Serban G. Spirea
CEO & Founder
FGREALTY Qatar
I have been asked multiple times during the nine years of being in the industry how to qualify the right real estate brokerage firm and real estate agent to work with. Here is some advice to follow.
- What does a real estate broker do? How to qualify and choose one?
Individuals:
A real estate broker, or managing real estate broker is responsible for overseeing real estate transactions between buyers and sellers. The primary duties include drafting contracts, negotiating prices and contract terms, and leading a team of real estate agents.
A real estate broker is more than just an expert in the property field. They develop the industry’s service by training real estate agent’s teams and producing competitive property offers.
Companies:
A real estate brokerage firm is a company owned and operated by a licensed real estate broker who represents buyers and sellers of real estate. It is often held and operated by a principal broker, who then hires other real estate associates and agents with the scope of creating a competitive team.
Qualifying and choosing a great real estate broker and brokerage firm include:
- Social media presence
- Online and social exposure
- Reputation in the market
- Strong brand awareness in the market
- A strong real estate website for buyers and sellers
- The impact of real estate agents
Individuals:
Real Estate Agents are pillars of the community, as real estate is a uniquely impactful progression. One that allows individuals the opportunity to form bonds and create communities through simply buying and selling properties. Because of this, the need for real estate agents and brokers will never disappear.
Companies:
The impact of brokers, brokerage firms, is a timely marketing strategy with accuracy and transparency. Using a duration model methodology, the study finds duration dependence to be positive, suggesting that the probability of sale increases. Pricing-related marketing strategies are found to influence time on the market strongly.
To summarise, I believe that the importance and impact of real estate agents and brokers in Qatar’s real estate market is not questionable. Sellers and buyers need to experience and expect better real estate services.
- How to qualify a real estate agent?
Real estate agents are more than just salespersons. They take on a more consultative role in the process, by assisting buyers and sellers in completing a property purchase transaction and offer advice and counsel as needed. The ability to establish a good level of rapport and trust with your client is key to ongoing success in real estate. Each party relies on their agent to offer insight, communicate factors involved in buying or selling the property and education on the entire process.
Choosing the right real estate brokerage firm first and then the right agent that’s part of the selected firm I believe is the right way to look forward. Understand their experience as well as their time involvement in a transaction. Any of the transaction parties must quiz the brokerage firm on their marketing plan, methods of communication, references and connections with other real estate professionals. Ensure that you hire a professional company who is full time, full of suggestions, and has a personality you can relate to.
- Why enlist the help of a real estate broker?
Hiring and working with the right brokerage firm and agent is like having the right doctor that consults your health or having the right architect that consults on your next development.
I would like not to be subjective about this topic; however as brokers, we are representing the interest of the investor. By being in the buyer’s position we have understood the importance of our service more than ever. Therefore we need the right guidance through the entire process, which includes:
– Market knowledge
– Legal consulting
– Closing process
– Relations
A great real estate broker and agent will guide you through the entire process that will save you time, and ultimately money.
- Ethics in the real estate industry
Ethical behaviour relies not only on complying with rules, but by using the right set of values and virtue to guide through the decision making process. Realtors must always be truthful with all and make true revelations to all parties involved in a transaction. This includes clients, other real estate agents and their customers.
This way, realtor ethics or real estate values will serve both sellers and buyers well. This code is designed to be a guide for real estate professionals to meet and sure pass the needs of clients and the community by being recognized as trusted profession
- Qatar moving forward in regulating the real estate market
Qatar real estate sector’s GDP contribution will only increase moving forward. The country had much to gain from winning the bid to host the 2022 FIFA World Cup and from the new Doha lifestyle properties now coming onto the market. Qatar will receive global exposure and the real estate market will face greater demand. In other words, all eyes will be on Qatar and it is the best time to implement healthy business regulations.
This article was published as part of the seventh edition of Property Finder Qatar’s Trends Report.
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