6/1/2023, 4:09:34 AM
Being a Real Estate Negotiator (REN)
A lot of people are aware that being a REN is very rewarding in terms of income and flexibility in working time. At the same time, many who joined the field are not aware that being a REN is not like getting a 9 to 5 job. It is a career path and they are their own boss. They have full discretion over how much they want to earn and how successful they want to be. And in order to be on top of their game, they need to realize the real meaning behind REN.
R = Reliable
A lot, if not all, of property owners purchase a property because of the trust they have in the REN who sold them the property. They believe that the REN is the professional in the real estate industry, and that is the truth. However, this should not be a ticket for RENs to take advantage of those owners who rely heavily on them to gain ROI from their property investment. Instead, it is the responsibility of a REN to ensure that the interests of the owners whom they are serving are safeguarded and the actions taken by a REN should be done in good faith.
In order to be reliable, RENs should equip themselves with 3 ‘Know’. This include:
- Know your product – Do a thorough research regarding the property that you are handling. This include its built-up, layout, facilities provided if it is in a high-rise building and the different types of layout available within that project. A REN need to be able to identify the right target market for the said property and whether it suits the usage of any prospective tenant or purchaser.
- Know your market – Advising the owners the right price to sell or rent out is one of the responsibility of a REN. It is vital that the REN assist the owner to maximize their investment returns and even if in worst case scenario, to minimize the loss incurred by the owner. Knowing the market price will also enable RENs to better advise their potential clients who wish to buy or rent the property they have to offer.
- Know the surroundings – Property is all about location, location and location. What does the surrounding of the property you are handling has to offer? Does it has sufficient amenities, a good community or great accessibility? RENs will need to be able to advise their potential clients accordingly and convenience them if they wish to close more deals.
E = Enthusiastic
Again, we wish to emphasize that being a REN is a career and not ‘just another job’. In order to build a solid career, passion and enthusiasm is important. The mindset of ‘Touch and Go’ can earn you quick big bucks, but it won’t last. A REN should always be ready to go the extra mile to standout from others if they wish to build a lasting career and be successful in the real estate industry. This would include:
- Serving your clients through delivery of great service and ensuring their interests are protected. After-sales service is vital in any transaction to maintain great satisfaction of the clients you served.
- Spend more time on preparing your sales pitch and presentation. This can include mapping, comparison of different property within the vicinity and how does your property standout.
- Learn, keep learning and continue to learn new skill sets, even if it is not directly related to the real estate industry but are able to help you to perform better as a REN. For instance, interior designing knowledge on better utilization of space, communication skills as well as non-verbal communication (NVC).
Last but not least, be N = Nimble-witted
Adapting to situations and overcoming questions tactfully is one of the most vital skill a REN should have. Situation or circumstance might pop-up out of the blue and a REN must be able to handle it to maintain the confidence of their clients. Of course, this come with experience but equipping yourself with the necessary knowledge will also enable you to better handle it.
Are you planning to venture into being a REN or feel that the leader you are with current is not guiding you enough? If yes, call us now at 018-282000.