How to Seal the Deal: Real Estate Tips for Sellers

Digital transformation and electronic signatures have drastically expedited the closure of real estate deals. It has become convenient for buyers and sellers alike when we compare earlier procedures wherein customers would have to travel to and fro several times to verify and attest forms and documents. And God forbid if something is missing, they'd have to repeat the process, making it a pretty distasteful task. In this blog, we look at ways to expedite a real estate deal from the perspective of a builder, a real estate agent, or a consultancy service company.

It's now or never; nothing lasts forever!

Advertisements for newly developed properties are very similar nowadays. Most of them promise significant discounts if the token amount is paid over the weekend or within a week since the advert is published. Initially, it may seem bizarre, but these sales strategies work if you analyze the statistics. The principle applied is simple – create a sense of urgency! You are more likely to strike a deal when you induce a reason for clients to expedite their thought process. This approach works well if your customer base consists of clients who are already sure about their needs and wants while purchasing a property. It may even work to some extent with undecided clients who are unsure about investing in real estate at all. But, the sole reason why it works so well with buyers who are sure about investing in a home is that it gives them an added advantage. It's just an additional incentive that acts as a catalyst.

Empathize with your customer

Purchasing a home for most individuals is a once-in-a-lifetime occurrence. Most people invest their entire life savings, indulging in risky loans, so taking that step is not easy. Although they have already weighed the pros and cons and worked out their finances, they hesitate to take that step out of fear. They know they want to buy a piece of property. They know the type, location, amenities, facilities, budget, and everything concerning their decision. But, they are still reluctant to go beyond thoughts and begin the cycle of payment & all those processes that make that desire to own a home a real decision. And no matter how much you reassure them most amicably with genuine advice and pricing plans that may seem attractive, they need more than a little nudge to get the checkbook out!

Genuinely Interested Customers

It's challenging to create an artificial need or want in such an expensive market. Actually, it is almost impossible. The potential buyers who browse through properties are genuine customers seeking to buy a home for end-use or as an investment. Nobody goes to real estate agents with the intention of window shopping to admire houses. They're all interested, and they're all genuine customers. They know exactly what they want. But, most of them want to hold on a little longer to their life savings before they take that plunge. They're just fearful.

Understanding the basics of demand and supply

This principle is simpler to explain with seasonal perishables. For instance, people buy seasonal fruits such as mangoes during summer. They don't expect the fruit vendor to have the same stock during winter. So, if they've decided they want to eat mangoes and have the budget and flexibility to accommodate mangoes in their diet plan, they buy it instantly. If they wait, there won't be any mangoes left to purchase a few months later. While there will always be demand and supply of and for properties, the specific offer may not always be around; hence, while creating offers, limited-time deals that are time-bound work very well in this market.

Time is of the essence!

So, the best strategy that is guaranteed to work in favor of a real estate agent is to give buyers a time-bound offer that they cannot resist. That way, everybody wins. First, buyers get the benefits of the incentive offered. Then, you get to close the deal, and everybody is happy! We learn from this that time is the most critical factor that can sway an agreement in your favor, or you could lose out on an exclusive deal if you waste too much time once the client already likes a particular property.

Also Read: How Real Estate Industry Can Start Using Digital Signatures in India

So how do you seal a deal then? Let's look at this in-depth:

• Listen:

As a real estate agent, you must pay attention to the needs and preferences of your client. For instance, if your client has little children enrolled in a particular school, they probably do not want to move beyond the vicinity of their child's school. Your clients may have elderly members who wish to maintain proximity to an area of worship, or maybe they'd like an apartment with fully-functional, multiple elevators. Some may prefer proximity to a particular mode of transport and better connectivity to facilities like the metro station or a railway station because of their daily commute. Understand their routine; listen to their needs. Doing so helps you highlight the benefits that appeal to them instead of those that are not pertinent. For example, suppose you keep reiterating about the top-of-the-line gymnasium, clubhouse, and auditorium when a couple has already told you they are indoor, private people who do not like to socialize or get out of the house. In that case, it may move them away from a sale because they might begin to wonder if they are paying a premium for additional amenities that they don't intend to use ever.

• Keep it simple:

Customers are aware of all the rules and regulations. They already know about the procedure and documentation because of internet access. However, what they're expecting from their agent is transparency and clarity. There is no need to exuberate fluff in an attempt to steer them towards a sale. Be honest instead; that is always better received.

• Build Trust:

All information is available online these days. Builders invest considerable amounts of money in creating a virtual 3D walk-through that eliminates the need for the client to visit the site location too often. The reason you are there is plain and straightforward – human connection. So, build on that. Be the trustworthy source your customer looks up to when they are unsure of something. Be honest and clear about everything. Build on trust. Buying a home is a very personal experience. If you are the one holding their hand during this experience, make it a good one. Let them have positive, happy memories to cherish. And at the end, it is all about reassuring your clients that their decision is sound. Only if you worked on building that connection and trust will you successfully reassure them to complete the sale obligations till the end.

• Sweeten the deal:

This principle works only if your client is already convinced about a particular piece of property. You cannot coerce a customer if they aren't already convinced. You can sweeten the deal by offering better payment options or slabs that are better paced. Nowadays, builders are willing to throw in a few things like a modular kitchen, specific bathroom fittings, or even a television set. With a few time-bound incentives, you can hasten the deal. But you cannot make them buy something they dislike. That should never be the objective, anyway!

• Seal the deal, don’t delay!

And then finally, there are a lot of documents and paperwork that go back and forth with real estate. These are the documents a buyer is entitled to while purchasing immovable property: the sale deed, original mother sale deed, the sale & purchase agreement, commencement certificate, no objection certificate, master plan, building approval plan, possession letter, completion certificate, khata certificate, allotment letter, encumbrance certificate, property tax receipts. Apart from these, the buyer must have copies of self-attested proof of identification {ration card/ voter ID/ driving license/ Aadhar card/ PAN card}, two witnesses along with their self attested ID proof copies, self-attested copy of PAN card, mortgage agreement, promissory note, property register card. So many documents need to be available, authenticated, checked, and cross-verified to buy a property. Instead of burdening your buyer with multiple commutes, offering them a hassle-free way to assemble, affirm, and attest their documentation is preferable. Except for the sale deed and property registration, you can complete much of the remainder of the paperwork that goes back and forth using digital signatures. This provides flexibility to all parties involved in the process: the buyer, seller, agent, and the builder or society. Some buyers get put off with the heaps of documents and the cumbersome work of attesting multiple papers. They give up on their dream of owning property because it is tedious. Others wish for more time to read and thoroughly comprehend these at their own pace and space. But they are rarely allowed the opportunity and are rushed with the paperwork at offices and site locations. By sending across documents via a trustworthy medium, you can reduce much of this hassle, and all parties can rest assured with the safety and protection promises attached to the cryptogenic nature of digital signatures and documents. This can help you seal a deal quickly where your customer enjoys and cherishes the process of buying their home.

Exela’s DrySign is a superior platform that has the potential to escalate your real estate business to towering heights by hastening and locking-in sales deals through faster, efficient, reliable, and convenient signing workflows. Step into the future of real estate with DrySign.

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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