- July 22, 2024
- Posted by: Muhammad Afzaal
- Category: Blogs
Real Estate Market is a dynamic sector with many opportunities and challenges for sellers and buyers. Though the market is rapidly evolving in Pakistan, there are still many challenges to overcome. The positive thing is that several steps, including the current government’s initiative regarding real estate tax reforms, have been taken to enhance transparency in the sector. Moreover, the chances of scams and fraud will also become minimal due to the streamlining initiatives taken by the authorities.
Envisioning the potential growth, this is the best time to invest in the real estate sector; here are some effective tips and tricks for succeeding in today’s real estate market.
Best Tips and Tricks for Succeeding in Today’s Real Estate Market
Below are some effective tips and tricks to become successful in the real estate market in Pakistan:
Stay Informed
The first tip is to stay informed about the latest trends in the real estate sector. Analyze the regional market condition, network with professionals in the field, explore real estate websites and relevant social groups and attend industry events to gain more insights.
Utilize Technology
Like any other sector, technology has reformed the real estate market, too. Make your presence online. Besides, you can use online platforms to explore the properties and the latest listings. Moreover, if you are a real estate agent, facilitate your clients by providing online tours of the property.
You can make 3D home tour videos, take drone footage, and use other tools, including augmented reality. This not only provides convenience to your clients but also enhances one’s professionalism as a real estate agent.
Explore the financing options.
Almost all the banks provide finances for properties in Pakistan. However, you have to do a little research to find the best fit. Keep exploring the different financing options so you can negotiate the best for your clients who might have budget restraints.
All you have to do is guide them; they can further inquire about the eligibility criteria, interest rates, and all the other relevant information. However, if you are planning to buy a home and want an overview of financing options, here is a glimpse:
Conventional Loans: Such loans are offered by banks and private financing companies. The repayments include a fixed or variable interest rate and some repayment terms.
Islamic Financing: Adhering to Islamic laws, these loans are free from interest. Instead of using interest or Riba, they give you the option of cost-plus financing, known as Murabaha, or lease-to-own, known as Ijarah. Islamic banks offer these interest-free services to their account holders.
Government-Supported Schemes: The government also occasionally introduces schemes to support low-income families in fulfilling their dream of buying a home. These schemes help manage financing easily.
Now you might be thinking about the best financing option to opt for, well here is a mini guide:
- Assess your income stability and its compliance with your financial commitment with the repayment terms. of bank
- Analyze the total cost of the financing option you are considering, including the interest rate.
- Always get professional advice before making any final decision to avoid any inconvenience in the middle of the repayment process. A professional can guide you best about the current market condition, provide property insights, and make the best decisions based on your finances.
A Pro Tip: Save at least 10-15% of your property finances for downpayment. The significant downpayment will end up in reduced loan payments.
Learn to Negotiate Effectively
A broker or a real estate agent should know how to play with words. Do your homework to get all the relevant insights before getting into negotiations. Research the comparable properties in the vicinity and quote them to your benefit. Also, it is wise to indulge in a home inspection service to get all the facts and use them to support your argument or ask for adjustments.
Build Your Credibility
A real estate agent sitting in every other inch of the street in Pakistan. It is significant to be transparent in your deals and authentic with your words. Your client should have blind trust in you as a middleman, and it is your responsibility not to prove him or her to be blind.
Wrap Up
Pakistan’s real estate market is flourishing with every passing day. Buyers and Sellers can benefit from the transparency-enhancing efforts made by the government. Moreover, the tips and tricks for succeeding in the real estate market will only be beneficial if you implement them in your practical routine. As a real estate agent, you should push all the boundaries to help your clients stand ahead and on top. Work with a team and build your credibility in the market.
Moreover, if you are a first-time home buyer looking for potential properties, you should hire a professional real estate agent and let him do the job. You can contact us today to get an insight into your local market. Our competitive customer care team is all set to facilitate you at its best.