the realty when it outgrows or contracts due to various factors depending on the market scenario. Industries like banking, construction, automotive, healthcare, financial institutions including non-banking financial companies, private finance, companies like Flipkart, Amazon, and Swiggy operate their business prospects through real estate. Every segment provides an opportunity to the property business.
Every industry needs people for their progress and it is the expertise of people in the relevant industry that helps in the decision making process. So, it can be said that the people's decision indirectly contributes to the growth of real estate and transforms it into a people's business.
The article is authored by Krish Mahalingam , CEO at Space4me
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