How to Make Money as a Real Estate Agent in Pakistan

The real estate agent is one of the most profitable and satisfying occupations in Pakistan. It provides a great incentive to earn big commissions, be one’s boss and contribute positively to the lives of individuals to become property owners or sellers. But, to become a successful real estate agent in Pakistan this is not easy because it requires more than one technique, plans and understanding of the market. Today, we will discuss how to make money as a real estate agent in Pakistan. Or, how to become a successful real estate agent in Pakistan?

Let’s explore how to make money as a real estate agent in Pakistan.

So, it’s time to consider some more precise recommendations of this blog devoted to making money as a real estate agent in Pakistan, backed up by examples and experience of successful agents. These tips will assist; a beginner or an experienced agent in making money as a real estate agent in Pakistan.

• Understanding the Market
• Strong communication network
• Local Expertise
• Online Presence

Understanding the Market

The first strategy that should be adopted by any real estate agent in Pakistan to make more money is to be familiar with legal issues. It is important to comprehend the characteristics of current mobility in the local real estate market to select the right time to invest in the desired property, to provide your clients with the most suitable suggestions and to achieve the highest effectiveness of bargain. You should keep yourself updated on the following aspects of the market:

• Demand and Supply
• Price Trends
• Legal Regulations

 Demand and Supply:

You should have a view of the demand and supply circumstances of the properties today as well as in the future, as in; residential, commercial or agricultural. You should also know about the factors that influence demand and supply which include population, income, urbanization, Infrastructure, government policies and security.

Price Trends:

Another factor that you should be aware of is the past and prevailing market rates of the various properties in your region, whether they are; apartments, houses, plots, or farms. You should also know what influences the development of these trends: location, size, quality, amenities, and sentiment of the market.

 Legal Regulations:

There are legal requirements that the business should understand concerning the real estate transactions it is involved in such as the registration, taxation, documentation, and Solution to real estate disputes. You should also know who enforces and regulates your real estate agent through the Real Estate Regulation and Development Authority (RERA), Federal Board of Revenue (FBR), Capital Development Authority (CDA), and local municipal corporations.

Build a Strong Network

The second strategy in the process of making money as a real estate agent in Pakistan is developing a contacts and client base in the field (Networking). Networking is key indeed in Pakistan’s real estate sector as it will get you more access to opportunities, help you get more leads, and thus; you will sell more properties. You should develop relationships with the following types of people in the industry:

• Property Developers
• Investors
• Lawyers
• Other Professionals

Property Developers:

Property developers act as promoters and also perform as contractors of real estate projects like housing societies, commercial plazas shopping malls etc. They are producers of new and unique products in the market and may require marketing and sales skills to sell developments.

You should create strategic alliances with local property developers and participate in their pre-launch events, site trips, and exclusive listings. You should also try and see what other projects they are working on, currently and in future, and get involved with them.

 Investors:

Promoters are people who are involved in the acquisition, development and disposition of interest in property to earn income and this may include an individual, company or funds. They are the providers of capital and Liquidity in the market and sometimes they require information and direction on where and how to invest.

You should similarly engage with local and foreign investors and offer them valuable information on the market, appropriate properties, and investment venues. You should also bear yourself equipped with new investment decisions, spending plans and portfolios and present yourself to be of help to them.

 Lawyers:

Lawyers are individuals who are professionally involved in dealing with matters pertaining law of real estate, especially in drafting, critically examining and booking contracts, deeds and other documents. It shows that they are the legal advisors and implementers of the market and may require coordination to do their work.

You need to interact and seek advice from lawyers from your area on laws, procedures, and likely legalities pertinent to real estate transactions. You should also try to note down their fee structure, and date availability and lastly, you should provide yourself to them.

 Other Professionals:

Some other participants or individuals may offer a variety of services and or goods linked to the real estate transaction processes including architects, engineers, contractors, surveyors, valuers, bankers, brokers, agents and consultants. They are your specialists and customers in the market and a lot of the time they require leads and insights for development.

It would be best if you searched various business professionals in the market and can ask them for advice, referrals and recommendations. You should also keep yourself up to date with their skills, rates and quality and present yourself to them for business.

One can create his/her network within the industry by attending industry events, joining associations in real estate, participating in an online forum, creating content and sharing, and being very active in local business communities. If you wish to find more contacts and referrals in the Pakistani real estate industry you can use the Bing to search the web.

Local Expertise

The third strategy to make a good revenue as a real estate agent in Pakistan is the niche market approach in the geographical or type of houses to deal with. No matter whether you are operating in the residential commercial or agricultural real estate market, it is always possible for you to become a local expert, that will put you in a better position because you will have something that none of your competitors has, that is, information, which in turn can bring in more customers and better negotiating power as well. You should focus on the following aspects of your specialization:

• Market Knowledge
• Experience
• Reputation

Market Knowledge:

To be more specific, you need to have lots of information about what you specialize in, like the place, size, quality, service and other facilities provided, and the price of different houses and apartments. You should also be conversant with the various trends, and opportunities such as demand, supply, prices and legalities in the market of your specialization. You also should know a lot about the advantages and flaws of your specialization’s offer, for example, gardening, gardening services, or certain area or type of housing, with all its perks and minuses, like living/working in a specific neighbourhood, or residing in a certain type of house or apartment.

Experience:

You should have prior working experience in your field of operation, say the number and value of properties you have bought or sold within a specific area or type of property. You should also meet the following qualifications; prove you have a record of accomplishment of producing results and meeting client expectations in your area of specialization for instance the testimonials, reviews and ratings provided by your previous clients.

You should also provide practical experience in solving the problems and coping with the challenges in the line of specialization including the matters, threats and difficulties in the previous transactions that you have handled.

Reputation:

You should have a positive reputation in your area of specialization, such as the recognition, respect, and trust you have earned from your clients, peers, and partners in a certain area or type of property. You should also have a strong reputation in the market, such as in ranking, rating, and awards you have achieved in the industry.

You should also have a professional reputation in the community, such as the contribution, involvement, and leadership you have shown in the local business and social circles.

You can use various ways to showcase your local expertise in the industry, such as creating and sharing content, offering free consultations, hosting webinars, conducting market surveys, and organizing events. You can also use Bing to search the web for more information and insights on your area of specialization in the Pakistani real estate market.

Also read, 7 Reasons Why Real Estate Business is Profitable Over All Businesses in Pakistan?

Online Presence

The fourth strategy of making a dollar while practicing real estate in Pakistan is creating a decent web presence by; cấpinkyte ṣ one’s professionally designed website social media accounts, and property listing sites. A large number of potential buyers and sellers in Pakistan now use the Internet to search for properties, there is therefore no option for any real estate firm to operate without having an online platform through which to advertise, market, and promote their company, services, and products; as well as to take advantage of the leads generated from such platforms to generate sales and to universally market and build their brand. You should focus on the following aspects of your online presence:

• Website
• Social Media
• Property Listing Platforms

 Website:

You should have a professional website with your profile, portfolio and services that you offer. It has to be easy to navigate, designed with minimal view to mobile devices, and be as friendly to the search engines as possible. It should also contain good and persuasive CTAs like contact forms, phone numbers, email addresses and social media buttons.

Social Media:

You should, therefore, have a vibrant and dynamic social media presence in the main social media accounts such as Facebook, tweeter, Instagram, Linked In and YouTube. Social media for your business should be used for sharing content, advertising your services, responding to your users as well as strengthening your brand. You should also use real estate agent performance and respond to the feedback, reviews, and questions from your clients and prospects. You should also like and follow the group, page, or hashtags that are all about real estate in Pakistan.

Property Listing Platforms:

It would be best if you were using the efficient and widely visited property listing websites in Pakistan including Zameen, Lamudi, Graana, and OLX. These should best be utilized as a listing service for your properties, as a portfolio, and as a lead generation tool.

You should also use these platforms for verification of properties, various prices, and the number of sellers out there. You should provide complete, up-to-date information on your listings, that should adhere to each social media platform’s policies, and that social media marketing should involve a strategic approach.

Frequently asked questions

Q1. Is real estate profitable in Pakistan?

Real estate in Pakistan offers good returns, mainly from land value appreciation. Rental yields are low.

Q2. What part of real estate is most profitable?

Commercial real estate tends to be most profitable, with higher income potential, longer leases, and lower vacancy rates.

Q3. What is the future of real estate in Pakistan?

Pakistan’s property sector is projected to hit $2.11 trillion by 2024, with housing properties accounting for $1.49 trillion.

To sum up, making money as a real estate agent in Pakistan requires skills, strategies, and knowledge. Following the tips above in the article, you can boost your income and grow your business in the Pakistani real estate market.