Before setting up a property consultancy firm, you must ask yourself if you are truly ready to do the business in line with the prerequisites for the start up. It is expedient for you to satisfy your client(s) and serve them professionally without practicing mediocrity. Be sure you have the right skill, the foresight, the managerial ability, the boldness and confident of facing any challenge that may arise.
Most property managers believe that, they can gain clients’ trust through familiarity and closeness, but it isn’t exactly like that. What clients need is your professionalism, skill to handle their portfolio, your analytic ideology, your managerial ability, communication skill and of course your years of experience in the field of property management.
However, for a property consultant firm to excel in the quest to satisfy customers, the following must be addressed.
Consider Your Professional Competency
Your professional competency is required at the starting up of the consultancy firm. You must make sure you acquire the basic professional skills needed for that office. You can’t offer what you don’t have. Most businesses fail due to mediocrity of service delivery. You must understand the business and the professional jargons associated with it. Your clients are also looking for that professional code of ethics.
Your Office Address Speaks More
The location of the business will help the right client to find you or ignore you. This is because a client who has a very big estate will not believe you saying you can handle his estate when your office is local and unorganized. You must as much as possible invest very well in securing a good location, unless your target clients are just anybody. Let your clients and customers feel at ease and homely when they come to find out about your office.
Remember Your Core Values
Your Core values is very important in your proposal. If you don’t have core values, your target clients will never believe you. If you don’t have core values that guide your operation, your prospective clients will take you as ordinary property agent and not property consultancy firm. Your core values could be, Integrity, Accountability, professionalism and service. Your clients who are in need of properties may only be convinced based on this.
Have A Unique Selling Proposition (UPS)
Your unique selling point or proposition is that special ingredient in your campaign or proposal that can make your clients and your prospective customers switch from their former property consultants to your service. This is because they have found the missing link they can’t see in your competitors. It is actually your strength and business edge over other professionals.
Have A Reserved Capital
Most of the time, your clients may not be living within reach, and you might need to carry out renovation, evaluation exercise, or burglary projects in the estate you are managing, which will definitely require a lot of money. Your responsibility as a property consultant is to carry out those projects with or without the instruction of your client (depending on your level of relationship) with your own money, which can later be claimed from the rent or lease after completion. This is what most successful property consultancy firms face in order to meet with their client’s expectations. Every business requires at least some funds to get it moving. You will also need money for advert placement because you need to make yourself known and seen.
Understand The Law Of Demand And Supply
The more clients demand properties from you, the higher the price. But before you put a price tag, understand that people are looking for properties everyday in your locality, for either business or residential use. Having all these in mind, will enable you to make proper provision to provide them. In all your search, make sure you find something that suits the luxury of your client.
Understand Your Position
You must also understand your position as an agent and a consultant to both client and customer. You serve as the middle man in this regard and you must be able to satisfy your client by adhering to the terms of your agreement. You should also be fair to your customers who will eventually pay for property. This should be done in line with the profession’s code of conduct.
Understand Government Policy
Government policy must also go in line with your practice. You can’t start a property management firm without considering the pros and cons associated with it from the government perspective. The government makes the law and not your business. So, consider government’s policy first before doing property consultancy business. Your company’s internal policies must follow government fiscal policy every year. This will help you plan ahead of time on how to operate successfully in your chosen country.
This article continues as part 2. Follow it here.