BY IAN HOLLINGDALE, CEO, PROPERTYSEARCH.COM
WHY LISTINGS NEED TO BE UPGRADED FOR MORE CLARITY and TIPS FOR BROKERS.
In my 40 + years in Real Estate both in Central London and Dubai it never ceases to amaze me why brokers are content to publish substandard, lazy descriptions and meaningless photographs of the property they are either hoping to sell or lease. Surely if you spend time coveting listings and you are given the opportunity to offer to the market then try to be excited by the listing and fully describe the property to its fullest extent.
Do you know that some brokers don’t even visit the property and get their Admin team to write the description – really!
When it comes to selling find a broker who takes care of his listings, describes the upgrades professionally. Takes time to understand from the owner the effort that has been put in to complete the refurbishment, what materials have been used, name the white goods and sanitary fittings and then takes care over the photos, how many times do you check the portals and see poor quality photos and sometimes not even of the same property. The broker should paint a picture for the new buyer of a property that excites them and ultimately turns into a viewing.
Brokers who communicate with their client / owners will inevitably be the successful brokers, those that don’t care and simply strive to get a listing up on a portal and sit back with fingers crossed and wait for lead will not be successful.
Listings are the life blood for all Secondary Brokers in this market and hence they should take care of those listings. Poorly written descriptions, inaccurate information and poor photography will not convince a discerning buyer to view. You must excite them with your acumen and understanding of what you are selling. Similarly, if a listing has been around for a while, then a rewriting of the text is worthwhile for a broker. The obvious reason for not selling is the price so communicate with the seller and try to reduce to sell or lease.
When on viewings always present your buyer with a hard copy of the details with all information a buyer may require, put your picture on the details, be proactive and sell the unit to the buyer.
Be an expert in your community. Nothing impresses a buyer more than a broker who understands and knows the community inside out. You will find that if the first property doesn’t quite meet their requirements, then they will be happy to continue looking through you.
Know the prices in your community.
Understand the rates per square foot and be knowledgeable on recent sales. If an investor is looking to purchase for rental return be confident on your return on investment (ROI) Understand Gross and Net.
When on viewings try to be inconspicuous and purely be there for guidance, let the buyers navigate their way around and please don’t say “this is the kitchen” I think they already know.
A buyer who talks the property up, says it is amazing and that they want to buy are never your buyers! The ones who say nothing and keep quiet – they are your buyers.
When you have an interested buyer willing to negotiate never put them in the same room as the seller, the deal will never happen. You are the negotiator keep the parties apart and negotiate between them.
Always get a cheque no deal is done without a deposit cheque (even a copy helps)
The Dubai Freehold market is some 23 years old, and we are seeing signs of the properties at the original communities Emirates Living, Palm, Arabian Ranches etc deteriorating and in need of refurbishment. Many properties are available in the original condition (save for a coat of paint) and require upgrading and refurbishment. It can be a very lucrative business to be in as the onward selling price of an original unit compared to a fully refurbished property will after refurbishment costs leave the owner with a tidy profit.
Landlords who have let their properties out for many years should also take a long look at the condition of their unit and refurbish accordingly it will reap benefits of higher rentals and less maintenance issues.
Brokers should have a trustworthy refurbishment contractor available to assist buyers or landlords on the cost and procedure for starting a project. Go the distance with the project and you will ultimately be in prime position to sell or lease before anybody else.
