A good realtor is similar to a conductor of a symphony, coordinating the different players to make a successful transaction a reality. At different points in the process, the realtor is a salesperson, a buyer’s advocate, an analyst, a business manager, a consultant, a negotiator, and a marketer, just to name a few. We have found there are several qualities and traits that successful Beverly Hills real estate professionals share tools to buy or sell a Beverly Hills home.
Potential Beverly Hills realtors just like you would similar properties and your potential buyers. There are many different real estate agencies to choose from. Look at a few to get an insight into how they work. Find our team in your area visit website. The Beverly Hills realtor you choose is going to represent you and your property. It’s important that the realtor you choose knows the area you’re selling in, and knows the other properties for sale, and that have sold recently. Other properties in the area could be competition to your sale, and it’s good to know what you’re up against. A realtor who knows the local scene can assess your home as it sits in the market, alongside similar properties.
Get out and about one of the best ways to research your shortlisted Beverly Hills realtor is at open house inspections, so why not pop into one and see your realtor in action. You don’t have to choose open homes of Beverly Hills properties that are similar to yours, just use the opportunity to see how your agent presents an open house and deals with potential buyers. It can also be a good time to say hello and get some contact details:
At the inspection watch and interact with the agent, taking note of the following things:
- The way the agent communicates and interacts with potential buyers. Is their communication style one that you’re comfortable with?
- Their behavior at the open house inspection. Did they stand at the door and welcome everyone? Did they proactively identify the features of the property for sale? Were they able to answer all your questions about the property?
- Did they follow up with you after your attendance at the open house inspection to see if you wanted more information about the property? Is this something you want your agent to do?
- Were they on time for the open home and other appointments?
- What do you think of the marketing/advertising for the properties the agent has listed?
- Comfort Matters – do you feel comfortable with your realtors? You need to be very honest with a realtor during the selling process and hence you need to make sure you are comfortable with the agent and can have open and honest communications.
- Check The Results – look at the realtor’s results, making sure you look at properties the agent has sold recently. Ask for the hard facts, sale prices, time on the market, etc. Take a look at what’s sold in your area in the past six months and who’s been managing the property.
- Market Knowledge – the realtor should be able to give you a thorough snapshot of the market in your area and surrounding areas. They should know about schools, transport, demographics, and the sorts of buyers looking for homes in the area. To research an area yourself, and get an idea of who’s looking, you can visit Realtor In Beverly Hills.
These are just a few of the tips and the initial things you need to consider tools to buy or sell your Beverly Hills property – so happy selling and buying!
Provide You Comparative Market Analysis (CMA)
A comparative market analysis (CMA) is an estimate of a home’s value based on recently sold, similar properties in the immediate area. Beverly Hills real estate agents and brokers create CMA reports to help sellers set listing prices for their homes and, less commonly, to help buyers make competitive offers. Individuals can perform their comparative market analysis by researching comparable properties (known as “comps”) on real estate listing sites, such as erikrbrown.com.
How to Do Comparative Market Analysis
CMA involves much more than just comparing the prices of recently sold homes in the area. Here’s a rundown of the basic steps for creating an accurate CMA:
- Evaluate the neighborhood – to set the right listing price—or ensure a home you’re interested in is a good deal—the CMA should take into consideration the general quality of the neighborhood. Where are the more attractive blocks? How close are community amenities? How close are community nuisances? What are the HOA rules? How are the schools? Are there any issues with curb appeal?
- Gather details about the subject property – if a real estate agent or broker does the CMA, they will review the existing listing (if there is one) and make an in-person visit to gather information about the subject’s home. They’ll take note of the home’s size (particularly the liveable space), age, style, construction, condition, layout, finishes, landscaping, and upgrades and updates.
- Select comps – find three to five comparable homes in the area that have sold recently and that are as close to the subject home as possible. Ideally, the comps will be within one mile of the subject property and in the same school district. Focus on homes that are like the subject home in terms of square footage, lot size, bedrooms, bathrooms, and type of construction. Pay close attention to when the comparable property is sold: The more recent, the better because real estate prices can fluctuate rapidly. If the home has a unique location—such as overlooking a golf course or the waterfront—the comps should have the same placement.
- Adjust for differences – the next step is to adjust for differences between the subject’s home and each comparable property. An experienced real estate agent or broker will be able to assign a dollar value to each of the differences and adjust the value of each comp accordingly. It may seem counter-intuitive, but if the comp has a feature that’s inferior to the subject home, a positive adjustment is made to the value of the comp and vice versa. As an example, if comp has an extra bedroom (superior feature) it is reasonable to assume that the buyer paid more to get the extra bedroom. In this case, you would deduct an amount from the comp to account for the extra bedroom, thereby allowing for an apples-to-apples comparison. The value of the target home is never adjusted.
- Determine the sold price per square foot after adjustments – after adjusting for differences, divide the adjusted price of each comp by its square footage to determine the sold price per square foot. Next, add together the sold price per square foot of all the comps, and divide by the number of comps to get the average. Finally, multiply this average by the square feet of the subject property to find its current market value.
Understanding Comparative Market Analysis
A comparative market analysis helps sellers choose the best listing prices for their homes. The “best” price is the one that’s not so low it leaves money on the table, and not so high that the home doesn’t sell at all. For buyers, a CMA can verify if a home is a good deal and help pinpoint a competitive offer that will be taken seriously—without going overboard.
A CMA compares a subject property to other homes that are similar in location, size, and features. Ideally, a CMA uses recently sold homes from the same subdivision as the subject property. Of course, finding homes that sold within the last three to six months in the immediate area can be difficult if you’re in a cool real estate market or a rural setting. In these cases, a formal appraisal might be a better option.
Note that while comparative market analysis is like an informal appraisal, real estate agents and brokers don’t need an appraiser’s license to perform a CMA while serving buyers and sellers. Still, some states will hold real estate agents and brokers responsible if they don’t competently perform a CMA. If this happens, the state’s real estate licensing commission could take disciplinary action against the agent or broker.
A variety of business skills to be successful. In addition to marketing and data analysis experience, knowing how to negotiate is essential.
Counseling Your Clients
Buying or selling a home is never just a financial decision—it’s an emotional one, too. Real estate agents who are skilled negotiators understand this on a deeper level. By recognizing the psychological underpinnings of each action taken during the negotiation process, you can understand not only what motivates the other side, but your clients as well.
Though you won’t be able to read minds, knowing negotiation frameworks and methodologies will equip you with the skills to accurately read situations in play and respond effectively. As a listing agent, you might even use this knowledge when negotiating your client’s contract.
With an arsenal of negotiation tactics and strategies at your disposal, you can determine the best way to maximize the value of a deal. This may be achieved by determining the optimal negotiation strategy to attain the highest possible sale price for your seller, or it may require identifying every aspect of value in a transaction, beyond just the monetary components.
For example, if your seller wants to achieve a certain sale price, but is also looking to close on their property within a certain period, a skilled negotiator might work with their seller to weigh which component is most important, and address this when presenting a counteroffer to prospective buyers.
The same goes for agents representing buyer clients. An effective negotiator will look at the value their buyer brings to the table, such as utilizing cash assets or a small mortgage amount for their purchase, in addition to the sale price they’re willing to pay. While money is important, a buyer’s ability to perform is equally as crucial. By expanding your negotiation skills, you can guarantee you’re able to identify value—wherever it may lie—to get the best result for your client and finalize the deal.
Preparing for Change
While websites like Zillow and Trulia have become well-established components of the home buying and selling process by providing housing data directly to consumers, the rise of Buyer models, such as Open door and Offer pad, have the potential to upend the residential real estate transaction.
With the prospect of significant change within the industry, it’s important to emphasize the human value only a real estate agent can provide. While the ability to interpret data and identify niche marketplace features is important, these skills can’t be utilized properly without also having strong negotiation skills. When it comes to getting your buyer or seller the results they want, having a personal connection with a skilled advocate can be their best asset.
Network effectively is a must if you work in real estate. After all, networking is fundamental to the success of any real estate business. When considering this fact, I’m always surprised by the number of developers and realtors who don’t take advantage of incredible networking opportunities to their avail. What follows is a list of networking tips and suggestions which have been useful throughout the real estate business.
Surround Yourself With A Great Team
Having a team that is composed of competent and trustworthy people is critical to the success of any real estate business. As a real estate developer, I am only as good as the people who surround me. In addition to professionals with whom I work and collaborate internally, I also rely on relationships I’ve built with individuals and firms in my community. Establishing connections with complementary businesses, real estate industry vendors with whom you don’t directly compete — is an essential networking tool. Make it your goal to identify and meet a network of vendors to whom you can refer clients, and vice versa. It will do wonders for your professional network.
For example, when developing a new property, I rely heavily on a master architect and contractor. An incomplete set of drawings can lead to cost overruns and construction delays. While no contractor is perfect, finding a contractor you trust is the only way to complete projects successfully. Developing a relationship with an architect who is familiar with local zoning codes is essential, too. Whether an architect and contractor work well together can make or break a project. If they do not work cohesively, construction delays can result and will inevitably eat into your planned operating income.
Similarly, if your client is unfamiliar with the mortgage lending process, direct your client to a trustworthy lender who can help navigate what is often a stressful and important financial decision. By maintaining good banking relationships, developers can improve your chances of engaging in a successful transaction.
Create A Professional Website And Blog
About visual appeal, my own belief is that every house tells a story — all too often, however, the character and story of a home is lost in its listing description. In the spirit of keeping readers well-informed, a good blog needs to publish new, original content regularly. Increasingly, a person’s first impression of a home doesn’t form at the front door, but rather, on the computer screen before the showing. Make use of local imagery; don’t rely on stock building and property photos. In many ways, you’re not just selling a house, you’re selling an entire geographic culture. Showcase the best that your area has to offer by publishing high-res photos of local town landmarks and familiar sites. Successful real estate is often the product of great photography.
It also helps to be an expert and a scholar of your industry. Know what real estate apps people are using and stay updated on new developments, innovations, and trends in the industry. What real estate blogs do your clients read? What hashtags are being used at the conferences you attend.
Social media has become a powerful tool to connect with your clients; it also creates a great opportunity to share your knowledge and expertise with your clients in an easily shareable format. Regarding social media, respond to all inquiries, emails, and messages across all channels swiftly. Interact with users, share good press, and promote your properties. Make yourself easy to contact and be an active user on multiple channels. Use Facebook and Twitter to share your listings and promote your properties on major real estate aggregators like Zillow and Trulia. Be sure to keep your voice authentic–you want to avoid coming across as if you are selling something.
Conferences And Industry Events
Remember that real estate networking events are about engaging with other professionals in your industry. Treat conferences as opportunities to learn about new market information and innovations your colleagues are using. Share conference thoughts in real-time on social media. Don’t just network within your industry — diversify. If you have been living and working in your area for a long time, you might already be buddies with the other realtors in your area. Try to expand your geographical network by engaging with influencers from other geographical areas. These new connections can offer new ideas and strategies. Also, make a point to look up your past connections for coffee or drinks. It is a great way to maintain and strengthen your relationships.
Engage In Your Local Community
Knowing how to build rapport with others and relate to different types of people is key when it comes to networking. For real estate developers, establishing a consistent presence within your community is important, too. I can’t overemphasize the importance of being an active participant in your community. Community involvement will not only expand your client base but will also strengthen your knowledge of the neighborhoods where your properties are located and of the people who live in them. Real estate professionals can develop their community presence in a myriad of ways. Here are a few ideas:
- Local Sponsorship – Sponsor local festivals, little league teams, or school events. Signing up as a community sponsor often results in securing a spot for your business insignia on T-shirts, program pamphlets, or flyers. This is great for branding and business recognition.
- Volunteer – Spend several hours each month donating your time to local groups and organizations. If you want to keep within the real estate theme, volunteer for a local chapter of Habitat for Humanity, or reach out to an affordable housing advocacy group in your city. This is a great way both to expand your network and have a positive impact on your community.
- Local Radio / Media – Reach out to your local radio station. Public radio shows always need content. You can likely help them out by lending your voice to a show or podcast segment.
- Education – Consider partnering with local schools during career days; it’s an engaging way to generate real estate leads. If any local colleges or universities offer real estate courses, reach out to them and offer your expertise. If your business is open to the idea, propose the idea of starting an internship program with a local college.
- Develop Partnerships With Local Businesses – Join local networking groups, nonprofit boards, or art associations whose activities interest and inspire you.
- The Ability to Network
Real estate is all about who you know and who knows you. Without connections, you’ll never be a successful real estate professional.
The ability to network isn’t optional, it’s a required skill. But you don’t have to be an extrovert to succeed at networking. Sometimes introverts make the best networkers because they’re often better listeners and are more focused on quality conversations.
If you need to brush up on your networking skills, here are few tips to keep in mind:
- Arrive Early At Networking Events – Being fashionably late may grant you some passing attention, but the most viable connections are forged by the early birds.
- Be Pleasant – People like to be around others who are smiling and friendly.
- Be Passionate – Let your passion for real estate show through.
- Follow Up – After making a connection, be quick to follow up on the connection. Within the next couple of days, call them back and ask them out to lunch or offer to meet them in their office. You’ll live and die by your ability to network and maintain relationships with your former clients and fellow real estate professionals.
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Tech Savviness – this is something relatively new for real estate: you need to know your way around a computer and the Internet. Being able to navigate websites isn’t just nice to know – it’s a must. Even if you don’t know much about the Internet or how to use a computer, you must be willing to learn. Otherwise, you’ll be eclipsed by tech-savvy competition.
Winning Personality – real estate is a people-oriented career. You need a personality that can woo prospective clients and gain their confidence. While it will take time to become an experienced real estate agent, a friendly personality can score a lot of points right away. People will want to work with you simply because you have an amiable demeanor. Not every agent is pleasant to be around – this can be your superpower.
Integrity – to maintain trust with your clients and score the all-important referral, you’ll need to hold yourself to a high ethical standard. You may be working with someone’s life savings. For this reason alone, it’s important that you’re principled and committed to doing what’s right.
Ability to Negotiate – a big part of your job will require negotiation skills. After a few years in real estate, you’ll probably be able to teach a class on negotiation skills at the local community college. That’s how good you’ll need to be. Negotiation is important in real estate because you’ll need to haggle over at least three things:
- The listing price
- The selling price
- Your commission
And if you’d like to become a REALTOR, you’ll be held to an even higher ethical standard.
Attention to Details – while a warm heart will help you with networking, you’ll also need a sharp eye. As a real estate agent, you’ll spend a huge amount of time on the details. Whether you’re comparing housing prices, reviewing the fine print in contracts, or considering your client’s wish list, you’ve got to be comfortable with “the little stuff.” The little stuff is what makes the big picture possible.
The Ability to Solve Problems – every client comes to you with a problem: they need help buying a house, or selling a house. Your job is to solve that problem. While the problem may be the same, there are different variations that you’ll need to tackle, such as the client’s budget or they’re “must sell by” timeline. You’ll need to feel comfortable with constantly solving problems – sometimes in ways that aren’t the most obvious or conventional.
Self Motivation – as a real estate agent, you’re your own boss. Even if you work under a broker, you’re not actually an employee – you’re likely to be an independent contractor. This basically means that you operate your own small business. For this reason, you need to be self-motivated: no one is going to breathe down your neck and do your work. It’s entirely up to you.
Dedication to Professional Appearance – dress impeccably, they notice the person.” As a real estate agent, not only are you selling real estate, but you’re also selling yourself – and I mean that in the nicest way possible. You must care about how you look because others will. They’ll buy your image before they buy your pitch, so dress accordingly.
Strong Communication Skills – Hopefully, you like the sound of your own voice because you’re going to hear it a lot. As a real estate agent, you’ll spend a lot of your time speaking with people. Whether you’re fielding questions from clients, engaging with fellow agents, or building a network with other professionals, you’ll do a lot of talking. This is good news for those of us who like to talk, but even if you’re not a talker by nature, it doesn’t mean that you can’t hone your communication skills. Because these skills can be taught, here are a few tips to build or improve your communication:
- Be a good listener. Half of communication is actually listening to the other person. Give the other person a chance to talk and take your cues from them.
- Ask questions You’re in a conversation, not a monologue. Ask the other person questions for clarity and as a way to draw them out of their shell.
- Make eye contact While you don’t want to keep a steady gaze while you’re speaking to someone (that’s kind of creepy!), you do want to look at that individual occasionally as you speak to them. Otherwise, it feels like you’re trying to hide something from them. Also, maintain eye contact when the other individual is speaking to you, or it will appear that you’re disinterested.
Boundless Enthusiasm – real estate work often requires long hours – early mornings, late evenings, and hustle all the way through. As a real estate agent, you’ll draw much of your energy from liquid caffeine. But trust me, there will be a time where the caffeine runs out and you’ll need something else to carry you through your day. That something else is called “sheer enthusiasm.”
In order to be successful at real estate, you’ve got to be enthusiastic about it. That enthusiasm will empower you to work longer hours and deal with difficult personalities.
Erik Brown is a Realtor that can help you with any transaction, especially when you are putting so much money, time, and attention on the line. It’s a good idea to have a Beverly Hills realtor beside you to have what’s going on so you won’t get taken advantage of.
Erik Brown (email to: [email protected]) has extensive experience working with all kinds of buyers in Beverly Hills REALTOR & Luxury Home Specialist
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