Ask any real estate developer, and they’ll not be able to tell you how much time, effort, and money has been put in moving his real estate career forward. Why? Because they do not really have an answer. Most of them have learned what works and what doesn’t the hard way and it is difficult to quantify those things. However, they can always tell you that there is a lot of work that they did that didn’t pay off.
They must have launched their most promising projects with their ‘A’ game on and did a wonderful job trying to sell it. Three months and the market rates went down and all your annual report had to show was stacked up marketing bills and no credits.
Thankfully, along the way this hard work earned them some credibility and a good name. This was the only payoff.
Today, I’m going to share some career blunders that you don’t have to go through in your career.
Mistake #1 Considering Only Here and Now
Developing and selling properties isn’t everything. “Do I want my portfolio this way and only this way?” – This must be a question you ask yourself as a developer each time you proceed with a project. Each project can prove to be a turning point in your career having positive repercussions in the years to come.
Most developers fail because they plan for here and now, and not the future. They lack a visionary approach to building. Those, not just concrete structures you are building, you’re building your portfolio too.
Keep an eye on not on five years down the line, but 10 or maybe even 20 years down the line. You might find yourself having a bulkier and more diversified portfolio. This is challenging, and for that you’ll need to up your game.
Also, try going above and beyond your position instead of having the mentality of, “It’s not my job” so that you pick up valuable skills for the future. This would give you a different perspective too and open your eyes to a picture that wasn’t visible earlier by being just a developer.
This may also call for signing up for a class where you are taught to analyze and predict market trends. Aim to change the skyline of your target cities and leave a footprint everywhere you go.
Mistake #2 Not Using Automated Services or using too much of them
Not automating certain tasks can make you fall behind your competitors, but using too much of them wouldn’t take you too ahead of them too. First consider what is the purpose of going on automation – SPEED. Making certain tasks run on automation helps you gain pace with tasks that need a more analytical approach and strategic planning, something which computers cannot do. However, this does not mean that you automate everything and lose out on the personal, human touch here.
Remember, it’s relationships that sell, not agents not features. Clients like to know they are dealing with a real, living, breathing human brand. Whether it is a phone call, an in-app notification, or a social media post that you scheduled, do not forget to add the element of human in it. For example, if you get a response on social media, do not just leave it like that. Answer the person’s query then and there and turn him into an ambassador for you. Little things like, replying fast and interacting more often will soon turn your customers into your ambassadors and you into a living, breathing brand.
Mistake #3 Not Using Social Media
When we are discussing social media, let us not forget the foundational aspect – having a social media account to connect to your prospects. And let me tell you, most top developers do not have social media accounts that people could relate to. Only agents seem to have. That’s a huge reason why developers have to shell out tons of money as incentives for their sales team.
If the prospects had that friendly connection with the developer himself, there would be no need for agents and all that unorganized sector would vanish from the real estate value chain.
In my last article on top real estate developers that are making a dent in the Indian skyline, I realized that most of them were unapproachable both by email and socially. They built a brand, an empire, but not a personal brand people can relate with. Look at Late President A.P.J. Abdul Kalam; he didn’t build an empire but became a personal brand people look up to.
Mistake #4 Doing Just Enough & Not Having A Mobile App
People today like things to be on their fingertips and majority of them buy online. If they cannot find anything in the real market, they Google it up, the prices, the reviews, the news, everything. They will buy from any place that will get them access fastest and at the lowest price. But for investments like real estate they are a bit patient but more finicky.
They’ll flip through brochures, check out various listings and then finalize the property they want to invest their hard earned money in. So, when they are ready to walk that extra mile, why can’t you?Get a mobile app that showcases your projects in style and offline too. So that they can show it to their families and discuss and also share the details with their friends and see what they think of that property.
In the real world, it is not possible to showcase all properties (under consideration) to all friends and family members and choose one. For the decision maker too, it becomes quite a mountainous task to pull off without sufficient advice. Some even end up not buying anything out of the fear of investing in a not-so-profitable project.
Having a mobile app gives developers an opportunity to convince and convert such leads easily. So when the world is moving forward, do not be left behind. Instead of investing in billboards, television commercials, and printed brochures, go all out with app marketing and keep leads warm with free in-app notifications.
Mistake #5 Assuming Perfect Circumstances
“If it were easy, everyone would do it.”
This stands true for real estate as well. There is no cookie-cutter method to produce projects as each market is different with its own circumstances and challenges that need custom attention.
Is it a buyers’ market? Or is it a sellers’?
Approach every circumstance with the right perspective and don’t assume perfection! Many developers start out in the real estate business thinking they’ll have separate personal and professional lives. But guess what? It’s one and the same!
Successful developers know that 20 years of experience is just Year One repeated 20 times! If you start out any project assuming perfection in every process, you’re setting yourself right up for huge disappointment. To avoid such instances, provide yourself some cushion to fall off the cliff and bounce back up. Plan well. Planning plays a crucial role in the right execution of the vision with medium-term targets, short-term goals, etc. Do not be afraid of embracing the newest technologies.
If you feel that all these advanced technology is narrowing competency gap between developers, then you’re standing on the wrong side of life. These technologies are actually widening the gap instead as visionary developers are quick to embrace them to generate more leads and stay ahead of the curve.
An average estate developer and a successful one differ in the way they view their customers. The former will be focused on getting that one property cheque in while the latter will be aiming for repeat business.
The crux is, make a client happy and they might come back again. Delight a client and they’ll vouch for you to their friends and family! Now it’s up to you, where you want to be, in the cheque names or in your customer’s voices.