Rules of Playing in the Real Estate Industry
There is really no place for the meek and the timid in the real estate industry. It is rather filled with upfront competition and unexpected mishaps. Brokers depend on their commission in selling homes or commercial spaces and are often bound by the pressure of the vying market. Sometimes there is no other choice but to elbow your way through the industry.
Yes, it’s an erratic environment to be in. And without a doubt, your competition is also planning on their best scheme yet. You are so ready to beat them, but there are a just few rules you should remember as a player in the field.
Go by the Golden Rule
No line of work or way of living advocates otherwise. Treat other brokers the way you want to be treated. While it is a very common knowledge, a few have actually mastered this rule. It is a no-brainer but is not an easy task to do. Competition is present; however, that is never an excuse to act with respect.
Practice mutual respect
In an industry where the organizational flow is dynamic, respect among other professionals is one valuable trait. They are your competition for a reason. It is because they have also done their fair share of hard work to get to where you both stand. When respect is established, you can now focus more on winning the deal rather than merely warding off competition.
Know your limits
This may be a free market but you’re not entitled to just exhaust every space you see. You are probably the best in the game but leave room for others to play around as well. Know your key expertise and grow from there. Giving others room to grow creates diversity in the field. Eventually, this diversity can even bring on new markets. This is one reason why monopoly has its bad reputation. So let’s take it easy on the hoarding.
Speak only good things
Gossip and back talk proves only one thing. It shows how lowly you think of yourself. You do not need to create turmoil around your competition’s reputation to make yours look better. Keep those lips zipped if it does no more than ruin their image. And if your honest opinion is really required, handle it with the utmost integrity. Know where and who to disclose certain information.
Share the love
Don’t let competition keep you from sharing valuable information. Be willing to have exchanges of leads with others. You will never know what new insights you’ll learn in doing so. Sharing your knowledge lets you learn new knowledge. Chances are your peers may already know what you know, but in conversations and exchanges, you can share perspectives you and colleagues may have overlooked.
In this industry, playing nice will probably eat you alive. The best way to handle this is by playing fair. The more you think of your fellow brokers as enemies rather than partners, the more stressful your work will become. Moreover, an unhealthy competition will only cause your career more harm than good.
Although in the business of buying and selling, being a broker does not entail you to act like any other businessmen. Utilize the finesse of the industry you work in and do what you can to stand out.
Hoppler Inc. simplifies real estate transactions through its advanced online platform and its exceptional network of brokers. It offers top-quality properties in Metro Manila through its network real estate partners.