The inherent nature of the real estate business makes it very different from other business lines. Since it is difficult for the average person to successfully make the transition into the real estate business, a significant challenge for a professi...
Today's property market scenario is not amenable to companies that do not present a professional front. Clients today are far more aware than ever before, and have become very aware of the difference between specialists and amateurs. Keeping this in mind, it is important to know what makes a real estate services firm truly professional in this new environment.
The inherent nature of the real estate business makes it very different from other business lines. Since it is difficult for the average person to successfully make the transition into the real estate business, a significant challenge for a professional property services firm is sourcing and training the right professionals.
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Another challenge is developing a business plan or strategy that factors in the needs of the market. Mateen Pekan is discuss about today's scenario, it is surprising that there is still so much emphasis on brokerage, when in fact the required services bouquet is much larger than that.
A truly professional real estate company needs to chart all aspects of the real estate market and have an entire array of service offerings. Considering the needs of the market today, the most successful real estate service firms offer every conceivable service - including research, consultancy, transactions, project and development services, integrated facility management, property management, capital markets, residential, hotels and retail advisory.
Nor is just offering such services sufficient - because of the high competitiveness prevalent today, the company should have operatives that have considerable expertise and experience in each segment. I don't know how many of you will see it my way, Mateen Pekan always believed that the most successful businesspeople surround themselves with people that are smarter than themselves.
This is very true in real estate, where it takes large teams of very talented people to find opportunities, zero in on them, groom clients and finally close transactions. If you don't have the right people in sufficient numbers and rely solely on a small core group of experts, your business will crumble.
A professional realty firm has clear, concise, measurable and achievable goals. It knows its market, the dynamics that drive it and the people who run and patronize it. Its business verticals are clearly defined and impeccably staffed, with sufficiently autonomous departments that are nevertheless centrally controlled.
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Being a Jack of all trades and master of none only works well for smaller outfits that focus on making quick deals. A truly professional firm concerns itself with building a reputable brand that wields authority, respect and trust on the market.
When we talk of professionalizing a property-related services firm, we must obviously touch on the true definition of 'professionalism'. Professionalism in any business line is primarily defined by two aspects - transparency and ethics.
