I welcome you to the article on Real Estate Agent: How to provide the best services? The idea of having an article on this topic came to my mind while I myself used to work as a Real Estate Agent or Real Estate Broker. Based on my experience and certain logical reasoning, I will like to provide you an idea about how can a Real Estate Agent give you the best service thus making your home buying journey a very smooth and fruitful experience.
As widely known, Real Estate Transactions are one of the costliest transactions in anyone’s life and it’s not a product that is bought repeatedly on impulse rather it’s bought with tons of Emotions involved.
List of services that a Real Estate Agent provides to a Buyer or Seller
Below I am listing the verticals that a Real Estate Agent can provide various services for your reference :
1. Representing the Buyer in a Real Estate Transaction
2. Representing the Seller in a Real Estate Transaction
3. Representing the Landlord/Apartment Owner in Real Estate Rental Transaction
4. Representing the Tenant in Real Estate Rental Transaction
The above are the core services that a typical Real Estate Agent caters to.
Please note to sell Underconstruction Projects in India, a Real Estate Agent has to register with Rera i.e. Real Estate Regulatory Authority and obtain a Rera Number. With respect to the State of Maharashtra in India, a Real Estate Agent can Register on the Website here.
There are some specialized services that are provided by professionally run Real Estate Consultancy firms which I am listing below :
1. Property Management Services i.e. taking care of the asset in the absence of the owner or landlord
2. Property Valuation Services
3. Facility Management Services
Overall Real Estate has many verticals within it like the one’s I am listing below :
1. Office or Commercial Office Spaces
4. Hotels and Hospitality
7. Data Center
In this article, we will be focusing only on the first four points that I mentioned in this section above.
Real Estate Agent Representing the Buyer in a Real Estate Transaction
The amount of work that is required to be put in while assisting a prospective home buyer like you is quite a lot and it requires taking full responsibility for the job at hand. The responsibilities include the following :
1. Understanding the exact need of the buyer with a proper question and answer session. This can be done in person or over a call. I personally recommend having an in-person meeting with a prospective buyer.
2. Since being a full-time Real Estate Agent, you are aware of the Market Dynamics that are at play and there is no harm in making the prospective buyer aware of it.
3. Tapping into the network that a Real Estate Agent has in a particular locality. Please note that the prices differ from one locality to another even within a micro-market area. Hence, it’s important to have in-depth first-hand information about the ideal home that your homebuyer is interested in and his financial capacity.
4. Matching the need of your prospective home buyer with the available inventory of a Real Estate Agent. If the match is available, consider it offering to your prospective home buyer.
5. The inventory offered should not be half baked i.e. hiding or not able to provide certain details that will be given only at the time of property inspection. Such things point to the buyer, that you as a Real Estate Agent don’t trust him or her. The best way of offering the inventory is by giving the following details :
a. Name of the Building
b. Ready to Move In or Underconstruction
c. Locality or Address
d. Configuration Available
e. Carpet Area Mentioned in Agreement
f. Availability of floors
g. Main Door Facing i.e. the direction one faces when one exits the home (North, South, East, and West)
h. Whether the apartment comes with an allotted open or covered car park space and provision for 2 wheeler parking.
i. Price as per seller’s expectation
j. Age of the Building/Complex/Township
k. Status of Title i.e. Availability of Occupancy Certificate, Clear Title of Land Conveyed to Society, Litigations if Any.
l. Distances from Various Landmarks like Railway, Highway, Prominent Places, Airport.
m. Providing pictures of the apartment or home in question along with a Video.
n. Appropriate time to visit the place for inspection i.e. mentioning the days of the week and timing helps the buyer plan it as per his or her convenience.
o. Expected Maintenance Charges Per Month
p. List of festivals that are celebrated in the Complex or Building like Holi, Diwali, Ganesh Chaturthi, Navratri, Christmas, and New year’s Eve.
q. Water Supply whether it’s 24hours a day, Mahanagar Gas Connection with Meter.
In today’s time of instant messaging and ample availability of data, all the above things can easily be shared on Whatsapp/Email/Call. The mode of communication to be used depends on the convenience of the prospective home buyer. As per my experience, a Buyer is most comfortable getting the details on Whatsapp or Email with 1st priority given to Whatsapp.
It is something that does not intrude into a buyer’s work schedule and it can be seen at a time convenient to the buyer. Since Whatsapp allows you to make a catalog, the link is instantly shareable thus helping you decrease the turnaround time from query to offering multiple matching options.
6. It always makes sense to have the terms of service finalized with the buyer in your first in-person meeting itself.
7. In case if the match is not available with the concerned Real Estate Agent, then the Agent needs to tap into his trusted source of Brokers with whom he/she has worked before to offer a consistent service experience to the buyer and the inventory which is the best fit.
8. It’s important for a Real Estate Agent to know when his buyer is free to talk to without becoming an interruption in his work life or personal life.
9. The Real Estate Agent has to provide services in all the spheres possible to make his presence worthwhile in the overall transaction and experience of the buyer concerned.
10. Once an entire lot of matching inventory is shared with the buyer, it makes absolute sense to schedule a visit for property inspections for which the prospective home buyer shows interest. This should be decided based on the timings available from the Owner of the Property and the timing convenient for your Buyer to visit.
A Real Estate Agent can schedule multiple property inspections in a single day. Managing time and coordination is extremely important to ensure a smooth and frictionless property inspection experience.
11. Once the inspections are done, it makes sense to have proper buyer feedback in place via follow-ups so that A Real Estate Agent can understand what kind of inventories will be suitable for future property inspections. Also at the other end, please do keep the Owner of the property updated on buyer feedback.
12. On an optimistic note, if the buyer is interested or liked a particular property, he may ask for a couple of more visits with his family members, friends, or relatives to have a curated opinion about buying the home of his dreams.
13. Once, it’s done the buyer will definitely ask for a meeting with the owner of the property. It should be scheduled by the Real Estate Agent keeping both side’s interests in place.
14. Just before scheduling the meeting, the Real Estate Agent should make both the buyer and seller aware of the expectations from both sides. If this is done prudently, it sets the tone for the meeting in place on a very positive note.
15. Once the Real Estate Agent/s, are in a meeting it always requires an Ice Breaking moment to begin the conversation. It holds utmost importance to make both the buyer side and the seller side comfortable to begin the conversation.
16. Once the deal is struck, the documentation work takes over which I will discuss at length in a different blog post. This is the point where the overall experience can be improved substantially apart from the points discussed above. So far we have seen only the pre-sales work of a Real Estate Agent.
Please make sure that at each and every stage of the Buyer’s Journey, ensure smooth, friendly, and professional customer service. The pre-sales stages will decide whether a prospective home buyer will like to buy his dream home and make a lifelong relationship with you.
The above steps require diligent work from a Real Estate Agent in a timely and professional manner with a decent turnaround time on every query raised.
Real Estate Agent Representing the Seller in a Real Estate Transaction
Representing a Seller in a Real Estate Transaction changes the table for a Real Estate Agent. I am listing down the key points that a Real Estate Agent needs to do to provide the best possible service to the seller. A transaction takes place only when the terms and conditions set out are optimal for both the buyer and seller as a Buyer is in the process of possessing an Asset whereas a Seller is parting away with an Asset.
1. Meeting the seller at his property which the seller plans to sell.
2. During the same meeting, it holds equal importance to come to a single page for the terms involved in selling the property for a Real Estate Agent.
3. Understanding the entire property to be sold including the points that I mentioned in Point No. 5 in the section Representing the Buyer in a Real Estate Transaction. A Real Estate Agent has to think like a buyer and make a list of common FAQ’s which can be clarified from the Seller in the first conversation itself.
Adding the Real Estate Agent should make a note of all the common queries that a prospect asks for and keep it ready with him. This can be saved in an Email, In Whatsapp Message, or any Hand Written Book. This shows the Seller that you are very well versed with the process and he won’t have to answer the things again once it is clarified by the Real Estate Agent.
4. Once the above points are handy with a Real Estate Agent, it will result in a quick turnaround time for queries asked by the prospective buyer. This will also ensure that the Real Estate Agent is well versed with the property he is selling thus enhancing the trust in the buyer’s mind.
5. It’s important on the part of the Real Estate Agent to let the seller know the ongoing price in the locality and preferably in the building where the seller is planning to sell his property. The best way is by knowing the price of the last sold unit similar to the one the seller is looking to sell which can help in benchmarking the price and thus convinces the seller to keep his price expectations aligned with the market.
6. Letting the seller know what all Marketing activities you are doing as a Real Estate Agent, gives the seller the confidence that he has given his property in the right hands to sell. A timely update to the seller helps build the relationship.
7. Sometimes property gets sold quickly and sometimes it takes time to sell. Hence, being in constant touch with the seller is of utmost importance for a Real Estate Agent. In Real Estate, you do more business when you build a relationship successfully.
8. Timely intimation of property inspections a day in advance ensures a smooth process for you as a Real Estate Agent and helps the seller plan his day accordingly. Also, it’s better to understand the time slots when the seller is generally available for inspections and letting the buyer know in advance.
9. Maintaining a list of buyers who visited the seller’s property for inspection along with the day and time mentioned, will give the seller an idea about the kind of efforts that you as a Real Estate Agent is putting in to sell the property. Also, it shows how well balanced and organized you are as a Real Estate Agent.
10. Keeping a track of Marketing Activities that are giving you leads for the seller’s property and optimizing them helps save costs and ensure the best results.
11. Since Real Estate is a high-end product which a Real Estate Agent sells, hence it requires consistent Marketing efforts, diligent and timely follow-ups, convincing skills, and utilizing the best of knowledge available with you is the way to make a brand of yourself as a Real Estate Broker in the Market. This will definitely give you more properties to sell.
The Lead Magnet to attract a buyer in Real Estate for a Real Estate Agent is the quality and quantity of inventory available with him. Hence a satisfied seller will give you more referrals thus boosting the inventory profile resulting in a higher number of inquiries.
12. A seller will be more than happy to work with you if he is being kept in touch, updated about various Marketing activities deployed or planning to deploy, and maintaining a list of buyers who visited the property. All this finally leading to the closure of a sale.
13. The most important thing that a seller will appreciate is giving him the optimal price for his property and a smooth property documentation experience. This will lead to positive word of mouth and more business referrals.
Thus all the above nuts and bolts of a Real Estate Transaction if performed well helps you as a Real Estate Agent provide the best of service to the buyer and seller. A Real Estate Agent has to ensure that you got a value for money transaction for your buyer and an optimal price for your seller. This is the tight rope A Real Estate Broker has to walk through in every bit of their profession.
The documentation process I will share in another article/blog post.
Real Estate Agent Representing the Landlord/Apartment owner in Rental Transaction
A Real Estate Rental Transaction is a long term commitment for a Real Estate Agent, the Owner of the Asset, and the Tenant. Generally, there are Rental/Lease Agreements that are made for 11months, 22months, 33months, or even longer durations. Hence the service of a Full Time Real Estate Agent becomes important. I am listing down the services that a Real Estate Agent can provide :
1. Procuring the Rental Apartment to be rented out to a Good Quality Tenant.
2. Meeting the owner of the Apartment and visiting it once to understand what is the exact condition of the property, what all furniture if any are available for the prospective Tenant, availability of water 24*7, Gas Connection, Furniture in the Kitchen, Bedroom, Living Room and with proper Bath and Toilet Fixtures without any leakages.
3. While meeting the owner of the apartment, it is important to finalize the terms of the service for a Real Estate Agent. This enhances transparency for both sides involved.
4. Marketing and generating leads for the property to be rented out via different channels available to a Real Estate Agent. This point would require a separate blog.
5. Managing Property Inspections from Prospective Tenants.
6. Keeping the owner updated about the profile of Tenants who inspected the property.
7. Managing the final rental negotiations which generally happens via an in-person meeting with the Tenant and Owner.
8. Getting the Rental Agreement work done which involves 2 parts i.e.
a. Registering the Rental Agreement with proper payment of the Stamp Duty and Registration Charges.
b. Applying for Police Verification of the Tenant (Required in Mumbai, Maharashtra)
9. Once the formalities are done, ensuring the prospective tenant has a smooth move into the property adhering to the guidelines of the Society.
10. Ensuring the Rentals are paid on time to the Owner of the Property.
11. Informing and taking due permission from the Owner of the Property in case of some modifications required w.r.t furniture work of the Tenant.
12. If the Agreement is to be renewed, post getting an intimation from the Tenant, informing the Owner about the same or in case if the tenant wishes to vacate the property, then too informing the owner of the property and ensuring a smooth process.
13. During vacating the property by the Tenant, ensuring the apartment or property is in good condition and informing the owner if there are any changes required which will result in financial outgo for the owner. This should be done before all the dues are settled with the tenant i.e. Deposit to be refunded.
14. If the owner is an NRI, then it rests on the able shoulders of the Real Estate Agent to manage the property. The work will depend on the relation between the owner and the Real Estate Agent involved.
The above points are a must and necessary to provide the best of services as a Real Estate Agent to the Owner of the Property. Managing your own property is no easy task and having someone whose full-time profession is property management gives the owner peace of mind where all the hassles are managed by the Real Estate Agent.
It holds utmost importance that a proper contract is made with the Real Estate Agent w.r.t managing the property.
Real Estate Agent Representing the Tenant in Rental Transaction
Taking home on rent or lease is again a time-consuming and exhausting job. It requires shifting from one place to another which will be your dwelling for the next 1-3 years. Having a new relationship with a new owner, building trust, and having a peaceful living experience without any hassles need to be built from scratch once you shift your home to another. There can be myriad reasons why you are shifting your rental home.
Hence, the role of a Real Estate Agent becomes important in your overall scheme of things, and A Agent who can provide the best service is the one whom you can trust to do multiple transactions. Let’s understand below what are the services that a Real Estate Agent can provide in the best way listed below :
1. Meeting the prospective tenant after your first point of contact is made. This ensures building trust and understanding the need of the tenant to find a new house on rent/lease. Finalizing the terms of service at this stage holds utmost importance for the Tenant and the Real Estate Agent.
2. Checking the internal database of to be rented properties in case they match with the needs of the prospective tenant. I personally call this phase a matchmaking moment for the Real Estate Agent. Sharing photos or videos of the property to be rented with the Tenant is always a great service to provide apart from sharing essential details like :
a. Name of the Building
b. Locality or Address of the Property
d. Carpet Area of the Property
e. Floor on which the apartment is located and the main door facing of the apartment
f. Availability of car parking and 2 wheeler space for the Tenant
g. Expected Rental Per Month, Deposit and lease duration
h. Availability of Furniture in Living Room, Dining Area, Kitchen, Bathroom/s, Bedroom/s
i. Availability of Water, Gas Connection
j. Sharing the Videos and Pictures of the Apartment/Property in Question
k. Mode of Rent Payment along with dates of the month before which the rent should be credited to the Owner’s account
*Please note the above points should be gathered by the Real Estate Agent in the first in-person meet-up with the Owner.
3. Managing the property inspections for the tenant. Ensuring a smooth experience without any delays or waiting time involved.
4. Giving Tenant the profile of the owner to create trust and comfort.
5. Helping the Tenant negotiate a good rental price.
6. Managing the Stamp Duty, Registration, and Police Verification process for the Tenant.
7. Providing a peaceful possession of the premises and helping with Logistics for moving the furniture and other essentials of the Tenant.
8. If the Tenant finds any issues post moving into the apartment/property, the Real Estate Agent can bring it to the notice of the owner and help it get resolved at the earliest.
9. Once the lease period nears its due date, the Real Estate Agent can confirm from the Tenant whether he wishes to extend the lease or is looking to vacate it.
10. If the tenant wishes to renew the lease and if the owner is fine with it then the Real Estate Agent can provide the service w.r.t to the renewal of the Lease Deed with a fresh set of terms and conditions along with Stamp Duty and Registration Process.
11. If the tenant wishes to vacate the premises, ensuring that the premises are returned in a good condition and with all the dues settled with the owner.
12. The role can be extended for the Real Estate Agent from this point i.e.
a. He can assist the tenant in finding a similar home in a similar locality.
b. He can assist the owner in finding a new tenant for this property.
c. If the services have delighted both the Owner and the Tenant, the Real Estate Agent will definitely receive more business in referrals.
I hope you find this Blog on Real Estate Agent: How to provide the best services? an engrossing read and an informative piece of content. This blog will serve multiple purposes i.e.
a. If you are an owner of a Property, you will be aware of what all services can be provided or improved upon by your Real Estate Agent.
b. If you are a tenant, you will be aware of what all services can be expected from a Real Estate Agent.
c. If you are a Real Estate Agent, you know best on what parameters you can work to delight your clients with the best services.
d. If you are just an avid reader, this blog will add another hat to your knowledge quotient.
I hope you enjoyed reading this blog. If you found the content adding value to you in any way, please do share it with your family, friends, relatives, colleagues, and on various social media channels.
I have written various other articles whose links I am providing below :
1. How to find Project Details on MahaRera Website?
2. Sunteck Signia High – Luxurious Home for a Quality Life
3. Rustomjee Summit – Your Dream Home in a Thoughtful Way
4. Kalpataru Vienta Kandivali – Luxury Spaces in the Best Location
5. Savana – Luxury Homes in the Best Locality of Kandivali
6. TW Gardens – Thoughtful Homes in the Heart of Kandivali
7. Chandak Dahisar – Home Spaces Planned in the Best Way
8. Sarova – Enjoy A Life in 55Acres in the Heart of Kandivali
9. Oberoi Sky City – Way to Happy Beginnings in a Happy Home
10. What are the Different Stages in a Resale Transaction?
11. Real Estate Broker: How to do Marketing of Properties for Sale?
12. Kalpataru Elegante: What is the project all about in Kandivali?
13. Chandak 34 Park Estate: How good is the Project for Me?
14. Chandak Cornerstone: What is in the Project for Me?
15. Oberoi Maxima: Homes that Care for Your Space from a Brand
16. Oberoi Elysian: A Home that gives you the Comfort to Work or Play
17. Sky City Tower F: Luxury 3BHK Homes in an 25acres Paradise in Borivali
18. Godrej Tranquil: Luxurious 1, 2 & 2.5 BHK Homes in Lokhandwala Township
19. Godrej Nest Kandivali: Best 1, 2 & 3 BHK Apartments in Lokhandwala Township
20. Kolte Patil Vaayu: 1 & 2 BHK in A Secured Complex
21. Kolte Patil Evara: Adorable 1, 2, 2.5 & 3 BHK with City View
22. Kolte Patil Verve: Exclusive 2 & 3 BHK in Goregaon West
23. Dosti Oro 67: Luxury Homes in an Upcoming Locality of Kandivali
24. Mahindra Roots: Luxury 1 & 2BHK in a High Rise in Kandivali East
25. Prasanna Jeevan by Kamla Group: Exclusive 2&3BHK in Borivali West
I started this blog with a Vision to add value in the buying journey of a home buyer. I come with 5+years of experience in Real Estate Sales divided into 2 parts i.e. couple of years of experience in Primary Under Construction Projects of a developer based in Bangalore and 3years as a Real Estate Freelancer in Mumbai. I completed my MBA in Marketing in 2012. Currently, I am based in Mumbai. Hence, most of my articles will cover projects specifically in the areas where I have been functional as a Real Estate Consultant. Going further, I will try to cover as many aspects possible in relation to Real Estate making it simpler for the prospective home buyers to take a decision.