How To Lock Deal In Real Estate Business Between Buyers and Sellers?
Real estate business is a sensetive in term of deal with customers, investors and dealers for different reasons. There are always the signs in the lack of confidence among stakeholders regarding the price and documentation of land. It is really hard to believe without the confirmation and attestation of legal documents. So it is important for both parties to get enough information about real estate property laws, documents and the price market of the realty.
There are different ways for brokers to deal with real estate customers and investors. Customers usually buy property for constructing house for living and rental purpose. However, wise realtors usually take few minutes to understand the behavior of customers regarding property buying. Little interview helps them to find the psyche of different general clients and that’s a point where brokers examine how to lock the deal. In developing countries like India, china, Pakistan and Bangladesh realtors try to get maximum benefits from one deal.
Its happened because in third world and developing countries general realty buyers do not complete, property survey for particular place. In this case realtors get huge profit. Whereas, In first world like Australia, Canada, UK, USA and Europe property business is very open and print and electronic media and now social media helps customers to give information about different kind of properties so they do give offers and give value of price in property and realtors usually deal on commission bases.
In case of investors, Brokers easily mention profit on the property from its actual price and if both parties agree on one price, then it will good for both parties. Moreover, Brokers usually try to deal with investors on profit and loss equation and do not ask for 1 or 2 percent commission again here it is important to make an agreement.
11 Important Steps In the Process of Deal Locking
- First show the right property to your real estate customers and investors
- Clearly demand the value of price to your customers and investors
- Ask about offers to your clients if they agree to buy the property
- Make sure keep the demand 5%, up from your actual property price because people love to bargain in real estate
- Consider offer if its 5 to 10% below from your price because usually such offers can be negotiable when two parties sit face to face.
- As a broker stretches both parties to close the deal.
- Once the deal has close made an initial agreement of price 5% of the total property price of legal paper called affidavit or memorandum in many countries like UK, USA, Canada and Australia.
- Must keep 5% because if one of two parties back the deal you can keep you 1% percent of your hard work.
- After an initial payment make second or final agreement of completing paperwork and ask both parties for sign deal.
- An allocation of document that day again recheck all paperwork before transferring the documents and exchange money Payment Check or demand draft keeps all evidence in legal papers.
- When all paperwork and transformation documentation is done asking for your one percent commission.