There is an adage pointing out that sharing is caring and in this turbulent times the property industry is going through, this aphorism is more crucial than ever.
Hartamas Real Estate (Malaysia) Sdn Bhd associate director Christopher Chan believes this to be true as he shares six tips for real estate negotiators (RENs) of the future.
Brand yourself as a neighbourhood agent
Chan advised real estate agents (REAs) and RENs to specialise in the area they live in and join residential associations to access a wealth of information.
He illustrated an example whereby the local council allowed a temporary grace period for illegal extension renovations to be legalised for a RM500 flat rate.
Other examples of information he obtained from local councillors via the residents associations include future sliproads and upcoming developments in an area before they are advertised. This kind of information will show clients that you are knowledgeable of the area and build a better impression of you to them.
Create value and provide solutions for your clients
With complications arising from the movement control order (MCO), REAs and RENs can elevate their positions by creating value and provide solutions to their problems.
For example, they can assist the landlord with requests on rental deferment or reduction by working with lawyers in creating a legal framework. They can also share updated information with their clients like the government giving tax deductions for landlords who provided rental reduction.
A diligent REA or REN can check with the Planning Department (Jabatan Perancang) of the local councils to obtain valuable information which can be used for their client’s benefit.
He cited an example near Tung Shin where an old bungalow was discovered by his team to be zoned under commercial land. Therefore, the landowners were able to rent the property to a restaurant and obtain higher rental rates as a commercial property.
Other solutions to clients can include refinancing options to help them get through a rough patch.
Join forces with your area competitors
Chan said successful negotiators get to know their competitors in areas they focus on and collaborate with them as working partners rather than rivals.
Working together with competitors, otherwise known as co-agency, can mean a win-win solution for all parties concerned.
Create a Newsletter
Creating an online newsletter ties in with self-branding and helps disseminate valuable information such as new developments within a community.
Successful negotiators require people to register their details to access the newsletter, and these registrants may eventually become potential clients.
Newsletters can also be sent to the existing clientele to build a stronger client relationship.
Share your experiences through the media and property talks
“When you share and when you teach, you will learn two times more,” said Chan.
Besides branding yourself and building a name in the marketplace, sharing knowledge and experiences such as challenges in closing a particular sale can be rewarding.
This helps people appreciate your sharing and leads to potential business.
Chan said he subscribed to the saying ‘what gets rewarded gets done’.
A good referral system is key as people can refer others to your business, and a monetary reward is offered in return once a sale is concluded.
He has had many continuous referrals throughout the years and passed them a referral fee even if they initially refused as a sign of appreciation.