Hello from Finland!
A short intro – I am Adity Malhotra, presently working with INS in Helsinki Finland. After working for 12 years as a sales professional with some of the leading brands in the Real Estate industry, I thought of sharing my experience with others during this self-quarantine period, to help others in their quest of getting the right person on board.
How important is it to Know your Real Estate Agentbefore making your dream investment?
In most cases, people spend a lot of time to discover more about the builder of the property, but very little attention is paid to know the real estate agent who will be working with you on your dream project. During your decision-making cycle, his experience, knowledge, and past track record are essential factors that must need to be considered. Do remember that he has the ability to take you to all right or wrong turns.
A Simple checklist that can help you move right!
Does he possess “Deep Industry, Land and Market Knowledge”?
During your conversations, try to understand if the real estate agent holds comprehensive knowledge of the Land price history, legality of the title, Market knowledge of the area and local legislation. Property Price in general is a subjective matter in nature; you need that expert help and guidance. This knowledge also differs from country to country and depends on how structured/unstructured the industry is. For example, in Finland, it’s straightforward to know all the details since everything is very well documented and access to property price history, current market price and overall market price of property sold lastly is available to everyone on request. However, in case of India, the real estate agents must be very resourceful to gain access to all this knowledge and then support you to ensure you pay the right price. Your real estate agent should know
- Current price of the property
- Maximum offered price
- Minimum offered price
- MP in the vicinity
Real Estate Agent’s internet presence, Social Media and Latest Blog Posts
Website: Check the website; the projects done in the past and current offerings. You must read as much as possible on his professional experience as you can. It would also be of your interest to understand how they have been catching up on the latest market trends. Don’t forget to take a look at his list of associates, quality of people who he has engaged with and those who are recommending them for the job. LinkedIn could also be a good source of information regarding this.
Blog Posts: Reading their blog post may also give you an idea of the quality of knowledge they possess about the market trends and industry.
Tip: Shortlist any 2 properties and ask for detail, compare prices, specification, land legality and other aspects.
An Extensive Professional Network
Research for the stories/ write-ups about his professional network and also ask for references. He is also your access key to resources you will need on your journey to make your dream investment. Ask if he can recommend you to the city’s most reliable lending bank; can he support you in your loan application, in establishing connections with home inspectors, interior designers, and other contractors. Remember that this will spare a lot of hassle.
Know his team and do a team meeting
Meet his team members, spend some time with them and see how satisfied they are with him. Discuss the same questions you have in mind for properties informally with the team, and check if all are on the same page; this gives you confidence that your decision is right!
Go for a drive or a walk!
Casual talks are key to sound decision making. The best way to know whether you are investing in a right property is to go on a drive with the agent. Check the properties around, pick up some denominators and ask for comparisons. It’s very important to know about the surroundings, completed and upcoming developments, other properties and facilities in the area where you are planning to invest.
- Schools and colleges
- Shops and commercial establishments
- Future developments
- Number of projects already delivered by the builder and expected to deliver
- Prices +3 and -3 years back for some properties
Empathy and Trust
A good salesperson very swiftly connected to your feelings and emotions. Keep a check if he is able to understand your reasons to buy, does he understand what matters to you and is able to adjust his speech to stay relevant to your expectations. Is he advising or dominating your thought process? Try to keep a lead with you and see if he is following with dedication and intervenes when necessary with his industry knowledge. Finally, “Trust” is very important. Believe in your instinct and go ahead!