7 Tips to Work with Owners

7 Tips to Work with Owners

Dubai Real Estate Brokers’ guide to Working with Owners to build long-lasting relationships and grow their database.

You found an Owner who wants to list a property with you, what is next? Be prepared to test your communication skills and knowledge. Before calling or meeting an owner, prepare your pitch by answering questions like these:

  • Why do they have to list with you, and how are you different from other Brokers?
  • What are the sales or rent prices like currently, and how will you pitch the right price?
  • What is your answer to the questions like; “Is it a good time to sell now?” and “how long do you need to get it sold or rented?”
  • How will you answer the questions like; “how many similar properties have you sold or rented?” and “How long how you been in the industry?”

Practice makes perfect, you will eventually find what works for you and master it. Here are few tips:

1) Master the Market

Confidence comes with knowledge. You must be knowledgeable about your area and niche market (property type). What is the current average price range per sq. ft. What could be the price difference because of type, view, upgrades, furnishings, etc.?

2) Establish connection

  • Meet them in person
    • Always aim to meet Property Owners in person unless they are out of the country. Make use of the technology available to you but don’t neglect old-fashioned communication in the process. Face to face interaction is vital when it comes to building trusted relationships. Ask them to show you the property, so you can find out what made them buy it in the first place and what they love about it.
  • Communicate
    • Ask on-point questions, and pay attention to the answers, be genuinely curious. Read their body language and the tone of voice, build a rapport. Find out their needs and expectation, and don’t make promises you can’t keep
  • Be honest
    • Don’t hesitate to say you dont know when you dont know something. It is ok if they know more than you, don’t panic; give them credit, learn, and thank them for valuable information.
  • Be authentic
    • Don’t be hesitant about you being a beginner. You can turn your weakness into your power – you are a new broker, which is actually a good thing; beginners are excited and enthusiastic, equipped with fresh knowledge, and hungry to get deals done. Always be completely honest. You will gain not only listings but respect and trust.

3) Get it Exclusive

Owners can list their property with multiple Brokers, known as “Open Listing,” or with one Broker, known as “Exclusive Listing.” Your goal is to win an Exclusive Agreement. You must have a strong pitch to get the Owner agreed. Why they have to list only with you:

  • Offer something extra; maybe a marketing tool that speeds up the selling or renting process.
  • Provide a reasonable time frame; no one wants to get stuck with a broker for too long if they can’t make the deal happen.
  • Explain the importance of Exclusivity, example: uniquely exposed listing with high-quality photos and price are more appealing and have a higher chance of being sold at better price VS property listing that appears multiple times with different description and often even different prices by multiple brokers, opening multiple channels for price negotiations, not in favor of owners’ interest, etc.

4) Property Inspection

After the owner accepts to list with you, visit the property, note the advantages and disadvantages, upgrade, or furnishings that could reflect the price. Also, note if any fixing or touchups required, and communicate to the owner. Dubai properties are fairly new, and you might not come across structural problems, but things like old paint, holes in the walls, broken door handles, or damaged lights make the property less attractive or even affect the price and selling/renting speed. It is your job to educate the owner about these points and ask them to ensure repairs and cleaning is done to speed up the process and protect the price.

5) Get the Price Right

Let’s face it; you can’t sell or rent an overpriced property unless it is justified with upgrades or a special view, layout, etc. So, make sure to get the price set right. Send the owner live listing links, do a comparative market analysis (CMA), and draft an appraisal so they can see it for themselves. Explain the importance of pricing, don’t be a “yes person” if the property is not priced right, you will waste your time, the owner’s time, and the advertisement space.

6) List it Fast

It often happens that owners say “Yes” to listing with you but take time to send the document copies and details required to create a listing or provide a No Objection Letter. To prevent this from happening, you should mention the importance of speed during your pitch and make sure to provide a list of things you need from them at once. Then make sure to follow up and get it done so you can start receiving inquiries.

7) Build a long-term Relationship

After listing the property, make sure to keep the owner updated with inquiries and viewing details. Even if you didn’t get any inquiries, keep them informed. Analyze the listing and its position on the market. Maybe listing quality is low, or the price needs correction. If so, you can only do something about it by communicating the problem to the owner. Your goal is to help them sell or rent their property fast, so do it with care. By doing so, you will build long-lasting relationships, which could result in more business and referrals in the future.

We are here to help you with every step of the process, so continue reading. You will find some answers in other New Brokers Training lessons. If you can’t find the answer you are looking for, Ask HERE.

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