Hey real estate agent/ broker! Here are a few tips to keep the real estate developer happy!
We are human beings and the one thing that can set things right is communication. Yes, sales and collections as per your commitment is critical but it is not everything to keep the broker- developer relationship healthy. Here are five effective tips that guarantees to keep your developers happy while growing their list as well.
1) Sales: While you are out to get business, you tend to over commit on your projected sales figures. Get real. Remember that the developer has an advertisement budget, and a huge site works mobilisation advance to be paid to the contractor. This, apart from the land, design and approvals costs that are already out of the kitty. Make an honest projection. Something you are sure you can achieve. Show the pros and the cons. Remember you operate in the same market as others. And no one out there is quite a Harry Potter with a magic wand when it comes to sales.
2) Post sales collections: You worked and got the sales. But real estate sales are a matter of long term relationship building and customer servicing. The booking amount is peanuts compared to the property value. Start executing the sales agreements. Coordinate with the developer and the back office team there to get your documentation correct. Make a list of to dos for all closed sales, put a timeline and execute the agreements and get in the agreement stage payments. You will score big time with the developer. The bonus is, that you are also ready to bill the developer for your brokerage now and you can be sure that your diligence will get you your payment pronto. Delay this bit and your sales numbers are not good enough to keep your developer happy!
3) Home loans: Your customers have paid their 20% contribution and the rest needs to come in from the home loan disbursements in most cases. But you have no idea which customer is taking a loan and from where. So you have no status on when the disbursements will happen. Which means the cash flow you have projected to the developer is failing. Result? Unhappy developer again. Calls ignored. Get the point? Get a grip on your customers. Find out their home finance needs and preferred companies. Get your contacts in action and the home loan guys will be more than happy to get leads from you. Push for better service and watch everyone get happier as each disbursement hits the developer's bank account!
4) Communicate regularly: Sales can get slow, there may be queries raised by customers, documentation from the developer's end may not be complete and banks may have a different opinion on a customer's credit rating. Communicate all these issues on a weekly basis in a small, stupid report to the developer. Let the developer understand where you stand and not make assumptions about your inefficiency! Drop in a 'Hope things are up to your satisfaction' text once in a while. It works wonders! And finally;
5) Call back: We all have situations when we cannot take calls. If you have a missed call from the developer's office, always make it a point to call back. If you have been getting points 1 through 4 above right, chances are that he wants to pat you on the back or discuss a new project in the pipeline. Its a dog eat dog world out there my broker friends and you now have the edge!
Cheers!
Post a Comment