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Skills Needed In The Real Estate Market

Skills Needed In The Real Estate Market

 

Whether you are a Real Estate Agency or Agent, Owner or Caretaker, there are skills that you need to function and flourish in this competitive business.

  1. Education

It is very important for one to constantly keep up to date with what is happening in the Real Estate World of Tanzania. Whether it is through attending a course at school, or learning from another person; It is paramount to know what is trending, what has changed and what needs to be changed for you to be better at playing your role.

2.        Legal

For a real estate business firm to operate, it must adhere to laws and regulations of Tanzania that govern this industry. This doesn’t mean that you must know all laws by heart, be familiar with common real estate legal terms. This will help you to know when it is appropriate to refer your clients to legal experts .

3.       Negotiation

Some say it is a talent, others say it is a sixth sense. This skill is very important for you in your business, because without it you will not only have little value in the industry but not be able to operate on a long basis. It requires patience, understanding and flexibility to be able to close a deal.

4.       Processing

Be it during construction or after tenancy occupation, information processing helps in mutual understanding between you and them. But before processing, listening to what your customer requests is very important, this helps you to have a common ground on which you can use to establish a business relationship.

5.      Problem Solving

Throughout your journey in Real Estate, problems are bound to occur. There is no need to worry or panic when such situations arise, since panicking distorts the brain’s reasoning capacity and overthinks the problem(s) at hand. All you will have to do is to find the source of the problem and find the correct way to nullify it before it goes too far. Friends and Business Partners play a vital role in solving problems, so involve them.

6.       Marketing

It is the study and management of exchange relationships. This means that as much as you will be promoting your property, so will you be promoting yourself. Through Marketing, you will be able to reach out  to many people and your property will either be rented, sold or leased depending on how vigilant you will be in the process.

7.       Leadership

This is a mental state which helps to govern and guide your business to what you envisioned. This will involve Honesty, Delegate, Communication, Confidence, Commitment and Empathy among others. As the head of your firm/business, your decisions will determine the success or failure of your business.

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8.       Team Building

As determined as you might be, if you work with an incompetent team the fruits of your hard labour will only be a possibility, and will remain there for a long time. It is important to employ ‘A listers’ for they tend to attract those who are as zealous as they are. Build a team of hardworking and passionate members, and business flow and operations will be smooth.

9.        Tech-Savvy

With the current outburst of the Internet and Online Activity, the quickest and most effective way to reach out to a multitude of people in a short period of time is through the Internet. Be it Social Media, Internet Blog or Website, have a platform through which you can easily communicate with your customers and potential customers. Be confident in these different technologies and learn the effective ways to promote your businesses through them.

10.     Communication

Last and MOST IMPORTANT. Our industry needs to stop having ‘presentations’ and engage more in ‘conversation’ with the public. If you are not an effective communicator, then you will be left behind. Effective communication not only involves listening and conversing, but it is critical to be timely with your response. You can give the right answer at the wrong time and lose a deal.

NB: It is important for you to read as many books as possible about the real estate industry, for they keep you up to date and expand your knowledge-base on how to be different from your next door competitor.

 

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irwin.binamungu

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One thought on “Skills Needed In The Real Estate Market”

  • Lorene

    July 11, 2016 at 6:56 am

    Learning a ton from these neat arctiles.

    Reply

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