Concorde Group Reviews:- 3 Keys to Being a Successful Real Estate Agent

Becoming a successful real estate agent depends on many factors. One needs to invest time in education, pass licensing exams, get proper finances, develop communication skills, build network, etc. to succeed in the business. However, there are other hidden aspects too which makes one a successful agent. Read on to know more about the various traits of an accomplished agent.

Understand the market dynamics

Unlike any other business, to prosper in this field, it's essential to understand the dynamics of the market. Business in this sector depends on the economy, Government's policies, interest rates and demographics. A slight change in the above factors can have a huge impact on the sector. Therefore, before venturing in the segment, it's imperative to understand the market well. Prosperous agents know the current trends in the market and formulate their own policies accordingly. The sector is a volatile one where profits keep on changing from time to time. Efficacious agents survive the tough time by being well acquainted with the events in the sector.

Working with a real estate broker

Working with a competent real estate broker is pretty important before venturing in the sector. The brokers are aware about the practical details of the segment, and aiding them initially clears many doubts. Working with brokers prepares one to better handle deals and negotiations. Before choosing a broker, one must check its reputation and credentials in the market. One can check a broker's credentials online or through references. Some key questions to be asked before zeroing in on a broker are:

How many years he/she has worked in the field?

What's his/her way of contacting and dealing with clients?

Get license and budget

A real estate agent license authorizes one to carry out realty deals. To procure such license, one needs to follow certain rules as specified by the law. In some cases, one needs to clear state and national exams to get trade license.

One also requires adequate funds to carry on with projects. Successful agents have many financiers who are ready to finance them during big projects. Realty sector involves a lot of investment, and hence it's essential to have backups during financial crunch.

Affluent agents work for long hours. They have unpredictable schedules and understand that client can call them any time, any day. Successful agents don't hesitate in meeting clients at odd hours and are readily available when required. They also know the art of negotiation and make reasonable offers to clients. They have strong persuasion power and are ever ready to learn new things.

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How to Become a Successful Real Estate Investor?

With the real estate sector witnessing phenomenal growth in recent years, investment opportunities in the sector have increased manifold. However, becoming a successful real estate investor is not everyone's cup of tea. One needs to understand the various aspects and the risk factors involved to become an efficacious investor. It is also important to decide the goals you want to achieve through real estate investing.

Study the market

Before spending in the sector, it is essential to study the market well. A successful investor is well aware of the current market scenario. Keep a track of the latest developments through newspapers, internet and other modes of communication. You need to have an analytical approach and think the pros and cons of each development.

Have a proper game plan

Proper plan is one of the key traits of prosperous private real estate investors. List your investment plans on paper and analyze it. Find out if there are any loopholes in your plan and get it checked by seasoned campaigners. There are certain questions you need to answer before spending. They are:-

• How many properties do you want to buy?
• How you plan to get a high return on investment?
• Which sector (commercial, residential, retail) is your focus?
• How will you arrange the funds?
• What are the risk factors?

Assemble a team

Making money in the real estate depends a lot on your team. All prosperous investors have a core team with specific tasks. Appraisers, contractors, lenders, agents and attorneys are the key members of team who will aid you in every possible way to make your venture fruitful.

Establish goals for each property

Before investing in a property, set up the goals. Figure out what you want to do with the possessions. Do you want to sell it immediately or hold it for long? Successful investors know how to earn profits on each property. Proper homework and exit plans curtail risk factors to a great extent.

Assess the tax situation

Taxes, a vital part of successful investment, can make a lot of difference between positive and negative cash flow. Hence, you must know your tax situation and use it for your aid. Hire a good tax accountant who will guide you through the various aspects of taxation.

Through inspection of property

A smart real estate investor is one who conducts a thorough inspection of property before spending. It's foolish to invest in an asset without proper examination. If you are unsure about anything, hire a surveyor.

Be optimistic and patient

Patience is the key to success in any business. Don't lose your patience when the market is not doing well. In such a scenario, don't lose hope and start taking wrong decisions. All successful investors in the sector have witnessed lows, but their commitment and optimism have helped them turn the tide. Stick to tried and tested strategies during rough periods. However, if they don't work out, then start exploring new tactics.

Mr. C. Prabhakar is the Director of Gopalan Group. He holds a Bachelor Degree of Architecture from the Bangalore University and has done Business Management from the Harvard Business School. Mr. Prabhakar is well-versed and proficient in all aspects of the real estate business and his attention to detail is matched only by his incredible high energy levels.

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