There is a need for your foundation to be built on the basis of passion rather than profit. It is difficult to excel long term if the only consideration for your action is money. It is possible to make money in a field and feel frustrated because you are doing it out of obligation rather than passion. The work of a real estate agent is long and arduous.  Although many plunge into it based on stories of mega commissions, many of them quickly realise that making money in this field is not a piece of cake. You must be prepared to work for long period of time without seeing any tangible results and without getting discouraged. Not all of us are cut out for such a lifestyle but if that is your preference, then go for it.

It might be a good step for you to analyse the skills set needed in order to know what is required. A real estate agent must be a learner, a marketer, a salesman and a strategist. A real estate agent must be knowledgeable about real estate generally and must specialise in specific areas of real estate investment as well as a thorough understanding of specific locations. There are many colleges and universities with specific courses in this area. There are a few private training colleges that are also engaged in training intending real estate agents. This is the part of formal education.

In addition, there is a form of education that is referred to as informal education which must be an integral part of the life of any real estate agent who wishes to be a success. You need to read widely about areas that are not directly related but are important. It is also strategic to understand specific markets. It is literally very challenging if not close to very difficult to master every single type of real estate investment and every location. Of course, as you go along in the business, you will acquire some information about different areas but this is not sufficient to make you an expert. You need time and lots of time to really understand the dynamics that work in particular markets and also to be well known in that sector.

Many successful real estate agents also spent some time working under those who are already established in the industry in order to fast-track their learning. Working for some years in a real estate company or with a real estate specialist will expose you to various industry best practices. It will help you to build a good network of contact with other agents who will be sources of information about opportunities. Developing a network of key contacts is very important in real estate. Building this network may require you to be part of your community or associations. Remember what someone said; ‘your network is your net worth.’

Successful real estate agents also actively engage in lead generation and marketing. Lead generation is creating and establishing contact with people who will show interest in the properties that you have and are likely to become your clients. Your lead generation works in two ways. The first is securing listings or sellers. The second is securing buyers. Depending on various economic and social factors, there are times when it is easier to get buyers than sellers and vice versa. For instance, in times of economic downturns, the numbers of sellers automatically increase.

Finally, and perhaps the most challenging is good customer service. All businesses require proven processes of meeting customer’s needs. Real estate business is a long term business and if you intend to keep making lots of money in this sector, you need to treat your colleagues and your client’s right. You need to keep your promises to both and carry them along if there is any difficulty. You need to address customers’ complaints promptly and mend relationships whenever you can. You need to create and protect your brand .You need to expose yourself to best practices and implement them in your business.

PUNCH.

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When demand for properties exceeds the number of properties available for purchase then it is a seller’s market. Sometimes an area begins to attract investors or buyers for various reasons such as a major infrastructural development that are coming up nearby. The interest shown in that area could be slow at first then it suddenly gains momentum to the extent that there are not enough properties to meet the demand. Once this point is reached sellers begin to increase the prices of their properties in order to play on the overwhelming interest shown by investors and maximise their profit. This is a classic pattern of a seller’s market.

There are also times when the economy not only slows down but probably faces some challenging times. The classic pattern in history is when there is a major or series of events that impact on global or national economies negatively resulting in closure of companies and job losses. The ripple effect of these events is that companies re-evaluate their need to invest and governments embark on cost-saving measures. The overall effect is that the amount of money in circulation dwindles and this could lead individuals and corporations into tight economic seasons.

When the economy enters periods of recession or economic slowdown one of the key indicators that there is a problem is in the real estate sector of the economy. When companies are bankrupt the investors or lenders resort to the sale of assets which generally include real estate. When individuals are looking for ways to raise money they usually consider selling assets which generally mean properties. When individuals lose their jobs or their businesses are bankrupt the only way for many to avoid foreclosure on their mortgages is by selling their properties.

The more properties that are available for sale in an economy with less money in circulation, the more it becomes a buyer’s market. Once supply has exceeded demand buyers begin to shop around for bargains since they now have more options .In a buyer’s market, many properties for sale stay longer before receiving any serious offer and during the waiting period more properties with similar or better advantages are also brought to the market for sale. Under such circumstances, sellers that are under pressure for money will usually become more flexible with price thus indirectly forcing other sellers to reconsider their selling price.

In a buyer’s market, you need to adopt a proactive approach to marketing your property. The more you are willing to work within the bounds of reality the better chance you have of selling your property faster than the average turnaround time. Due to the intense competition for less money in circulation, it is best to engage professionals to help you manage the process. Sometimes the big firms may not be the best because many of them are already overwhelmed with property briefs. It may be more pragmatic to give your property to a small or a medium firm who have the drive and passion for succeeding and would like to impress you with their service delivery.

In addition, you should make the best effort to put your property in an attractive state. This is not the best of times to leave a property in a less than average state considering the competition in the market. While I do not encourage you to make a significant investment in the property you should consider the little things that could attract or repel an investor. For instance, when you are selling a residential property most buyers would be interested in the kitchen especially when inspecting with their spouses.

Finally, be reasonable with the price and prompt in your response to offers. This is not a good time to place an inflated price tag on your property because many investors will not even take a second look. Find out what the average price is and stay close to it but be flexible in your negotiation. When you do get reasonable offers be prompt in responding to them since delay could mean a lost transaction. Do not allow your ego to interfere with the reality of the season.

PUNCH.

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It’s funny that everyone has the title documents to their car showing who the seller was and how it was transferred from the Seller of that car to you the new owner but when it comes to landed properties which are 10 times more valuable than cars, we fail to ask for this one simple important document that can prove ownership of that land. What then is this all important deed of Assignment I am alluding to? This can be found from the following definitions below:

A deed of Assignment is an Agreement between the Seller of a Land or Property and a Buyer of that Land or property showing evidence that the Seller has transferred all his rights, his title, his interest and ownership of that land to that the Seller that has just bought land.

The Deed of Assignment acts a main document between the buyer and seller to show proof of ownership in favour of the seller. The person or Seller who transfers his rights or interests in that property is usually called the Assignor and the person who receives such right or interest from the Seller is called the Assignee.

A Deed of Assignment therefore is an Agreement where an assignor states his promise that from the date of the assignment or any date stipulated therein, the assignor assigns his ownership in that Land to the assignee. The deed contains very pertinent information for a real estate transaction. For one, it spells out the date when the ownership of the property transfers from one owner to the other. The deed also gives a specific description of the property that is included in the transfer of ownership.

In most situations, when the Deed of Assignment has been exchanged between both parties, it has to be recorded in the land registry to show legal proof that the land has exchanged hands and the public should be aware of the transaction. Such recorded Deed of Assignment come in the form of either a Governor’s consent or registered conveyance. The Deed of Assignment spells out the key issues in the transaction between the Seller and the Buyer so that there won’t be any confusion or assumption after the property has been transferred to the new owner. Such Key issues include:
Signing a Deed of Assignment and having that Deed is your number 1 evidence against another person that is trying to claim ownership of that same land too. If you have a land and no deed yet, i feel sorry for you! Better consult your Lawyer to go draft one for you now to save yourself future problems

Signing a Deed of Assignment and having that Deed is your number 1 evidence against another person that is trying to claim ownership of that same land too. If you have a land and no deed yet, i feel sorry for you! Better consult your Lawyer to go draft one for you now to save yourself future problems

1. The Parties’ to the Agreement e.g between Mr A and Mrs K

2. The addresses of both parties and how it is binding on their successors, friends, colleagues and those representing them in any capacity.

3. The history of the land in question how it was first obtained down to the moment its about to be sold including and documents it previously had till this date

4. The agreed cost of the land and the willingness of the Seller to finally accept that price paid for the land

5. The description and size of the land to be transferred.

6. The covenants or promises both parties choose to undertake to perfect the transfer of the document

7. The signature of the parties to the Assignment and Witnesses to the Transaction

8. Finally the section for the Commissioner of Oaths or Governors Consent to sign and validate the agreement.

These are the important features of a Deed of Assignment and must be included in all Documents for it to be valid.

Don’t listen to any Omonile who tells you he doesn’t or the family doesn’t sign a deed of assignment and that it is only a receipt you need. He is only looking for a way to resell your land to another person and to use receipt as a ploy to prevent you from establishing true ownership of your land.

Always consult a property lawyer before you buy a land to help prepare a deed of assignment. It will be your greatest mistake if you don’t have one.

Below is a sample deed of assignment and how it looks so that you don’t fall victim of land swindlers .

Always consult with a lawyer before entering a legal contract.

omonilelawyer.com

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