Build Real Estate Broking Business with Networks
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Transcript of Build Real Estate Broking Business with Networks
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BUILD REAL ESTATE BROKING BUSINESS WITH
NETWORKS!
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RE/MAX Mumbai Gujarat Maharashtra
Agenda:• Introduction to Networks• Networks in Real Estate Broking• How to increase deals?• Difference between Associations and Networks • Technology• What are the new trends in this business?• How will real estate broking look in next 10 years?• The RE/MAX Network
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RE/MAX Mumbai Gujarat Maharashtra
Need of Networks• What is the use of the following :
• One telephone• One consumer of electricity• One Fax machine • One Computer without Internet • One Email Address • One user on Facebook • One Airport • One Railway station
• Impossible for certain things to sustain without networks
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RE/MAX Mumbai Gujarat Maharashtra
Need of Networks• Limited networks:
• EPABX : Intercom • Lan : Local area network• Cable TV vendor’s own channel • Metro train
• Full potential of the network components is not realized unless there is a connection to world wide network.
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RE/MAX Mumbai Gujarat Maharashtra
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RE/MAX Mumbai Gujarat Maharashtra
What is a business network?• Business networking is a socioeconomic activity by which
groups of like-minded businesspeople recognize, create, or act upon business opportunities
• Examples of successful business network:
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RE/MAX Mumbai Gujarat Maharashtra
Strengths of a network:• Spread of the network:
• A wide spread network is stronger : SBI• Takes competition years to build a network as strong
• Pepsi v/s Coke• Unparalleled distribution / service
• Maruti Suzuki and Tata Motors• Economies of scale
• Buying power increases• Reuse of Intellectual Property
• Common expenses : • Branding • Training
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RE/MAX Mumbai Gujarat Maharashtra
Behavior of Networks• Takes time to develop• Grows in geometric progression:
• Formula: x=y(y-1)/2
• With addition of each node in the network the number of connections increase exponentially
• An interlocking network increases the stability of network
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RE/MAX Mumbai Gujarat Maharashtra
Examples of service business networks:
• Banks• Stock broking • Travel Agencies• Food and Beverage • Big Four Audit Firms • Pre Schools • Cinema Halls • Hospitals • Real Estate broking
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RE/MAX Mumbai Gujarat Maharashtra
Kinds of Network:• Company owned Company operated (COCO)
• SBI
• Franchise owned Franchise operated (FOFO)• Restaurants, Stock brokers
• Exclusive Dealer network• Automobile companies
• Retailer Network • HUL
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LIVE DEMONSTRATION
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RE/MAX Mumbai Gujarat Maharashtra
Networks in Real Estate broking:
Each property is UNIQUE
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RE/MAX Mumbai Gujarat Maharashtra
Networks in Real Estate broking:• Real estate broking is all about addressing unique
customers requirements and presenting them with maximum options.
• Examples of customer requirements:• I want a North facing flat with a nice view, not far from my office
and my children’s school, in my budget, new construction. • Want a plot in particular scheme and total of the plot number
should be 7. • A bungalow required in a particular area with a certain plot size in a
decided budget
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RE/MAX Mumbai Gujarat Maharashtra
Networks in Real Estate broking:• It is practically impossible to address to diverse customer
requirements in an efficient manner • A customer’s requirement changes from time to time:
• Initially he starts as a tenant • Then owns a property• Moves to a bigger property• Invests in rental property• Invests in a plotting scheme• May do commercial transactions also
• For a broker who wants to build and nurture a life long relationship it is difficult or rather impossible to satisfy
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RE/MAX Mumbai Gujarat Maharashtra
Networks in Real Estate broking:• Requirement of the hour is specialization and not
generalization
• However if you specialize you need to get customers in your segment on a regular basis
• You cannot build customer relationships as in real estate needs of the customers keep on changing
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RE/MAX Mumbai Gujarat Maharashtra
How to increase deals?• Give more options to buyers• Employ more agents to serve the customer better• Be part of a network which helps you match buyer and
seller requirements
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RE/MAX Mumbai Gujarat Maharashtra
Networking Goals in Events• Passing out business cards• Delivering 15 sec elevator pitch (speech)• Moving on to the next and next and continuously meeting
more people• Goal is to ensure people remember you for the specific
stuff that you do in your business• “Positive networking is a networking situation in which you
expect nothing in return”
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Difference between associations and networks
Associations
• Localized• Aim is to protect the
interests of member• Usually there no customer
oriented differentiation• Mostly not for profit
Networks
• Widespread• Aim is to do business
together• There is a strong value
addition to customer• Mostly entrepreneurship
driven
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TECHNOLOGY: HOW IMPORTANT?Example of A listing
Property with an excellent view over looking a river, sea and a hill.
Very upmarket locality.
3 bed room, fully furnished, good wood work.
Parking for 2 cars.
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RE/MAX Mumbai Gujarat Maharashtra
Technology: How important?• Buyers require more information e.g.: floor plan, elevation
photos, views, amenities etc.• Cost of petrol increases so buyers prefer to see properties
over internet and short list rather than visit each and every option
• Buyers don’t have time • Buyers can be outside city or even country. • Buyers want to share information with others
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RE/MAX Mumbai Gujarat Maharashtra
Technology: How important?• As you market your listing across the network technology
makes it easier to distribute the information across • Technology is intellectual property cost of which shared in
the network• Social Media: A big source to enrich contacts • Offline communications : Key to manage contact in
different time zone.
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RE/MAX Mumbai Gujarat Maharashtra
• Send a letter of the business that you do
• Inform them about the training that you do
• Inform them about the listing that you gather
• Inform them about transactions that you do
• Ensure they start trusting you as a real estate consultant
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RE/MAX Mumbai Gujarat Maharashtra
Networking Opportunities• Local groups like Estate Agents Association of Pune (EAAP)• NAR – India is organization of organization and provides
national level networking opportunities with members of other associations
• Referral based organization like BNI • Social work like Lions, Rotary, Education work etc • Remove your mindset to ‘Sell,Sell,Sell’ yourself. Remember
‘Giver’s gain’ philosophy• Networking Push/nudge needed for all. Everyone is alone in a
new place. All you need to say is a ‘Hello/Hi’• Be ready for Question and Answers on expected situations
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RE/MAX Mumbai Gujarat Maharashtra
What are the new trends in this business?
• Role of Media
• Resale properties
• Dependence on agents as plethora of options emerge
• Technology
• Foreign investments : both ways
• White money
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RE/MAX Mumbai Gujarat Maharashtra
How will real estate broking look in next 10 years?
• Earlier stock broking was dominated by Mumbai based firms • Then regional stock exchanges came into existence • NSE Came in to operation :
• Technology • Risk Management • Franchising • Research
• Customer retention becomes the only important factor in determining your success.
• MLS• Exclusive Mandates
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RE/MAX Mumbai Gujarat Maharashtra
Verious Real estate company enter in to indian Real estate broking Business
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Giving your business the RE/MAX leverage
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RE/MAX Mumbai Gujarat Maharashtra
Established in Denver, Colorado (USA) in 1973 by –
Dave Liniger
The only international real estate broking
company still owned and operated by the
original promoter
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RE/MAX Mumbai Gujarat Maharashtra
- Real Estate Maximums
RE/MAX is the most successful network in the history
of the real estate industry
RE/MAX is the most successful network in the history
of the real estate industry
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RE/MAX Mumbai Gujarat Maharashtra
RE/MAX did house sales of more than
$400 bn.
If RE/MAX was a company, we would
be bigger than WALMART
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GLOBAL RECOGNITION
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RE/MAX Mumbai Gujarat Maharashtra
Brand Name RecognitionRE/MAX is #1
The most recognized logo in real estate
32
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RE/MAX Mumbai Gujarat Maharashtra
Business Model:
A business model working successfully in more than 7000 offices and created millions of entrepreneurs
worldwide
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RE/MAX Mumbai Gujarat Maharashtra
Only real estate company to
feature in the book “50
Companies That Changed the
World” by Howard Rothman
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RE/MAX Mumbai Gujarat Maharashtra
World’s largest Real Estate brokerage franchising network…!
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Ability to do business in more than 88 countries
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OPERATING IN 105 REGIONS IN 88 COUNTRIES
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RE/MAX Mumbai Gujarat Maharashtra
Network...
88 Countries 7000+
Offices 100,000+ Agents 12,00,000+
Transactions
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RE/MAX Mumbai Gujarat Maharashtra
Power of the network• 1st office : zero transaction in 6 months. 8th office reported
1st transaction in 3 weeks of signing which was within the RE/MAX network.
• Builders work in slabs for brokerage• Cooperative office concept:
• Offices work together on exclusive tie-up• Joint recruitment efforts • Joint training efforts • Branding activities
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RE/MAX Mumbai Gujarat Maharashtra
Network…
23 Regions 100+
Offices 500+ Agents
8 Transactions/day
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Education & Training
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RE/MAX Mumbai Gujarat Maharashtra
More than 25,000 hours of training in India done
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RE/MAX Mumbai Gujarat Maharashtra
Conferences & Conventions
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Technology
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RE/MAX Mumbai Gujarat Maharashtra
www.remax.com
1 Million Unique Visitors per month
World’s largest visited real estate website
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RE/MAX Mumbai Gujarat Maharashtra
Tools To Grow Your Business
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RE/MAX Mumbai Gujarat Maharashtra
Achievements
RE/MAX Bangalore Franchise does landmark transaction
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RE/MAX Mumbai Gujarat Maharashtra
Achievements• Lodha World One
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RE/MAX Mumbai Gujarat Maharashtra
Achievements• Godrej township
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RE/MAX Mumbai Gujarat Maharashtra
Thank You