Broker's Corner: Is The Slow Property Market Bothering You?
Are you facing a situation wherein most of your clients are in a state of dilemma over buying property in the National Capital Region (NCR)? There are, of course, plenty of reasons for this outlook. Many NCR-based developers have failed miserably to deliver their projects even after inordinate delays.
Reportedly, some reputed and large developers went bankrupt, taking lifetime savings of thousands of homebuyers down the drain. Amidst this miserable scenario, buyers are not able to trust any developer. Naturally they won't buy property even if they want to.
How are you going to run your brokerage business then? No matter how much you try to convince your clients, most of them are not going to close any deal. So, why not change the strategy to align with the market reality?
As per an industry estimate, there is an unsold inventory of more than 4 lakh units across major cities in India. A considerable number of projects are at the last stage of construction and there are many properties that are ready-to-move-in. That's where you should focus now.
Go with the ready-to-move units
Just become an expert in the resale and ready-to-move-in segments. Opt for property listings websites and post classifieds about ready-to-move-in properties available in your areas of operation. Put your description in such a way which makes it very clear to the reader about your expertise in this segment.
Market only the reality
Do not forget to post real photographs of the actual properties on the property listings websites. In fact, you should also post a few short videos showcasing the ready project and the property. Even writing a few blogs on this subject will help establish your image as a specialist in this segment. Your company website and social media pages should also highlight this aspect more prominently and consistently.
Target the right audience
Many retail investors who had invested in real estate for the sole purpose of generating superior returns will make for your supply base. End users who have got their finances in order will be keen on buying property which is ready for possession.
At Makaan.com, these are the numbers of ready-to-move-in properties available in major real estate markets in the NCR:
The above numbers reflect the potential opportunity which is available for you. These properties are least risky as a homebuyer can quickly take possession of the property. Rather most of them will be filtering this as a choice on property listing websites.
All you need is to position yourself for this market. If you try to drive your clients towards under-construction properties in order to get better fees from the developers, you will end up wasting your time and energy. Just be flexible and be open for changes in your business environment.
In case of ready-to-move-in properties, the entire cycle of closing deals will go down considerably. Soon you will find that you are able to close many more deals. Happy customers will bring you referrals and you can enjoy the benefits of word of mouth advertising. So, are you geared up to take the next step in this direction?