Masterkey Blog

Working with Unrealistic Sellers

As an agent taking on new listings, do you frequently come across sellers that are insisting on a higher-than-market selling price for their apartment or villa? We've seen this trend to be especially true during slow market conditions.


Agents put a lot of time and effort on market research to establish a realistic selling price for a property. Sometimes its a question of trying to understand why the seller is insisting on overpricing his property. To gain their confidence, understand the seller's fears and show them the reality of the market.

Emotional vs real value

It is hard for the sellers who bought their properties during peak times to accept lower prices. Chances are you're working with one of these sellers. You need to align their emotions with current market, and the best way to do that is to ask questions. Try to find out why they think they can get their price. They may know someone who sold a similar property some years ago or they had an offer some time back or they feel that the market is really booming due to the upcoming Expo 2020. By asking the right questions, you will arrive at your responses to counter their reasons.

 

They will ask you what you think is the current market value for their property. You can at this point share your Comparative Market Analysis with them and show them what the data is indicating rather than saying what you think. This is your opportunity to show them that you a seasoned agent who does not rely on guesswork but uses real sales data from the Dubai Land Department and other authentic sources. 


Money matters

Sellers may hesitate in admitting that they have a mortgage which is higher than the property’s worth. Also, they may have other financial obligations they are hoping to fulfill with the sale of the property. Maybe they have been laid-off from work. Any of these reasons could be why they are asking for an unrealistic price.

10 days or 10 viewings rule

In Dubai specifically, the real estate market is always buzzing with investors looking for a great buy. If the seller agrees to a realistic listing price, their property will also sell quickly. Explain to them that if their listing has been on the market for 10 days with no viewings and no offers, it’s time to re-visit the price. A significant proportion of leads will come in during the first fortnight of listing the property. The seller should be ready to drop the price if no viewings are scheduled within the first 10 days. Alternatively they may have to sit in the market for a while.


Explain this to the seller during the first meeting, since they see you as a professional agent. You can also add remarks in the Form A that a price drop of ‘x’ dirhams have been agreed at the onset in case the current price is not acceptable in the market.

Market Tour

Sellers demanding an unrealistic price can also be taken to the market so they can see what is currently available in the price range they are demanding. This reduces the risk of offending sellers by confronting them directly. This enables them to physically see what can be bought for the price they are asking vs what their property has to offer.

Share Feedback

Always carry a feedback form with you on viewings. Request the potential buyer to fill the form with basic information such as; layout, size, amenities, location, view, price, etc. If you use a CRM system like Masterkey, add the feedback for each viewing and share a viewings report with the seller on a weekly basis. This is extremely valuable as the seller will get honest feedback from actual buyers on his property and ultimately help manage his expectations.

The above is by no means an exhaustive list for managing an unrealistic seller's expectations. However these will definitely present you as a thoughtful, reliable, real estate professional. 

 

- Contributed by Iqbal Hasnani

 

Does your staff require real estate training? We offer excellent training courses in our comfortable Dubai facility. Our trainers have years of hands-on experience in the real estate industry around the world, and can customize trainings based on your specific needs. We also offer business turn-around solutions for real estate companies.

 

 

Get in Touch 

What is Comparative Market Analysis?

Before putting a home on the market or listing with a real estate agent, savvy home sellers ask them for a comparative market analysis, also referred to in the industry as a CMA. This is the best method available to home sellers to learn about their home's current value.

Real estate agents conduct an in-depth analysis of a home's worth in today's market and recommend a selling price to the sellers. They take a look at properties that are currently listed and also those sold recently. The purpose is to find the highest selling price possible that will still make the home competitive on the open market. As illustrated below, properties priced properly lead to more viewings, which can attract higher priced offers and a quicker sale.

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Although reports can vary, from a two-page list of comparable home sales to a 50-page comprehensive guide, the length and complexity of the report depends on the property and the agent’s expertise

Are your agents able to prepare professional reports?

Masterkey provides trainings for real estate agents. Our consultants have over 10 years of hands-on real estate experience.

Contact us to discuss various training modules designed to suit your needs and budget.


Masterkey connects agents to 60,000+ listings in open Multi-Listing System (MLS)

 

 

 

Masterkey users can connect their listings to appear in the UAE's first truly open Multi Listing System. Users can enjoy high visibility and a broad distribution of their listings. Connecting to the MLS gives users access to all of the listings in the market as well as advanced search features and powerful digital tools to keep them at the top of their game in an increasingly challenging market.


What is an “open MLS”?

  • Simply put, an “open MLS” is a centralised database of listings where agents and agencies of all sizes can easily advertise their property listings, regardless of which CRM they use.

  • Many real estate CRM providers in today’s market discriminate against competitors’ listings and only allow access to those who use their software, thus limiting potential sales opportunities for their users.

  • Masterkey’s MLS accepts listings from any CRM provider in the market (including Masterkey, Airlist and others) and has created a platform where agents can maximise and multiply their sales opportunities through connecting with other brokers, agencies and property developers.



Why should users connect to the MLS?

  • This centralised database was created in order to avoid duplicate listings, saving time and allowing agents to work together to find more buyers and make more sales.

  • Enjoy widespread distribution of your listings with connections to over 75+ property portals both locally and internationally.


Who uses the MLS?

  • Individual agents

  • Marketing administrators

  • Brokers and agencies of all shapes and sizes

  • Property Developers advertising large scale projects and stock inventory


Ready to start?

Check out the following articles to get your listings integrated into the MLS today:


How to Activate the MLS

How to add your units to the MLS

How to search for units in the MLS




The 5 benefits of Masterkey email integration

 

 

Save yourself the hassle of switching between your email inbox and Masterkey and manage your correspondence more efficiently and effectively. Our new email integration tool is essential to efficient marketing, sales, leasing and management activities.


Benefits of Masterkey email integration:


  1. Manage all of your correspondence in one place without having to leave Masterkey; avoid losing important emails, attachments, or calendar events.


  1. You can integrate with any email client (Gmail, Outlook, IMAP, etc) and easily import past emails into Masterkey


  1. Reduce email clutter and focus only on what matters by keeping your customer’s emails inside Masterkey.


  1. See all emails associated with certain accounts, leads, contacts or opportunities; all in one location. You’ll get real-time insights into your customer’s needs.


  1. Keep a running history of all communication with your clients (should you be absent or on leave, your colleagues can easily access all correspondence with your clients).



Ready to integrate? Click here - it's easy!


The Big 5 - Dubai’s top five projects to watch out for

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Guest Blog Post - Written by Homely.ae

There are so many projects out there that keeping track of all of them is likely to leave you feeling very overwhelmed. Here’s our list of five top developments to keep your eye on.

Dubai Water Canal

One of the world’s most unique waterfront destinations, the $545 million Dubai Water Canal Project will transform Business Bay, connecting the nabe with the Arabian Gulf over three phases. Expected to be complete by October 2016, the project will feature a shopping centre, four hotels, 450 restaurants and cycling trails. Offering luxury housing for the savvy investor and renter, the project is expected to also provide new areas for public facilities, private marinas and a trade centre at the entrance of the canal. Even more impressive is the fact that the canal itself will be six metres deep and bridges eight metres high to allow yachts and marine craft to pass through!

View Properties around the canalFor SaleTo Rent

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Museum of the Future

Housing some of the world’s latest and craziest inventions, The Museum of the Future project expected to cost over $200m and located near Dubai’s financial district, just minutes away from the iconic Burj Khalifa, will showcase innovations – complete with dramatic soundtracks and videos with robots engaging with guests as drones fly overhead. Anticipated to be an incubator for ideas and a driver of innovation, the architectural wonder will be built in part using 3D printing technologies. Scheduled for completion in 2017, this big-budget attraction will look to encourage designers, researchers, scientists and entrepreneurs to collaborate in the development of new technologies.

MBR City – District One

Spread across 1,110 acres, the super luxury $10 billion Mohammed Bin Rashid Al Maktoum (MBR) City – District One project will be located within minutes of Burj Khalifa and Dubai Mall and feature a 7 km stretch of Crystal Lagoons for swimming and kayaking, the world’s largest artificial beach, a 14 km boardwalk and cycling and jogging tracks. Tipped to become the world’s largest man-made waterbody of its kind, the lagoons, will be spread across 90 acres and be surrounded by sandy beaches, a beach club, a recreational island housing a football ground, cycle tracks, tennis and basketball courts, retail areas and waterfront dining haunts. The project will also house thousands of luxury villas inspired by Arabic, Mediterranean and Contemporary styles set in bold and inviting villa communities. Not to be missed.

View Properties in Mohammed Bin Rashid CityFor SaleTo Rent

Al Habtoor City

The $3 billion Habtoor City, the world’s biggest luxury residential, leisure and hospitality development under construction, will comprise three luxury residential towers, a French-inspired garden, an iconic Las Vegas style aqua theatre and the world’s first Bentley café. Residents will also be able to enjoy world- class amenities within the residential towers, including a state-of-the-art fitness centre, the UAE’s largest pool deck and breathtaking city skyline views. And a boulevard lined with stylish cafes and boutiques, a marina, a tennis academy and amenities in the three Starwood hotels and, hold your breath, Dragone theatre productions designed exclusively for Al Habtoor City! The project is expected to be complete in 2016.

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Aladdin City

Dubai has given the green light to yet another ambitious project: Aladdin City. Suspended over Dubai Creek with golden walkways and towers designed to resemble genie lamps that will shimmer golden in the sunlight, Aladdin City, inspired by Middle Eastern folk tales of Aladdin and Sinbad, will feature three towers linked by air-conditioned bridges with a moving floor. The outlandish project will also include towers of 34, 26 and 25 storeys, commercial and hotel areas and parking spaces for 900 cars and encompass 4,000 acres in total.



About Homely.ae

This content has been created by Homely.ae -the only property portal providing verified listings, unparalleled content and unique features like SmartSearch all within contemporary and clean design. Built on a technology platform that is the most advanced in the region, it delivers consumer experience that is unrivalled.


Five Ways to Ace Your Next Networking Event

 

 

Depending on your personality type, networking events can either be extremely fun and productive or downright scary and nerve racking. The good news is, it's extremely common to feel intimidated or uneasy in large groups of strangers.

 

To avoid your next networking event feeling like you've been transported back to your first high school dance (yes, we remember the horror!), follow these five strategies to make the most it.


1. Be Yourself

Yes, your Mum's infamous words are echoing in your ears by now. But really, this one is true. At their core, networking events are meant to be a starting off point for relationship building. Being yourself from the get-go will give the other person an honest indication of who you are and what your company represents. Remember, people respond most to those who are genuine and authentic. Treating people like they are your friends is the best way to build rapport, trust and ultimately, new business opportunities.


2. Find the Bar

You don't have to be a drinker to follow this one. Positioning yourself by the bar, is a great strategy as you will naturally see tons of traffic coming and going throughout the evening. Most people tend to head to the bar after they enter and it's great place to make an introduction while people are waiting for their drinks.


3. Introduce Yourself to the Organiser or Sponsor

This is a great way to learn more about their organisation or project and usually, they can help point you in the right direction of who you should be speaking to, based on your requirements for the event.


4. Ask Questions

This is truly the only way to get to know someone. Be sure to ask educated and thoughtful questions.  The best way to walk away from a conversation is to have allowed the other person to speak openly and freely about their business. Not only will they feel great that you took an interest, but you’ll have gotten to know a lot about their business.


5. Take Notes

Once you’ve had a successful conversation  and you get the other person’s business card, write down a few brief notes after you’ve walked away. This will help you to recall the specifics of your conversation and will allow you to be more personalised in your follow-up the next day.


Alright, now you’re completely prepared to rock your next networking event and hopefully build some meaningful relationships in the process. And remember; everyone comes to a networking event as a stranger, so don’t be afraid to put yourself out there to make the most of it!


Sponsor profile: DEGE Eco VIllage - Luxury living in Tanzania

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For the first time in Tanzania; a master-planned community with world class infrastructure, facilities and amenities.

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Welcome to Dege Eco Village

Dege Eco Village is a charming, modern community with tastefully designed two, three, and four bedroom apartments and villas to fit any lifestyle. It is strategically located in Kigamboni, Dar-es-Salaam.  Every apartment and villa is designed to please and accommodate a variety of individual tastes.


Explore the DEGE Eco Village Masterplan here.


The Magnificence of Luxury Living  

Located conveniently close to shopping centers, entertainment, and easy highway access, Dege Eco Village is also nestled in a quiet residential neighborhood with amusement parks around. Dege Eco Village offers luxury and amenities you deserve, and the quality you can afford.


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About Dar Es Salaam

Dar Es Salaam is the third fastest growing city in Africa and ninth fastest growing city in the world. Dar Es Salaam is the largest city in Tanzania and is located on a natural harbor it is the hub of Tanzania’s business activity.



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This project is being constructed by Turkish contractors and construction has already commenced, while thousands of apartments have already been completed. The project is scheduled to deliver its first phase of 159 villas and bungalows as well as commercial center at the beginning of 2016.  


To learn more about DEGE Eco Village please visit their website or email info@degeecovillage.com.



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A big thank you to DEGE Eco Village for exclusively sponsoring Masterkey’s Connect networking event, taking place in Dubai at the Radisson Blu Hotel, Media City on Nov. 23rd, 2015. This event was made possible through their generous support.


Invite your friends to the Connect event @ Radisson Blu Hotel

 Monday November 23rd - 7:30 to 10:30 pm

Dusk Terrace, 8th Floor Rooftop, East Tower

Radisson Blu Hotel, Dubai Media City

  (*please note location change from last event)

  

This is a free event for all real estate professionals.

(Business cards are a must!)

   

  


Release Notes (Q4 2015)

Version 4.8.53 (18 October 2015)

  • New: We can now do the branding of Public URL.
  • New: You can include matches in the follow up emails.
  • UI Refactoring for Side panel CSS with Sass and Compass.
  • Small enhancements to improve the efficiency of the system. 

Version 4.8.52 (04 October 2015)

  • New: You can now provide the date when adding a watermark. It will only watermark NEW images (entered on/after the date you have placed) and not images that are already uploaded.
  • We now have the centralized new email composer. 
  • You can now setup the mandatory No. of fittings and fixtures per group by using a policy “Unit Validate”
  • Improvements to customization framework of transaction wizard. 

Announcing Fully Managed Email Campaign Services from Masterkey

 

 Fully Managed Email Campaign Services from Masterkey

We are excited to announce the launch of our email campaign management services. No design or management skills required. We'll build amazing custom email templates with your company’s logo, branding and information. All you need to do is provide us with the content and we’ll make the rest happen! We’ll even manage your various mailing lists including unsubscribes and segmentation.


Customised solutions to fit your business

You may or may not have had experience working with email marketing campaigns in the past but perhaps know how effective they can be for lead generation; especially in the real estate industry. We'll work with you to develop a strategy that makes sense for your agency and then manage it for you to get you on the road to email marketing success! 

 

Ways our campaign services can market your business:

We will schedule and send on your behalf:

  • Monthly newsletters
  • Weekly promotions or ‘best deals’
  • Event or open house invites to your clients
  • Scheduled holiday greetings
  • Launch announcements as soon as a developer unveils project
  • Follow up & thank you emails from agents

and much more. Our packages are completely customisable and start from as little as AED 2,000 per month.

Some of the options our services include are:

  • Customisable templates to reuse
  • Fully responsive design which makes it compatible on your client's computer, phone or tablet
  • List management, segmentation & unsubscribes
  • Unlimited contacts per mailer
  • Detailed success report after each campaign
  • Priority email scheduling as soon as a developer unveils project

 

 

Let's get started.

Introduce yourself by clicking below and we'll get in touch to discuss your requirements further.