Bahamas Real Estate will be a competitive and challenging industry in 2019. While the market is still healthy; new developments, more agents and a bumpy global economy will require agents to work more focused and efficiently.
The real estate profession is a moving target, the buyers are always moving, always looking at something else, the husband and wife don’t always agree, and then, of course, there is the price and how much buyers want to pay. That brings the seller into the picture, impatient, ambitious and always wants top dollar and to know that their property is being marketed better and in more places than everyone else.
Lastly, there is the competition and lots of it. Not only are there hundreds of agents but technology companies like Zillow are dedicated to eliminating the need for a real estate agent
Here are 10 helpful tips for thriving in the Bahamas Real Estate market in 2019.
1) Hard Work and Multi-Tasking. This is where it all starts. We have heard it all before, “You agents show one property and make a big commission!” Well, we only wish it was that simple. A successful advisor works from the time they open their eyes until the time they shut, often consumed by many responsibilities at the same time. If a want-to-be advisor plans on sitting at the desk and taking sales calls or casually treating real estate as their second career, good riddance! A successful advisor’s time may include researching market values, lining up showings for the afternoon, coordinating those same showings with colleagues and associates, entering multiple listing information and preparing an offer letter, and yes, all needs to be done on time!
2) Fast To Respond. Often a prospect is contacting a number of potential agents to buy or sell their property. If you are the first to respond you will most likely get the business. Be quick to answer e-mails and calls. Super quick! Seconds! 24 hours later you may as well look for another career.
3) Prepared for Rejection. There are lots of “NO’s”. You have to be prepared to ask over and over again and accept rejection as part of your career growth and skill development. Just remember the “no” is not specifically targeted at you the advisor or the person and always serves as valuable information to help you follow the right path.
4) Specialize. Have you ever asked a real estate agent, “What do you specialize in?” Very often the answer will be “I do a little of everything.” This may not be the best agent for your ‘special’ property. To succeed in a very diverse environment with a lot of agents you need to focus on your market. Whether it is community centered or product-centered, find a real estate niche you believe in and know well and put all of your efforts into servicing that market.
5) Plan, Plan, Plan. An agent without a plan is like a ship without a rudder. Know what it is you want to achieve. Have a Why that focuses on why you will work so hard and the things in life you want to enjoy? Make that the building block of what you need to financially achieve through your career in real estate. Prepare a career Coaching & Accountability program that helps you monetize your calls, leads and e-mails in order to develop an effective strategy to reach your goals.
6) Build a Personal Brand. After you have committed to a specialization, work on building your own brand for that market. Become an expert in the area and a centre of influence. Make sure your target clientele has market information and reports that keep them up to date and establishes you as the primary real estate influence in your market.
7) Study and Perfect Your Craft. Know your industry. Know your competitors in your industry. Always read and continue to learn including classes that update you on industry changes and the international market
8) Keep Up With Technology. Technology is crucial. Each generation becomes more and more attached and a part of the ingenuity that technology brings to everyday life. Don’t become settled because technology is constantly changing and if you need to speak the same language as customers
9) A broker who has your back. When deciding on a firm, make sure you chose a broker that will be focused on helping to promote your business and build your brand. A broker is an established professional who has a good understanding of the market and generally a high level of success and does not need to take leads and clients from his or her advisors. Make sure that all company tools and resources are available to you.
10) A brand that is staying ahead. We live in a global society. Even if you are focusing on a local market clientele, the majority of your customers still want to know that you have potential buyers from around the world. An open market brings more opportunities and the better chance of getting top dollar for a property. You want a brand that has an international edge, stays ahead in technology and includes all of its brand weight with its advisors.
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