Real Estate best practices, by Edwin Engelke.

By Edwin Engelke

In every industry, there are some set guidelines, principles, and policies that the players are required to follow. Real estate is not an exception. There are some practices that realtors, buyers, sellers, and investors in every industry do which leave you perplexed but as it is the case, any practitioner in any field should uphold the honor and dignity of the profession. Nobody as a professional should engage in activities that would bring disrepute.

But many times you will often find that most people act in their own best interests and not that of the client. The real estate brokers and agents will often bend these practices, not necessarily breaking them and most clients agree that what they do is unacceptable. Such activities are;

• Re-listing a property to bring in some fresh interest and • Reset the days on the market These are some activities that have brought in some contentions though not many people are conscious of it, only the players themselves.

TAKING A PEEK BEHIND THE SCENES

Often, in the real estate industry, professionals are divided between the lines of what is acceptable to what is close to being acceptable. The double ending, is one of the most common practices where the agents assume the role of representing both the buyer and the seller, some may agree that it is not wrong, but is it really right? When such practices are in question, this division occurs.

Focusing on some individual components in the market in relation to the changing real estate industry, you will realize that most Realtors tend to take advantage of the situation and bend or break some practices.

TECHNOLOGY IS CHANGING THE WAY REALTORS DO BUSINESS

Never for a second underestimate the power of technology as networking, clientèle management, and organization of your work. As a best practice in the real estate industry, Realtors should adapt and take advantage of technology because even simple newsletters with your listings can do wonders.

As a key to success in the real estate world, brokers should aim to become more paperless and more digitalized with the respect to real estate brokerage. That is the number one secret to having a prosperous booming real estate agency.

However, as so many people are now complaining, the brokers have taken things way too far, by falsifying data and simply getting away with it, this is malpractice that is on the rise but falsifying your data will damage your reputation greatly.

BROKERS’ RELATIONSHIP WITH CLIENTS

Being in a competitive market such as commercial, real, or even industrial real estate, requires that the brokers be able to foster and nurture long-term relationships with the client as one of the best real estate practices.

Also, so many brokers are afraid to take up some small clients, common malpractice in the real estate field but truth be told, you may never know how big these clients may turn out to be. Thus, the brokers’ relationship with the client is something that is very important and should be upheld.

However, in an attempt to gain favor from the clients, be careful not to damage your competitor’s position in the market which brings me to the next point.

STAY ON TOP OF THE COMPETITION

Real estate is a market with so much dynamism. At no point will you ever hear of the market being static and therefore, you will have to stay on top of the market but how effectively can you do that? Majorly research shows hard work, honesty and transparency are the key factors as an agency you will have to uphold.

You need to note that most of the clients will start their search from the Internet and therefore, to win the competition, you will have to create a compelling website with better content; this will earn you some free bonuses. Damaging the competitor’s reputation is not common malpractice; therefore, it should stay that way. You will have to remain neutral to gain a competitive edge in the market.

AS A BEST PRACTICE, PROVIDE NOTHING BUT VALUE

The real estate industry is all about creating value for your products and services, and one way to do that is by becoming an expert in your client’s specifications. This provides the best opportunity for you to understand your client’s desires and long-term goals.

Therefore, it is as simple as that. Upholding best practices in any industry is very important since it will count in the overall success.