How We Sell/Buy Landed Properties Are Outdated. Here’s Why.
Updated: Jan 25, 2021
“I’m interested to offer at the seller’s asking price of $3.5 million for this landed property.”
These are magical words that every real estate salesperson will be longing to hear. A straightforward deal with little sway from the seller's position. The purchase decision for a real estate buyer is a convoluted process, in which some may also unknowingly skip some steps!
How we sell and buy landed properties are outdated to an extent and I feel that it can be improved. If you are in the market for selling or buying a new landed property, give me a few minutes of your time.
I assure you it will be time well spent.
Why Product Specialists Matter
For the longest time, I’ve been selling to customers. It all started when I was in my early teens, selling educational magazines to Junior College students. It was still clear to me as day on how daunting it was to sell a product in which the prospective buyer has more experience in the subject matter than me.
2010, the year of spiky haircuts and my last day on the job! I had to dig in deep to the recesses of Facebook photos to find this picture.
It felt like a complete irony because, if my role as a salesperson was to successfully convince a prospect of purchasing a product, shouldn’t I know more about it? Regardless, as a 16-year-old that was not my top concern. If my prospects were able to see strong value in a product, who was I to argue with them. All I was concerned about was getting sales.
The educational magazines sold like hotcakes, but it was something that I have always pondered on.
Fast forward to 2016, my second sales stint was as a sales representative selling cruise packages. During this period, I was in this job for a longer duration and was able to understand more on the motivations of what customers are looking for.
2016, Sadly, I couldn’t find any other picture during my time on the job except this ridiculous picture of me making faces.
There was a departure in the previous ways of selling as this time around, there was a stronger consultative aspect to which what customers are looking for. Customers were more interested in specifications like if the cabins are above or below sea level, facing towards the exterior or interior of the cruise, specific activities and showtimes, etc. Only when they are fully satisfied, then the customers will make a booking.
During my time as a Pharmaceutical Sales Representative, now I was dealing with Healthcare Professionals (HCPs), and things took an interesting turn. These HCPs are no doubt extremely knowledgeable about the products already, and as a sales representative, it was our duty to constantly remind them about the benefits of these products for their patients.
If there was a question that was way beyond our technical knowledge, there were other medical professionals within our company that will be able to advise the doctors, aka the customers.
2019, this was when I am at a product exhibition at Khoo Teck Puat Hospital. Apologies for the horrible censorship definitely can be done more gracefully. Best to get all these details censored lest I get into legal trouble!
You’re still reading?
Thanks for following me down on this quick trip down memory lane. Although this might feel unrelated to the topic in question, here’s to why I brought these events up.
Educational Magazines: Low ticket item, doesn’t take much for a customer to make a purchase, the salesperson does not need to be well informed to sell effectively.
Cruise Packages: Mid ticket item. Affects customers significantly for a set period due to a change in living conditions for the period of cruise. The salesperson needs to be well informed to sell effectively.
Pharmaceutical Sales: Low to mid ticket item. Customers are extremely knowledgeable about their trade, but not necessarily to the product itself. The salesperson needs to convey the specifications of the product to sell effectively.
Notable Mention: I had a short three-month stint as a marketing lead in regards to an experimental start-up based in Thailand. Although it was not technically a sales position, my experience in this role was fundamental in shaping what Estate Magnates is today.
Here’s Why Landed Property Transactions Are Outdated
Speaking honestly from the perspective of a real estate salesperson, landed property buyers are more often than not poorly advised in regards to a land’s potential.
Purchasing a strata unit is easy enough without considering construction cost (i.e., Additions & Alterations (A&A), reconstruction, redevelopment). But this is very crucial for landed property buyers and there can be a lot of hidden costs if they are not careful.
Sure, you can always add in an