In this competitive UAE real estate market, standing out and gaining the attention of potential clients should be on the top of your list of priorities.
But, how exactly do you separate yourself against this sea of real estate agents when you are all selling the same ‘product’ (properties)?
In this brand new session at Bayut Academy, we take you through the essentials you need to become a true area specialist, paving your way to being memorable.
“The more you know, the more you sell” could not be further from the truth in this situation. So, before we discuss showcasing your knowledge, we look at what this knowledge should include.
Adding Value In Your Services
In the age of the internet, where information is readily available to property seekers, a realtor’s job is to help them understand and comprehend this knowledge.
You should be able to educate your clients on three things:
- Product Knowledge: Here, the ‘product’ is the property. You should be able to educate your clients on the community and the building, and its positives.
- Process Knowledge: Educate your clients on the real estate process; the documentation and the processes involved when buying a house – such as getting your mortgage approved, etc
- Local and Client Market Information: Being aware of the local market’s performance (which the client is interested in investing in) is crucial to adding value.
This knowledge is a starting point for becoming an area specialist.
Apart from being knowledgeable, having a unique trait can help you set yourself apart. It could be something as simple as being a dog lover or being passionate about data.
These ‘passions’ humanise you when you approach your potential clients; they can create stronger ties with people with shared interests and can also be great ice-breakers in conversations.
To mould this persona, you need to be able to think ahead. Begin by thinking about where you see yourself in two years; which strength do you think will propel you to your dream career? And what skills and knowledge do you need to acquire to get there, and what would you like to be known for?
For example, do you want to be known for being “The Princess Tower King” or “Bloomingdale Villa Expert For Families Wishing to Upgrade”
A bonus, knowing this can help you create a distinct social media presence as well.
Pitching A Community To A Client
To sell a specific community to a client, you need to showcase your in-depth knowledge of the community. Not only does it make you a trustworthy agent, but it also creates a great first impression in the eyes of the client.
You should be able to answer a range of questions to highlight this knowledge – from the proximity of the supermarkets and hospitals, to details on the amenities (like the equipment in the gym, or the depth of the swimming pool)
You can gather this information from resources like Bayut’s Area Guides and Building Guides. Our UAE Guides on Bayut are great to research talking points about communities.
This can translate into conversations like this:
“Dubai Hills is 4 mins to Al Khail Road and 12 mins to SZR, which is ideal for commuting to your office at D3. ”
In a conversation like this, think about a few reasons you are using a particular route as an argument compared to other roads – is it the ease of connectivity, is it the lower traffic congestion compared to other routes, etc.
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Here are some things you need to know about a property:
- The community: The lifestyle offered by the community, number of buildings or townhouses in it, number of residents, new projects
- It’s connectivity: Nearest bus stations, metro stations and shuttle buses
- Supermarkets and malls: Closest hypermarkets, upcoming malls
- Personal care: Salons and spas in the area
- Entertainment: Restaurants, cinemas, other recreational areas
- Car: Nearest gas stations
- Pets: Nearest veterinarian hospitals, dog parks
We share a list of all the information you should look out for at the Area Specialisation session at Bayut Academy. Register now to gain access to this exclusive list!
You can use this information to your advantage when structuring your arguments in favour of living in a certain community. When you can talk in detail, you can help your clients imagine themselves there and be remembered in the future.
For example, if you are able to bring your client, a mother of two, into the neighbourhood park and help them picture their children playing there, you could be able to tap into their emotions. And don’t forget, as the adage goes, “people buy with their hearts and pay with their wallets”.
Alongside this, we also know that every single person in a community isn’t just a potential client but also your asset. They can refer you to the people they meet, indirectly as a testimonial that you’re a part of the community and blend in well.
Being a true area specialist doesn’t stop at knowing the area at the back of your hand.
Let’s be realistic; one of the most common questions you will be asked is about the right pricing for a property (both sales and rental). An important aspect of being an area specialist is to be able to determine the price of a unit.
In this section, we take you through the steps to be able to do so:
Determining The Price Of A Unit
- Understand the specifics of a building: You can gather this information from the developer’s brochure, and Bayut’s Building Guides.
We highly recommend visiting the area to scout it and get a better understanding of the positives and negatives. You can also talk to the landlord to find out about renovations, extensions, etc.
Use Bayut’s floor plans to get a better understanding of the unit’s layout.
- Understand the pricing: For prices of the unit, head over to Profolio™ – then look up the trends in that area from Market Insights. This will give you a birds-eye view of the prices (and the competition’s prices) in the area, along with information on ROI for buyers.
You can check transactions in real properties using Transaction Insights on Profolio™ – with data directly from the DLD.
You can also use TruValue™, our innovative pricing tool, to determine the fair prices of property based on its area and location.
Finally, look at active listings to see the lowest and highest prices for the properties in the same building.
Once you have an estimate of the best prices for the property, you can discuss this with the landlord (or seller). If they’ve suggested a price higher than the market price, let them know that higher priced listings leads to the property being on the market for a longer period of time.
In our workshop, we take you through a case study to estimate a property’s price. Register for our next session to try this out first-hand.
Knowing what’s happening in your area can help educate your clients on their concerns.
If you’re a new agent, a great way to practise these conversations is to bring your colleague to your viewings and roleplay a sales scenario. As you give them a guided tour and answer their questions, you can fine-tune your understanding of the area. You’re also better prepared to meet your future clients.
Being an area specialist is your one-track path to success. Find out more ways to stay ahead in the competition with Bayut Academy’s workshops, our in-house series of trainings for real estate agents. You can also explore our resources for real estate agents on the Content Corner.