Brokerage

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Information about Brokerage
Education

Published on April 28, 2008

Author: RealtorMelvin

Source: authorstream.com

Fundamentals of Real Estate Brokerage Practice(Securing Listings, Presentation, and Closing the Sale) : Fundamentals of Real Estate Brokerage Practice(Securing Listings, Presentation, and Closing the Sale) Herbert Engle Buot The PropertyA. listing Defined:“The Art of Finding real properties for sale” : The PropertyA. listing Defined:“The Art of Finding real properties for sale” B. Kinds of Listing: 1. Exclusive Right to Sell Listing 2. Exclusive Agency Listing 3. Open Listing 4. Multiple Listing 5. Net Listing Listing Procedure: : Listing Procedure: 1. Physical Inspection of property 2. Personal Contact with owner (s) 3. Discuss with owner: Price & Terms of Payment Commission Liens/ Encumbrances, if any Other Matters Listing Procedure: : Listing Procedure: 4. Get written Authorization from owner. Prepare Brokerage Contract: Exclusive Right to Sell Exclusive Brokerage/ Agency Authority To Sell ( open listing or non-exclusive brokerage) Take Pictures Verify: Title; zoning; road plans D. Listing Form: (standard) The ProspectA. Prospecting Defined:“The Art of Finding Real Estate Buyers : The ProspectA. Prospecting Defined:“The Art of Finding Real Estate Buyers B. Prospecting Procedure 1.) Personal contact with prospect 2.) Discuss with Prospect a) Need b) Location c) Requirements d) Budget e) Purpose Prospecting : Prospecting Prospecting Form Presentation: : Presentation: Matching Skill: 1. Know needs of prospect 2. Find suitable property/ properties 3. Evaluate and Match B. Preliminary Talks with Client- Buyer: 1. Personal or over the phone 2. Offer the property in writing mentioning the: A.) Location B.) Area Presentation: : Presentation: C.) Characteristics of: C.1 Property C.2 Neighborhood 3. Have the client- buyer acknowledge in writing receipt of the written offer. 4. If He is interested, arrange for another meeting and a visit to the site. 5. In writing, inform the lot owner of every offer you have made to every prospect mentioning the latter’s name and address. Have the lot owner acknowledge in writing receipt of your written notice. Conference with the Prospect: : Conference with the Prospect: 1. Show: Location Map Lot Plan Pictures of : Property Facilities & Ammenties Immediate Neighborhood Conference with the Prospect: : Conference with the Prospect: 2. Have the client- buyer acknowledge in writing receipt of the above materials 3. Answer questions Visitation: : Visitation: 1. The Route: A.) Principal B.) Alternate (if any) 2. Emphasize the positives 3. Point out the Negatives (if any) and show how to correct them (if possible). 4. Answer questions Close the Deal : Close the Deal Initial move to close When How No high pressure tactics Lead Prospect intelligently How to answer objections a) Direct b) Honest c) Clear Personal and Personality of the Broker : Personal and Personality of the Broker A. His Person 1.) Good grooming & hygiene 2.) Relax and sincere 3.) Friendly but not familiar 4.) Very Conversant with his property 5.) Believe in his property Person and Personality of the Broker : Person and Personality of the Broker His personality Enthusiastic Positive attitude Patient Confident Understanding The 5 P’s in Effective Practice: : The 5 P’s in Effective Practice: Prepare very well Punctual in appointments Person: sell yourself first Presentation must be brief and clear Let the property sell itself VI. Principles of Real Estate Brokerage : VI. Principles of Real Estate Brokerage Some Cardinal Principles in Real Estate Brokerage : Some Cardinal Principles in Real Estate Brokerage A.) BE PROFESSIONAL: Good service above commission Proper Authorization Personal touch, even if working through authorized representatives Be factual and accurate about encumbrances, taxes, etc. Discuss commissions and incidental expenses at the outset clearly Self respect at all times Slide 18: B.) Commission: 1. Standard: 5% 2. Variations 3. Rule on over-pricing C.) Relationship with fellow Realtors, Real Estate Brokers and Agents With honesty and integrity Direct and personal Early clear agreement as to commission sharing With respect and courtesy VII. Success in Real Estate Brokerage as a Career : VII. Success in Real Estate Brokerage as a Career A. Ingredients for Success in any Profession: 1. Love the profession 2. Prepare very well for it and continuous upgrading of oneself. 3. Determination 4. Belief in oneself Success in Real Estate Brokerage as a Career : Success in Real Estate Brokerage as a Career Hindrances to Success 1. Fear 2. Worry 3. Failure to upgrade oneself 4. Lack of self confidence 5. Poor public relations Slide 21: Marcus Aurelius: 1,990 years ago; Roman Emperor. Called the wisest man of the Roman Empire. “Your life is what your thoughts make of it.” Ralph Waldo Emerson: considered by many Americans as the wisest man in the United States “A man is what he thinks about all the day long.” “Sow a thought and you reap an act; Sow an act and you reap a habit; Sow a habit and you reap a character; Sow a character and you reap a destiny.” Slide 22: SUCCESS “If you THINK you are beaten, you are. If you think you dare not, you don’t. If you like to win, but you think you can’t It is almost certain you won’t. If you THINK you’ll lose, you’re lost For out of the world we find, SUCCESS begins with a PERSON’S WILL It’s all in the state of MIND If you think you are outclassed, you are. You’ve got to think high to rise You’ve got to be sure of yourself before You can ever win a prize Life’s battles don’t always go To the stronger or faster person, But sooner or later the person who wins Is the person who thinks he can! VIII. The Mind: The Foundation of Success in Life : VIII. The Mind: The Foundation of Success in Life A.) The Bible: Proverbs 23:7- “As a man Thinketh In his heart (i.e as a man thinketh his subconcious mind), so he is. B.) Edison: Romans 12:2= “be ye transformed” C.) Marcus Aurelius- “Your life is what your thoughts make of it.” D.) Ralph Waldo Emerson: Considered by many Americans as the wisest man in the United States “A man is what he thinks about all the day long.” Slide 24: Ralph Waldo Emerson: “Sow a thought and you reap an act; Sow an act and you reap a habit; Sow a habit and you reap a character Sow a character and you reap a destiny.” Slide 25: E. Motto of a Success-oriented man “No surrender; Retreat only” His theme song: “Let me try again” LIFE OF ABRAHAM LINCOLN : LIFE OF ABRAHAM LINCOLN “ I do the very best I know how- the very best I can; and I mean to keep doing so.” ABRAHAM LINCOLN’S LIFE IS TH E BEST EXAMPLE OF HIS OWN WORDS. CONSIDER THE CHRONOLOGY OF HIS CAREER: : ABRAHAM LINCOLN’S LIFE IS TH E BEST EXAMPLE OF HIS OWN WORDS. CONSIDER THE CHRONOLOGY OF HIS CAREER: 1831- Failed in Business 1832- Defeated for legislature 1833- Again failed in Business 1834- Elected to legislature 1835- Sweetheart died 1836- Had nervous breakdown 1838- Defeated for speaker 1840- Defeated for elector 1842- Defeated for Congress 1846- Elected to Congress Chronology (Continuation) : Chronology (Continuation) 1848- Defeated for Congress 1855- Defeated for Senate 1856- Defeated for Vice- President 1858- Defeated for Senate 1860- ELECTED PRESIDENT

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