The Property Game

http://www.sennett-residence.org.
http://www.jewelbuangkokcondosg.com

Tuesday 3 December 2013

The MERITS and Necessary Skills Sets of a Exclusive Buyer Broker

Home > Questions & Answers > Question Details

Can agents be successful without taking listings and represent only buyers? I realise there are no such exclusive buyer brokers in Singapore, unlike America. Is this a fair assessment?

Posted by Anonymous - 2013-11-26 23:58:03 - Viewed 73 times

Hello,

Thank you for your query, in all the questions that have ever been posted onto this question forum, I believe yours is the first in a very long time that asks about servicing buyers/tenants exclusively.

With reference to your question, it boils down to 2 distinct factors:

Firstly, the present conditions in the real estate market.

Let us look at the PRIVATE RESALE MARKET. The current market is characterised by a drop off in resale transactions, meaning that the resale volumes have dropped drastically due to the ABSD and the MAS loan restrictions. Thus the simple fact here is that there has been a sharp drop in buyers seeking Private Residences. As such, serving sellers and securing exclusives at 2% commission are not exactly the best way to go.

Let me explain, EXCLUSIVES work in an environment where you have 1 seller vs 10 buyers. That way, the exclusive agent can protect the seller's interest to get him/her the best price from the 10 buyers. Currently, the situation is reversed. Now, we are looking at 1 buyer vs 10 sellers. In this situation, having an exclusive agent severely damages the chances to sell the unit.

Why? Simply because the buyer's broker can present all the open listings to the seller, and avoid the unit with the exclusive.

The Second Factor - The Agent

Not all agents are the same. Some agents just make viewing appointments for the buyers to see properties, and it ends there. ANYONE can do this job, even a PA hired fresh from school.

There is much more an buyer agent can do to value add to a transaction, and in short, save the buyer a lot of time and money.

For example, when you view a renovated unit, many a time you will hear the seller/seller agent proudly say, "My seller spent $100,000 on renovating this house". My thoughts, "Really?".

A good broker agent is able to walk around the house and determine the value of the renovation works. Many a time, the $100,000 breaks down like this:

Paid to Interior designer: $50,000

Paid to contractor: $30,000

Paid for fittings & fixtures: $20,000

GRAND TOTAL: $100,000

Hence, the buyer is far better off buying something comparable in original condition, at $100,000 below the renovated unit's cost, and do it up themselves.

These are some of the valuable skills that a good buyer agent brings to the buying equation apart from organising the viewings. To quickly touch on, assessing air-conditioner trunking layout, condition of air conditioners, plumbing integrity, are many other essential skills that a buyer's agent brings. Why? Simply put, buying a house is not something that a buyer does very often. Hence, the enlightened buyers know that they simply have no idea what they are looking at. This is where a good buyer agent is indispensable to the buyer.

These skill sets are not common place in the real estate industry, and they exist in my team mainly because we have a strong emphasis on cross industry training as part of our associate training program.

Hope this sheds some light into your above query.

Best Regards,

Mervin Tang
Group Director
Division Lead Trainer, Project Sales
CEA Reg No. : R030951Z
Huttons Asia Pte Ltd

Mobile: (65) 9184 0208
Website: http://www.SGrealestate.sg
Sales Enquiry: mervintang@SGrealestate.sg
Career Discussions: http://sg-realestate-sg.blogspot.com/

http://www.thetembususg.com
http://www.lafiesta-sengkang.sg/
http://www.qbay-residences.org/
http://www.sennett-residence.org.
http://www.jewelbuangkokcondosg.com

Sunday 1 December 2013

Negotiation Architypes and Which Works Best For You

Negotiation is a means to an ends, and never an ends in itself.

It is always begins with an outcome in mind, and ALL negotiations.must strive towards that outcome.

Negotiations work like diplomacy, they always entail two halves to an equation which MUST always coexist.

The Carrot vs The Stick

Both are necessary in equal measure, they cannot exist without the other.

Example, in the context of nations and empires throughout history, peace is always achieved at gun point.

Countries with the same number of guns achieve peace. Coutries with no guns, get conquered. Hence, freedom and peace are ALWAYS won through the threat of force.

In a negotiation environment, determine what your carrots and sticks are. Then use them as necessary to achieve the outcome.

I had a breakthrough today, each of us come with our own strengths and weaknesses, and correspondingly, there are negotiation archetypes each of us may use.

For example, David Wong and Jacqueline are "Paladin"s. They cannot lie, always tell the truth, and fiercely protect what is right from wrong. These inspire trust in their clients.

There are also the "Mage". This negotiates from wide knowledge and expertise. The advise from these is second to none, and clients come to them for their advice.

There are the "enchantresses". A smile from them and they could escape with murder. Enough said.

There are the "thieves". They are efficient in getting the necessary done. You might question their methods, but not the outcome.

There are the "rangers". They are given a task and are independent and efficient problem solvers.

At the higher levels, there us the "hero/queen" piece. Throw them into however crappy a situation. And they save the day through inspiration and force of will.

Then there are the "pawns". They move one step at a time. Often in a straight line. Often the front line and gets into a shoving match when they hit the wall.

Still, we all start here. And in every chess game, the king piece guides and nurtures the pawns to their full potential. At the end of their journey. They become Queens/Hero pieces.

Which are you now? And where shall your journey take you?

That adventure is for you to choose.

Best Regards,

Mervin Tang

Group Director

Division Lead Trainer, Project Sales

CEA Reg No. : R030951Z
Huttons Asia Pte Ltd
Mobile: (65) 9184 0208
Website: http://www.SGrealestate.sg
Sales Enquiry: mervintang@SGrealestate.sg

Career Discussions: http://sg-realestate-sg.blogspot.com/

Monday 4 November 2013

CLMD Training Session For New Associates in Charlton 18 - 1st November 2013

Lesson Summary Courtesy of Wan Ting:

- Know your competitor
- Identify USPs over competitor
(min. PES, spacious, efficient/logical layout, close proximity to amenities/MRT)
- Compare prices and sizes with current products on market
(Tenure, sizes, landed/condo status)
- Have good product knowledge on what you want to pitch
(Architect, developer)
- Know the total cost/hassle from building from scratch and compare to Charlon 18.
- Identify buyer's concern
(6m dr2dr distance, Maintenance fees, narrow home lift entrance, hacking/removing of furnishing, min. visitor lot)

And lots more:

Once in a while there will be properties that stand apart from the rest in terms of design and economy of purchase, Charlton is 18 is one of them:

Charlton 18 fills a unique niche for buyers who have a premium of SPACE in their homes, which in terms of pricing, puts them in between typical condominium units, and the expensive Penthouses.

Are you paying $7xxk to $1.xxM or more, for:
1. Entire level of terrace
2. Huge PES
3. Huge Balconies
4. Huge AC ledges ?!?!?!

All of the above can easily combine up to ~1,000sqft or more! And imagine paying $7xx psf to $9xx psf for them ?!?!?!

In return, all you get, are:
1. Narrow Hallways
2. Compact Bedrooms
3. Non Effective Layouts
4. Non Efficient Layouts
5. Castrophobic Living Spaces?!?!

WAIT NO MORE!
Probably the Best Cluster Homes you can find !!! FREEHOLD and Super Near to MRT !!!

Come to : Charlton 18
and discover a whole new living experience:
1. Minimal/Compact PES, terraces
2. Entire level of Master Bedroom & Spacious Bedrooms
3. Effective and Efficient Layouts
4. High Ceiling
5. Abundant Living Spaces

Pricing from $3.28m up
Previews SOON!!

Best Regards,

Mervin Tang

Group Director

Division Lead Trainer, Project Sales

CEA Reg No. : R030951Z
Huttons Asia Pte Ltd
Mobile: (65) 9184 0208
Website: http://www.SGrealestate.sg
Sales Enquiry: mervintang@SGrealestate.sg

Career Discussions: http://sg-realestate-sg.blogspot.com/

FREEHOLD Landed - Charlton 18, Launching in KOVAN SOON!!

Good Evening All,

Once in a while there will be properties that stand apart from the rest in terms of design and economy of purchase, Charlton is 18 is one of them:

Charlton 18 fills a unique niche for buyers who have a premium of SPACE in their homes, which in terms of pricing, puts them in between typical condominium units, and the expensive Penthouses.

Are you paying $7xxk to $1.xxM or more, for:
1. Entire level of terrace
2. Huge PES
3. Huge Balconies
4. Huge AC ledges ?!?!?!

All of the above can easily combine up to ~1,000sqft or more! And imagine paying $7xx psf to $9xx psf for them ?!?!?!

In return, all you get, are:
1. Narrow Hallways
2. Compact Bedrooms
3. Non Effective Layouts
4. Non Efficient Layouts
5. Castrophobic Living Spaces?!?!

WAIT NO MORE!
Probably the Best Cluster Homes you can find !!! FREEHOLD and Super Near to MRT !!!

Come to : Charlton 18
and discover a whole new living experience:
1. Minimal/Compact PES, terraces
2. Entire level of Master Bedroom & Spacious Bedrooms
3. Effective and Efficient Layouts
4. High Ceiling
5. Abundant Living Spaces

Pricing from $3.28m up
Previews SOON!!

Best Regards,

Mervin Tang
Group Director
Division Lead Trainer, Project Sales
CEA Reg No. : R030951Z
Huttons Asia Pte Ltd

Mobile: (65) 9184 0208
Website: http://www.SGrealestate.sg
Sales Enquiry: mervintang@SGrealestate.sg
Career Discussions: http://sg-realestate-sg.blogspot.com/

http://www.thetembususg.com
http://www.lafiesta-sengkang.sg/
http://www.qbay-residences.org/
http://www.sennett-residence.org.
http://www.jewelbuangkokcondosg.com

Wednesday 30 October 2013

CLMD Adhoc Training, Landed Home Launch for Charlton 18 - ONE TIME ONLY!!

Learn the secrets of HIGH COMM selling Landed Properties at Launch!!

1. Understand the thought process behind what landed buyers look for

2. Study the project to find the USPs of the project

3. Comparative market analysis on the project

4. Where are the buyers for these properties?

5. Securing the buyer's interest

All these and more to catch the buyers before next week's preview!!

Venue: Charlton 18 Showflat

Date: 1st November 2013

Time: 2-4pm

Trainer: Mervin Tang

Best Regards,

Mervin Tang

Group Director

Division Lead Trainer, Project Sales

CEA Reg No. : R030951Z
Huttons Asia Pte Ltd
Mobile: (65) 9184 0208
Website: http://www.SGrealestate.sg
Sales Enquiry: mervintang@SGrealestate.sg

Career Discussions: http://sg-realestate-sg.blogspot.com/

The Powers of Leveraging As a Part-Timer to Yield Full Time Results!

Home > Questions & Answers > Question Details

I have been a homemaker for the past 10 years. Would like to be a part-time property agent. Can only work starting from 7pm. Is it still possible for me to succeed? What are the steps I need to take? Thanks.

Posted by Anonymous - 2013-10-14 00:16:08 - Viewed 109 times

Hello!

Thank you for your query on making Real Estate as a business/career work within time constraints.

Being a part-timer of course restricts the time and expertise that you can build and acquire in the Real Estate world. The key then is to make the best out of your limited resource allocation, which in this case is time, to yield the best result.

I had one such case as yourself, who did her work mostly at nights and she was able to successfully pull off a new launch case closing in her first month. The key here was to do so via leveraging.

In essence, there are many components for a real estate deal to take place, a quick time spectrum would look like the following:

Listing acquisition -> Marketing -> Viewing -> Negotiation -> Closing

As such, given the time involved in the various steps, it is impractical to attempt the full case as a part timer restrained by time. The key do it is via eliminating and sharing out the work scope as much as possible to shorten the time required and close the deal.

The team structure that I have built within my division allows precisely that, whereby experienced seniors are present across various showflat sites, and newbies just need to generate buyers to them, and leave them to do the case closing, of course on a commission sharing basis. In this case, all parties are winners.

If the cases are resale in nature, then the newbies tag a senior and the seniors manages the strategic aspects all the way through to closing, plus the newbie also gets to learn invaluable skills along the way!

Do let me know if such a team based work arrangement catches your interest.

Best Regards,

Mervin Tang
Group Director
Division Lead Trainer, Project Sales
CEA Reg No. : R030951Z
Huttons Asia Pte Ltd

Mobile: (65) 9184 0208
Website: http://www.SGrealestate.sg
Sales Enquiry: mervintang@SGrealestate.sg
Career Discussions: http://sg-realestate-sg.blogspot.com/

http://www.thetembususg.com
http://www.lafiesta-sengkang.sg/
http://www.qbay-residences.org/
http://www.sennett-residence.org.
http://www.jewelbuangkokcondosg.com

Tuesday 29 October 2013

The Fallacy of a Part Time Effort in ANY Endevour

Home > Questions & Answers > Question Details

I just sat for the september RES exam and looking to join an agency if i am able to pass the exam. I have some doubts in choosing the agencies in the market. 1) What is the range of joining fee in joining an agency ? 2) What will be the monthly expenses expected before I can earn any commission from selling property? 3) I would like to start as a part time agent. Is it possible? Thanks .

Posted by Anonymous - 2013-10-15 13:40:58 - Viewed 176 times

Good Afternoon,

Thank you for your questions above.

The first part of your question is easy as it as most agencies are either bearing the cost of the joining fee, or reimbursing it later on. Do check the fine print for this as CEA rules protect the buyers, sellers, landlords and tenants only. Inter agent sales talk is as yet unregulated.

The second question on expenses is really much more difficult. The question that you have is easy to answer if you are an experienced agent with substantial resources. However, if you are a new agent with limited "Shelf Life" and limited resources, it really comes down to a plan for optimal resource allocation to get the desired result.

In this aspect, your mentor and upline must build this plan together with you to give the maximum odds of success.

The third part of your question on joining as a part time agent is really what catches my interest in this answer segment.

New associates come into the industry on a part time basis for a variety of reasons. For example,
1. To build up resources before venturing in full time
2. To allow some transition time in skills acquisition
3. To "try" and see if the industry is suitable for them
4. Waiting for the right market conditions to come in

The above reasons are non-exhaustive, but there is a common thread and flaw within them.

In all transactions, Real Estate Salespersons (RES) also act as advisors in the sale and purchase process. In that way, part of the deal is done based on the confidence that the transacting parties have in the RES.

A "part-timer" essentially says to the transacting parties,

"I lack the abilities/resources/confidence to bet everything on this as my business/career".

Thus from a business building perspective, "part timing" is not a long term solution as it directly reflects the confidence that you bring into the business. This aspect is often missed out out, and yet is still critical to the mindset of the RES which determines future success or failure.

Good luck in your path ahead!

Best Regards,

Mervin Tang
Group Director
Division Lead Trainer, Project Sales
CEA Reg No. : R030951Z
Huttons Asia Pte Ltd

Mobile: (65) 9184 0208
Website: http://www.SGrealestate.sg
Sales Enquiry: mervintang@SGrealestate.sg
Career Discussions: http://sg-realestate-sg.blogspot.com/

http://www.thetembususg.com
http://www.lafiesta-sengkang.sg/
http://www.qbay-residences.org/
http://www.sennett-residence.org.
http://www.jewelbuangkokcondosg.com

Understanding The Agency Incentive Scheme, Don't Sweat The Cosmetic Details!

Home > Questions & Answers > Question Details

Hello agents, I have passed my RES and am looking to sign up with an agency. Can the agents from the various agencies please provide me some information for my research? 1) joining fees 2) commission structure 3) possibility of being stationed at new launches please provide your contact numbers too so that I can contact you if I am interested to join!

Posted by Anonymous - 2013-10-15 20:42:39 - Viewed 149 times

Answers (14)

Mervin Tang

Posted 2013-10-30 14:24:29

Hello!

Thank you for your question above.

First and foremost, the questions you ask at the surface level are very much like what typical new joining associates would ask. However let me help you to expand and deepen your questioning.

1. On Joining Fees

Currently most agencies are offering to pay in full, or to reimburse your joining fees. However, please pay attention to the fine print, that is to say, the "Free lunch" is conditional of either a minimum production level over a year, OR, to reimburse after you have closed a minimum number of deals.

2. On Commission Structure

The question here should really be more about the incentive structure as a whole. Meaning to say,

A) How many tiers are there? Flat tiers are incentivised to grow faster, agencies with many tiers tend to be more relaxed and more focused on sales production rather than recruitment and training.

B) What is the group profit sharing model?

C) What is the main business model of the company? Is it in the secondary or primary market? The incentive scheme is critical to your approach as it would determine how it can support your growth as a business owner. Purely looking at 70-30/80-20 does not consider the business growth potential of the overall model.

3. On Core Team Duties

Some agencies practice exclusive project allocation to their respective divisions. This limits the choices and scope of an incoming associate as you have no choice outside of the projects allocated to your division. In the long run, agencies that practice this model do not do well in the New Launch environment as individual Divisions lack the sales force to achieve project sell-out.

Huttons Asia Pte Ltd on the other hand practices a WHOLE COMPANY approach whereby all Huttons Agents are able to select ANY Huttons project that best fits their networks and abilities to achieve a successful sale.

That said, the above questions though important, are like the icing on the cake, and not the cake in itself.

Let me give an example: A man climbs a mountain to find Shaolin Temple to learn Kung Fu. When he meets the Shaolin High Priest, his first question is..

"Master, what brand of toilet paper do you use?"

The Real Estate World is exactly the same. It is about learning "Kung Fu" from your chosen school. The details thought important, are cosmetic relative to the flavor of your cake.

Hence, get the key elements right, sweat the details later.

Hope this sheds some light into your journey ahead!

Best Regards,

Mervin Tang

Group Director

Division Lead Trainer, Project Sales

CEA Reg No. : R030951Z

Huttons Asia Pte Ltd

Mobile: (65) 9184 0208

Website: http://www.SGrealestate.sg

Sales Enquiry: mervintang@SGrealestate.sg

Career Discussions: http://sg-realestate-sg.blogspot.com/

http://www.thetembususg.com

http://www.lafiesta-sengkang.sg/

http://www.qbay-residences.org/

http://www.sennett-residence.org.

http://www.jewelbuangkokcondosg.com

Why Do Real Estate Salespersons Succeed At Different Speeds?

Home > Questions & Answers > Question Details

Hi, My question might seem a bit stupid. But I would really like to know how much a real estate salesperson earning annually. Provided he/she is a full time and active salesperson. I understand that there are many factors affecting the income but i just want to know the average. Thanks.

Posted by Anonymous - 2013-10-23 15:40:02 - Viewed 227 times

Hello,

Thank you for your question as above. Firstly, in learning, there is no such thing as a "stupid" question, rather it is only stupid when you do not ask any questions at all.

To set you off on the right path, firstly, perhaps you might want to seek to revise your question into understanding what is applicable to yourself. Meaning, the question that you ask needs to answer the doubt that you have.

Let me help you out, the Real Estate Industry is one that is massively asymmetrical, meaning that 80% of the entire industry's income is earned by the top 20%, and the bottom 80% only make 20% of the balance income (The 80% also contains the "part-time" RES personal).

At the same time, do not get too carried away with the stellar results that some brand new associates come with, because these are only 1 in 100, and of course there are simpler reasons to explain that.

Part and parcel of a new associate's success in the industry comes from a two aspects,

1. What networks do you currently come into the industry with? The industry is such that "networks" are the key driving mechanism to fast tracked success.

2. Base skills in sales, negotiations and networking

If an associate comes in brand new in terms of skills sets AND the lack of networks, then the main success factor would be a very positive attitude, and well focused energy. Meaning to say all the time, resources and energy MUST be focused and harnessed in an effective manner to generate the needed results. This, however takes time, effort, and a dash of luck.

To put some numbers into your equation as above, I would venture 2 average numbers, meaning to say, an average result for the bulk of the 80% in the industry, and the threshold for the top 20% of the industry.

My best guess would be as follows:

$28,000 average for the bulk of the 80%
>$100,000 to qualify for the top 20%

Thus, in conclusion, understanding the numbers is one aspect to the whole equation, the next part that is critical is in understanding the necessary components to get yourself there.

Meaning in a simple formularized breakdown:

Top 20% = (Training + Mentorship + Team Support + Networking + Determination + Effort + Luck)

Hope the above helps to shed some light into your path ahead!

Best Regards,

Mervin Tang
Group Director
Division Lead Trainer, Project Sales
CEA Reg No. : R030951Z
Huttons Asia Pte Ltd

Mobile: (65) 9184 0208
Website: http://www.SGrealestate.sg
Sales Enquiry: mervintang@SGrealestate.sg
Career Discussions: http://sg-realestate-sg.blogspot.com/

http://www.thetembususg.com
http://www.lafiesta-sengkang.sg/
http://www.qbay-residences.org/
http://www.sennett-residence.org.
http://www.jewelbuangkokcondosg.com

Sunday 29 September 2013

CLMD Projects Training Part 5 - PROJECT ANALYSIS PART II

Dear Champion Advisor,

CLMD Projects Training Part 5 - PROJECT ANALYSIS PART II

A Quick Recap:-

In Part One of training, we have examined the current market climate to identify the current strengths, opportunities and the challenges moving forward.

In Part Two last week, we zoomed in to the areas of opportunity that are available as business opportunities for the Real Estate Salesperson.

In Part Three, we will examined the specific marketing techniques that may be used to make the best of the opportunities as identified.

In Part Four, we have examined how a distant project launch can have an impact on ongoing projects that you may be currently marketing. By understanding the effects and impacts of these projects, you would actively be able to counter and manage your own buyer's expectations.

This Week!!
We approach PROJECTS AGAIN, to analyse and study how:

1) To select projects for core team/hype.

2) To select projects from a leadership/training perspective.

The objective of this session would be to best place yourself in a position to select projects to achieve a positive outcome.

Topic : Project SWOT Analysis PART II

Venue : Huttons #05-01

Time : 2-4pm

Date : 1st October 2013 (Tues)

Course Lead : Mervin Tang

Best Regards,

Mervin Tang

Group Director

Division Lead Trainer, Project Sales

CEA Reg No. : R030951Z
Huttons Asia Pte Ltd
Mobile: (65) 9184 0208
Website: http://www.SGrealestate.sg
Sales Enquiry: mervintang@SGrealestate.sg

Career Discussions: http://sg-realestate-sg.blogspot.com/

Sunday 22 September 2013

CLMD Projects Training Part 4 - PROJECT ANALYSIS

Dear Leaders,

For your dissemination:

CLMD Projects Training Part 4 - PROJECT ANALYSIS

A Quick Recap:-

In Part One of training, we have examined the current market climate to identify the current strengths, opportunities and the challenges moving forward. These aspects are

In Part Two last week, we zoomed in to the areas of opportunity that are available as business opportunities for the Real Estate Saleperson.

In Part Three, we will examined the specific marketing techniques that may be used to make the best of the opportunities as identified.

This Week!!

We approach PROJECTS from a NEUTRAL and UNBIASED approach to analyse and study how:

1) To select projects for core team/hype.

2) To select projects from a leadership/training perspective.

3) How to counter threats to current projects.

Topic : Project SWOT Analysis

Venue : Huttons #05-02

Time : 2-4pm

Date : 24th September 2013 (Tues)

Course Lead : Mervin Tang

Best Regards,

Mervin Tang

Group Director

Division Lead Trainer, Project Sales

CEA Reg No. : R030951Z
Huttons Asia Pte Ltd
Mobile: (65) 9184 0208
Website: http://www.SGrealestate.sg
Sales Enquiry: mervintang@SGrealestate.sg

Career Discussions: http://sg-realestate-sg.blogspot.com/