The Cold, Hard Truth Behind the 90/10 Rule of Real Estate Industry

Managing properties, gaining commissions, and meeting a bunch of clients with different needs are some of the activities of a real estate agent. The hefty paycheck is motivating factor despite running around the city during the open house of two properties. Thus, a lot of people want to work in the industry as the job seems natural.

It is at first glance. Once can become an agent as long as he or she can sell one 2br condo for rent Bonifacio Global City (BGC). If he or she influences a startup to go for a serviced office Makati CBD, then he or she does a swell job of using their marketing tactics. As the industry, more people look forward to making a profession out of it. Thus, the 90/10 rule exists.

Before the regulations existed, anyone who finished high school or passed Grade 12 can become an agent. At present, one study the curriculum and obtain a license to be a realtor. Since most don't want to give the time and effort to finish the course, only 10 percent of the total number of real estate agents are doing 90 percent of the work.

It's evident that a lot of agents fail in their profession. Below are some of the hard truths in permeating the real estate industry.

• The real estate curriculum lacks the scope of marketing and deal management. Some examples of topics that brokers must know and understand are:

1. Psychology of salesmanship
2. Art of selling and crafting deals
3. Networking
4. Creating listings
5. Presenting listings in a professional manner
6. Overcoming objections from buyers and sellers
7. Working with financial institutions
8. Dealing with appraisers and home inspectors
9. Communicating with utility companies and government agencies
10. Handling permits

Agents can learn these skills along the way, but they will become highly efficient in their tasks if they knew these things beforehand. They are likely to proceed and be motivated to pursue their individual goals if they know how to navigate the waters. Therefore, developers and real estate companies must provide mentorship, trainings, and seminars in their respective offices to minimize the agent failure and turnover rate.

• Realtors, especially beginners, undermine their abilities. Setting a timeframe for lead generation is acceptable. A 30 to 60-day real estate success may be correct for some and may not be for others. Lots of agents quit when they don't generate leads. They berate themselves and the market when they don't tick anything off their list. They leave early in the game without persevering and lose their confidence. When that happens, they become unlikely to take risks. They won't explore new strategies or try a new path yielding high returns.

• Real estate entrepreneurs neglect the power of advertising. Developers and housing realtors forget they are part of a business. A business needs investments to grow. Mixing traditional advertising and digital marketing increases the company or brand's outreach and, in turn, expands their market.

• Being greedy with opportunities destroys a realtor's career path. Real estate trades is and always was a job. Depending on the company's salary scheme, it is a reliable source of income. A lot of agents think that realty management doesn't qualify as a job, so they look for additional opportunities. Looking elsewhere places property selling on the sidelines and disrupts the focus on expanding the business.

Consulting a licensed yet non-practicing real estate agent is no different from getting surgery from licensed, non-practicing doctor. When in the game, vision becomes limited. One can only focus on what's in front. Business owners focus on income and realtors to their commissions.

No one wants to do the dirty work that's why the 90/10 rule exists.

How To Welcome a New Roommate To Your Place

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Welcoming a new roommate can be fun and exciting. Of course, you get the chance to experience a whole new personality while living under one roof. However, if you think that welcoming a new roommate is just all about the party, then you better think again. While it is true that giving a warm welcome is important, but there is more to it than what you merely believe it is. Whether you are living together in a 2BR condo unit in Cebu City or any other residential building in the Philippines, you should know how to ensure a seamless transition.

Moreover, knowing the right approach to your new roommate will give you an opportunity to establish a good rapport between you and your roommates. But if you do not have any idea at all with the right approach you should give, then you might want to try these tips below.

Be honest up front

One of the most important factors for you to able to establish a good rapport is, to be frank with them. Of course, you also have to be mindful of the things you say for as not to offend them. This is also one way to give respect to your roommates. If you are just honest with them, they will not think about negative thoughts about anything. That is why being honest is important for you to have a lasting stay in the place you are in.

Split finances fairly

When it comes to finances, it can be a crucial thing for you and your roommate. Of course, there is money involved. That is why you have to make sure to plan out what you and your roommate is paying for. Moreover, they should pay the same percentage as you have to make it fair for them. This is to ensure that there will be no problem that will arise later on.

Make a payment plan

Whether you realize it or not, making a payment plan can help you when it comes to handling or managing your budget. Of course, this is one of the many and practical ways you will know what to do with the money that you are going to spend. Moreover, you have to make sure that you all should discuss and agree on how you are going to plan out the money for a better budgeting.

Talk about sharing

Obviously, your roommate does not have any idea at all on what and what with the condo functions. That is why it is a must for you to tour them around the condo unit for them to know what to do when they need to use a particular thing. Moreover, if there are any confusions about the guidelines you have with the room sharing, then you have to explain it them apparently for a better understanding of the things that is going to happen.

Decide an end date

If the new roommate is just temporary living with you, then you also have to know what time he or she will be leaving to make sure that both of you will settle the things that need to be resolved such as paying the bills and other monthly dues. Of course, this is also one of the many ways you can ensure that your roommate with a move out without any problems with you or with the condo management at all. However, if there are circumstances you both need to settle, then try moving the date when he or she will move out.

Having a roommate is not that hard as you think it is. Of course, you just have to make sure that you both have a better understanding of the things around you. With this, you will not have any problems with your roommate.

Effective Way To Purchase A Condo Without Any Stress

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As we all know purchasing a property is a challenging thing to do. Obviously, you need to think and consider a lot of things to make sure that the process of the investment would be a success. And of course, we also do some extra measures just to make sure that it will all turn out the way we wanted it to be. However, not all of home investors are able to achieve a desirable outcome. Perhaps, there are things they miss to include on their plan.

Generally, real estate investment is not that hard as you think it is. Although it may be a challenge on our part, if you just know what and what not to do when it comes to real estate transaction, then it would be much easier and faster for you to make the investment. However, if you are one of those people who is planning to invest in a condo unit such as a 1BR condo in Quezon City, there are things you need to consider to prevent any unwanted situations.

Do a price check when you purchase a condo

One of the most important things you need to consider is the price of the condo. Never buy a particular unit when you know you cannot afford such property. Yes, it is undeniable that you may be tempted to purchase the property that you want. However, don't be carried away with the things you see. Before anything else, make sure that you can afford to pay the price. That is for you to prevent any financial problems later on.

Get a good real estate agent

If you are planning to invest in a property, it is a must for you to hire a professional. Although there are some of you here who have already some ideas on how the real estate transaction works, it is still a must for you to hire a real estate agent that would help you with the investments. Unfortunately, not realtors are professional enough to do the business. Some of them would trick you into something else. That is why you also have to be careful when it comes to choosing a realtor.

Check out the rules of the neighborhood association and make sure they're right for you

As a home buyer, this is also one of the things you need to consider before you decide to pursue the purchase. You have to know whether or not the rules and regulations of a particular neighborhood would also apply to you. For instance, you want to have pets at home, but your neighborhood won't allow you to have such, you don't have any choice but to abide their policies on domestic animals. However, if you really want to have pets at home, then you better find other neighborhood that would match your lifestyle.

Examine the condo complex fund and make sure there are appropriate reserves

Whether you like it or not, there are just some sellers or agents who tend to trick their clients. They tend to tell you that they need some money for the down payments. But later you realize that the money you gave was used for the renovations and other repairs for the property. Generally, the repairs and the renovations of the condo unit are on the landlord's or owner's duty. That is why it is a must for you to make sure that there are no hidden add-ons on the actual price.

Look into how good the management is at keeping up with the property

As a home buyer, you definitely don't want to live in a place where there is no proper maintenance from the owner, right? Well, it is not just about how clean it is, or how good the structure of the property is. It is also about how they implement rules and regulations on the people living in the neighborhood. If you think that the people are disciplined enough to follow the rules, then it is a sign that it is going to be a good neighborhood for you.