select
|

The power of preparation

Property expert, author and trainer, Ed Hatch, recently visited various locations across South Africa to address real estate professionals working for RE/MAX of Southern Africa to share some of his vast knowledge regarding effective negotiation.

Since 1977, Ed Hatch has been a licensed real estate professional and has worked within the industry in various capacities. He is the senior instructor for the Council of Residential Specialists and the president of Ed Hatch Seminars, and have spoken to over 100 audiences each year since 1990. He has been a featured speaker at the last 17 consecutive National Association of Realtors (NAR) Conventions, ten Certified Residential Specialist CRS Sell-a-brations, and has spoken internationally throughout the US, Brazil, Canada, Malaysia, New Zealand, Singapore, Sweden, and the United Kingdom.

“As Ed pointed out, purchasing a property is a decision that could affect a buyer's financial position and well-being for the rest of their and their families lives, and as such we as professionals working within the real estate industry must have the necessary skills to guide buyers and sellers for that matter, through the process and help them to make the best possible decision. Drawing from the experience of trainers such as Ed Hatch will better equip estate agents working under the RE/MAX brand to handle the responsibility of selling a homeowner’s most valuable asset,” says Adrian Goslett, CEO of RE/MAX of Southern Africa.

Reaffirming the training from his visit during 2011, Hatch once again focused on the negotiation skills of an agent and how they should be prepared for the inevitable. It is vital for agents to be able to successfully mediate between the seller and buyer and essentially understand the needs and goals of both parties.  An essential element of negotiation is to communicate to buyers and sellers in a way that they clearly understand and can relate to, as often disagreements are just misunderstandings.

According to Hatch, research and preparation is the key to any successful negotiation and business encounter. Although houses have a more updated contemporary look to them, the challenges surrounding real estate transactions are very much the same as they were back in 1977 and the years that followed. Knowing the various aspects and complications that could arise before they happen, will give the real estate professional the necessary time to prepare the correct response and plan in able to move forward. While technology has provided agents with invaluable tools to streamline their business operations, personal interaction and face-to-face communication is as important as it was 30 years ago. This is confirmed by surveys that suggest that approximately 50% of sellers found their real estate agents through referrals, as opposed to the 10% that found them via the internet.

Hatch says that a recurring challenge for agents today, as it was in the past, is the fact that many sellers want higher prices for their home than what the markets dictates. He notes that marketing a property at a value that is over-inflated can be detrimental to the sale and often results in the home sitting on the market longer than necessary and selling for far less than what was originally asked for. Statistics suggest that a home that takes longer than 24 weeks to sell, will sell for around 10% below fair market value. This is why it is imperative for agents to be prepared and have a comparative market analysis to justify the price they suggest.

“Due to the mammoth nature of property transactions and impact they can have on the parties involved, it is important for real estate agents to be on top of their game. Having a trainer of Ed’s calibre share his knowledge with RE/MAX of Southern Africa can only further enhance the service we provide as professionals in the industry. The art of negotiation as well as effective communication with one's clients will always be invaluable skills for any professional,” concludes Goslett.



  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 24 Nov 2017
      Demand for secure estate living in Hout Bay has risen sharply in recent years, precipitating a spike in development with estate homes now accounting for 20.24% of the property landscape with the launch of an exclusive new gated development on 26 November adding 20 more units to the existing 1250 estate homes.
    • 24 Nov 2017
      There are some things that money can’t buy – spectacular views from Mouille Point to the V&A Waterfront and a trendy and lively neighbourhood that encapsulates the very best of the Cape Town lifestyle.
    • 24 Nov 2017
      Tshwane’s four-bedroom Mayoral mansion, nestled among ambassadorial residences in the upmarket suburb of Muckleneuk, fetched R5.1 million after spirited bidding at High Street Auctions’ final sale of the year.
    • 23 Nov 2017
      Reserve Bank Governor, Lesetja Kganyago, said that the Monetary Policy Committee had once again decided to let the interest rates remain unchanged with the repo rate at 6.75%, and the prime lending rate at 10.25%.
    • 23 Nov 2017
      As the holiday season approaches, most of us are counting the days until that year-end bonus hits our account. There’s nothing quite like a little bank balance booster to get us in the holiday spirit.
    • 23 Nov 2017
      The Adelphi Centre (now entitled “ARTEM") in Sea Point, Cape Town, is being extensively renovated, and once complete will offer an ultra-luxurious galleria style shopping centre unlike any other seen on the Atlantic Seaboard or in Cape Town.
    • 23 Nov 2017
      If you are looking to sell your home in today’s real estate market, there are certain things that you need to include both inside and outside your house. Today’s generation of home buyers is looking toward a more eco-friendly, energy and water conscious home, and if your house stands out then you are more likely to be able to sell it.
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK