In the U.S alone, more than 87% of buyers purchase their house through a real estate agent. So definitely, there is a huge market for a real estate agent to flourish. But then, more than 03 million licensed real estate agents are working in the U.S too!
The good news is that despite thousands of real estate agents being a part of your market, not all professionals have the same experience level and success rate with real estate transactions. This is why you can actually make a mark and stand out in the market if you try hard enough.
But, to achieve that place, you have to carefully craft every step of your real estate transaction process. Confused about how to achieve the optimized level? Fret not, as this article is a step-by-step guide to a successful real estate transaction. So let’s get right into it:
Real Estate Sales Process Walkthrough
Generally, a real estate deal is a long and stressful process, which obviously includes many steps. We have compiled a comprehensive list of steps to help you through the real estate transaction process. Let’s begin:
Step 1: Preparing a Sales Listing
Before you dive into the preparation process, use a tool to organize your research and details. Using a CRM tool, like Kazi, allows you to organize, manage, and track your process stages. Here are the main segments of your sales listing:
As a realtor, your foremost responsibility is to carry out in-depth research. So when you meet the seller/ buyer, make sure you have a questionairre prepared to get the exact idea of what they want. These questions can include why they are buying or selling the properly, what do they think about the neighbourhood, finances, etc. The more detailed this questionairre is, the higher chances of success you have for closing the deal.
Staging the Property:
Home inspection is necessary so you need to make the property appear appealing to potential buyers. If the home is under use of the seller, you need to convince the seller to stage their property as an attractive property simply increases your chances of making the sale.
Use digital platforms to promote your seller’s property. For this purpose, you will have to capture appealing images and videos of the property you want to put in on the market.
Step 2: Naming your Price
Once you have prepared the listing, you need to price the property. While setting the purchase price, you can’t go by the price expectations of the buyer and seller. Rather, you need to determine the right purchase offer based on your own knowledge, experience, and understanding of the market. So when it comes to the pricing, you will have to negotiate with both the buyer and seller.
As a newbie realtor, you may face some problems determining the price in this real estate sales process, but here are some factors you can go by to name the right price:
- Consider the prices to property prices in the neighbourhood.
- Take external elements, such as a swimming pool or parking place, into account.
- See what the current situation of market is where you are selling the property.
Step 3. Organizing Property Viewings
Organizing a property viewing is another important part of the real estate transaction process. Once the price is settled, you need to inform the potential buyers that property is up for sale. For this purpose, you can send an invite to new or existing clientelle. A CRM, like Kazi, can be a terrific way to organize your contact list.
With a tool of this sort at your disposal, you can simply select the leads and send an announcement mail to let everyone know about the property’s availability.
Step 4. Negotiating the Sale
Negotiating the sale is definitely the most challenging part of a real estate sales process. This round starts once both buyer and seller have agreed to the terms and conditions. Essentially, a realtor needs to negotiate with the buyer first and learn exactly what they are searching for in a home. Afterwards, a meeting can be set between the property owner and buyer.
Step 5. Closing the Sale
As simple as it may sound, it’s no cakewalk to close the sale. Majority leads don’t even reach this step. Worry not though, because real estate agents only close around 13 sales annually on average.
Closing the deal, yet again, is a crucial step in the real estate transaction process. In fact, it holds the most significant part in your sales process because this one is all about payment and documentation.
As a realtor, you need to complete the paperword and assist them with them signing it. This paperwork of closing documents includes the property deed, title insurance, insurance policy, tax bills, plot plans, and warranties (if any).
How Kazi Can Help You Through Real Estate Sales Process
Whether you are a new realtor or an experienced salesman, a mortgage company or a solo businessman, there are tons of responsibilities and duties that you need to fulfill. This becomes a problem when you also have to manage new and existing leads for your business.
With Kazi by your side, all customer and lead data can be organized and managed conveniently. Using this CRM will also help you save time in sales, purchases, inventory management, revenues, balance sheets, and much more.
Wrapping it Up
So, there you have it: a detailed guide to successfully conducting a real estate transaction. Many, in fact, most leads don’t make it to Step 5 of the real estate transaction process. But hey, this is all part of the game. Keep your learning going and be confident on every estate transaction process step you take. Best of luck!