RE/MAX Mumbai Gujarat Maharashtra Newsletter January 2014

MGM NEWSLETTERJanuary - 2014

RE/MAX MGM Safal Profitaire, Block A, G5, Corporate Road, Opp. Prahladnagar Garden Road, Ahmedabad – 380 015 Phone : +91 99090 66999 Email: [email protected]

HigHLigHTS

» Management Speak

» New Broker Associates

» Online Training done in JANUARY

» BA SPEAK

» iConnect LISTING CONTEST

» Regional tie-ups

» Builder Meet

» Dangers of Overpricing

» 5th Anniversary of RE/MAX India

» RE/MAX International turns 41!

» Listing in Gujarati / Local Language

» Chart of listing page hit statistics of Gujarat Region

» International RE/MAX News

RE/MAX Mumbai gujarat Maharashtra

Management Speak:Dear Associates,

The first month of the year is usually the busiest. First of all there are festivals like Uttarayan to enjoy, then starts the wedding season part two and thirdly NRIs come in hordes to visit India as this is the most comfortable season. When US suffered the “big chill” India also was not far behind in recording lowest temperatures in a few years.

Meanwhile at RE/MAX things kept progressing. Our technology platform has tremendously grown and has been giving enough fire power to our agents to provide satisfactory services to the customers. RE/MAX celebrated its 41st anniversary which was observed not only in Denver but in 90 other countries as well. RE/MAX as always focuses on training and this month we had a few training programs too.

RE/MAX MGM has started a contest in which each agent will earn money to merely list the properties online. Of course conditions do apply, but to put it simply, earnings start immedi-ately once you list your property on our portal. I got inspiration from a fellow region owner of RE/MAX Malta. What is so amazing is the fact that a country about 6% in size of Ahmedabad, it has 15 times the number of listings! I had a detailed conference call with him last month and have taken major lessons from their successes. I hope that one day people give an example of RE/MAX MGM and we can also inspire a lot of people in the world...

RE/MAX MGM did a couple of tie-ups with a few builders. The entire RE/MAX network will get to market their listings, get priority over other brokers in information, pricing and inventory. We hope to tie up with almost all builders in Ahmedabad so that we can help the builders market their properties worldwide and at the same time provide maximum options to choose from to the customers.

I took a short break this month and visited the Rann of Kutch. The experience was exhilarating, especially a visit to Indian border with Pakistan, which was so far that you could feel how big our country is. Looking at the excellent arrangements at the Gujarat Tourism’s tent city, I think the day is not far when Gujarat’s tourism sector will witness exponential growth.

Looking ahead to a great sales month!

Manan Choksi

Regional Director

RE/MAX Mumbai Gujarat Maharashtra

RE/MAX MuMbAi –GujARAt – MAhARAshtRA

RE/MAX Mumbai gujarat Maharashtra registered 06new agents in the month of January2014. RE/MAX MgM congratulates all these Broker Asso-ciates for joining RE/MAX and wishes them all the best.

RE/MAX Metro Chirag A Sethna

RE/MAX Metro PremalbhaiP Jhaveri

RE/MAX Advantage Sachin Jain

RE/MAX Advantage Siraz Padhiar

RE/MAX Property Clinic Ashish K Joshi

RE/MAX RONISUN Realty Sulabh Agrawal

ONLINE TRAINING IN JANUARY 2014

DATE SESSION NAME

08/01/2014 Things to do in a Slow Market21/01/2014 Dangers of Overpricing

Mr. Jigar Pandya, RE/MAX METRO, Ahmedabad

Why one should prefer RE/MAX Agent

I have been working with RE/MAX for over 18 months now and Ithink it was a right decision I took to change the profession.Before this I

have worked for more than 12 years in different FMCG companies as a marketing executive for different productsand also I am an active Insurance Agent with MAX Life Insurance.

Experience of all the professions were to get in touch with lot ofpeo-ple and know their requirement and that is helping me here inRE/MAX.I have studied various successful agents what I found that whenyou choose a RE/MAX Sales Associate to sell your home or helpyou in the home buying process, you’ll experience an exem-plary level of service.

RE/MAX agents are the most knowledgeable agents, with the experi-ence and community connections toassist you in the home buying process. Across the globe, they’re the people next door, or just down theblock.The home buying process can be a difficult task. But with the expertise of a RE/MAX agent, buyers canrest easy.

RE/MAX agents have the experience to get the job done in today’s market. That’s why customers goingthrough the home buying and selling process know RE/MAX Associates as The Real Estate Lead-

ers andwhy no one in the world sells more real estate than RE/MAX.

Customer Satisfaction

The proof of quality service is in repeat customers and in customers who refer RE/MAX Associates tofriends. RE/MAX Sales Associates typically generate a large percentage of their business from past customersand referrals.

Education

At RE/MAX, advanced education is a priority. RE/MAX Associates dominate the Accredited Buyer’sRepresentative(ABR), Certified Residential Specialist (CRS) and many such designations.

When you look for the highest quality real estate service, look to a RE/MAX Associate. RE/MAX Associatesare The Real Estate Leaders. You can depend on RE/MAX Associates to make the sale or purchase of ahome as effortless and seamless as possible.

I thank our regional ownersmybroker owner and my fellow associ-ates for guiding me to become a successful realtor.

The biggest compliment I can receive is a referral. If you or anyone you know is interested in buying, sellingor investing in real estate.

JIGAR PANDYA, BROkER ASSOCIATE, RE/MAX METRO AhMEDABAD.

Broker Associate Speak:


RE/MAX MgM team joined RE/MAX india at its gurgaon HQ to celebrate RE/MAX india’s 5th Anniversary.

Mr. Sam Chopra and Ms. Saloni Chopra founder of RE/MAX in India shared their journey so far and vision for coming years. Mr. Manan Choksi, Mr. Aashil Patel Regional Owners of RE/MAX MGM and Mr. Anand Choksi Broker owner of RE/MAX ADVANTAGE , Mr. Prashant Nair and Mr. RohitrajKeshwani broker owner of RE/MAX Plus also remained present at RE/MAX HQ for celebrations.

Along with this Mr. Tanmay Mehta and Ms. Krutika Mehta attended Franchise Sales Workshop and Mr. Pranav Pandya attended Train the Trainer workshop. RE/MAX India has come up with comprehensive Agent Training Program which will be conveyed to you all soon.

RE/MAX MgM has come with a unique “PROPERTY LiSTiNg SCHEME” for all its agents to upload more quality Listings with a target to surpass listing of other portals and will initially spend Rs. 50000 as award money. gRAB THiS OPPORTUNiTY AND UPLOAD MORE LiSTiNgS!


ARVIND INFRASTRUCTURE a budding real estate developers in Ahmedabad and Banglaore invites Broker Owners of RE/MAX MGM to discuss its various upcoming projects and tie-up with RE/MAX MGM. Mr. Aashil Patel Regional Owner and Mr. Pranav Pandya , Franchise Development Manger with all Broker Owners of Ahmedabad attended the same and got the details of Projects being developed by ARVIND INFRASTRUCTURE.


RE/MAX MgM has done tie-up with green Blossom and JP iSCON group to market their properties.

Please contact [email protected] or [email protected] for any query you may have regarding various tie-ups we have done with reputed builders of Ahmedabad.


In the current market four elements must be in place before you take a listing • Motivated sellers • The right price • A long enough listing period • A large enough commission rate

Market cycle:

Boom period: prices keep on rising; properties get sold in 3 months of listing. Slowdown: prices keep on dropping; proper-ties get sold in 12 months of listing. Balanced period: prices are stable and properties are sold in 6 to 8 months. Right now our markets are in between complete slowdown and a balanced period.

Myths for Seller:

If I list at a higher price, it will get sold at a higher price. If I list at a lower price, the seller will not buy thinking there is some problem with the property. I need negotiation room so let me pad up my prices. Whatever price I list, I will be able to find a buyer in due course, irrespective of the CMA I can sell late and suffer no financial loss.

Overpricing listings works against your best interests – and the sellers’. It leads to fewer showings, showings but no contract, similar homes selling for less and repeated negative comments.

Number 1 problem with overpricing:

Today buyer searches property online. • Over Priced property gets fewer number of viewing as buyers keep a criteria to search. • So if a 1 crore flat is put at 1.25 crore, and the buyer searches for flats between 85 lakhs to 1 crore, this flat will not be shown. • So there goes a lot of property inquiries.


• The over priced property will be sold at a lower price than the market. • As the market is getting slower by the day the same 1.25 croreapartment (whose market value is 1 crore) will be sold for 95 lakhs • This is due to various factors including: • Impa-tience of the seller and the seller’s agent. • Bad impression in the market that the property is on sale for long. • General market slowdown


• Loss of opportunity due to lack of liquidity. • The seller would have some plan of investing money in another property which may get sold • Sometimes the dream house will get sold out


• India has one of the highest interest rates today than it used to have in the past. • So once you have 1 crore flat sold 6 month late then @ 9% annual interest you will lose 4.5 lakhs worth of interest income. • More importantly you will sell the property eventually at 95 lakhs.

Time Investment

• Those that are selling a home and list it too high will find that it may linger on the market, which drags out the selling process. • The longer a house is for sale, the more time must be invested with showings, cleanings, and negotiations with potential buy-ers. • This also means that a home will lose out on the newness factor that often helps property on the market get sold.

Less Chance Of A High Final Sell Price

• Overpriced homes do not generate as much interest in the market as similar homes that are priced reasonably. • For this reason, they tend to stay on the market longer. The longer a home is on the market, the further down the price will go. • This means that people that price their home too high initially will often wind up getting below market value because the house has been listed for such a long period of time.

Brokers don’t take Exclusivity

• For an over priced property the agent doesn’t invest his re-sources to the full extent • Most brokers don’t take exclusivity for an over priced property • Hence the owner has to do the leg work of promoting the property.

Dangers of overpricing

• The right buyers won’t see it • The higher priced buyers won’t want it • Risk of falling market • Tough to Close • Low Ball offers

The Advantages of Proper Pricing

• Higher Net Sales • Attract Better Offers • Better Response from Advertising and Sign Calls • Faster Sale • Increased Agent Response • Avoid Your Home from Becoming “Shopworn”

A better strategy:• In such a market some people “under” price the property. • So for example the same 1 crore flat is listed at 95 lakhs. • This results in to more interested buyers and we get a lot of inquiries. • Then the customers don’t negotiate and openly mention that we have got a lot of inquiries we are planning to sell at 1 crore. • The key is to get a lot of offers, once you have that you can increase the price to the buyer who is really interested. • Else just reject the offer!

How to right price?

• Search online for comparative prices. • Look for similar property deals in the recent past in the same area. • Look for listing in clas-sified advertisement • Talk to a few agents as a buyer and to same agents at a seller – so you can know the real price. • Talk to a seller who has the nearest comparable property and negotiate.

In a nutshell: • Nothing erodes the value of a property more than over pricing does. • So take full care while pricing the property as it can make or break the deal. • Don’t over price.

Dangers of Overpricing – Manan Choksi, Regional Owner RE/MAX MgM


Reserve Bank to withdraw all pre-2005 currency notes from circulation

The Reserve Bank on Wednesday decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 de-nominations, after March 31 in a move apparently aimed at curbing black money and fake currencies.

“After March 31, 2014, it (RBI) will completely withdraw from circulation all bank notes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes,” the RBI said in a statement.

The public can easily distinguish the currency notes issued before 2005 as they do not have the year of printing on reverse side. The year of printing in a small font is visible at the middle of the bottom row in notes issued after 2005.

So check the cash lying with you and do needful and don’t be panic!

international News:

RE/MAX Celebrates 41 Years

RE/MAX LLC is celebrating its 41st year as the company continues to lead in market share, agent productivity and international expansion. Co-founded by Dave and Gail Liniger on January 30, 1973, the company has attained countless achievements throughout the years, including a successful public offering last October. RE/MAX trades under the ticker symbol RMAX on the New York Stock Exchange.

“Over four decades, RE/MAX has weathered the ups and downs of the real estate market and has continued to grow, outperforming our competitors,” said Dave Liniger, RE/MAX Co-Founder and Chairman. “Our agents are ded-

icated to helping folks realize the American dream of homeownership. And, we’re dedicated to supporting our agents and offices.”

More here…. http://www.remax.com/c/about/news_article/re-max-celebrates-41-years

RE/MAX Leadership among Most Influential

RE/MAX Chairman and Co-Founder Dave Liniger and RE/MAX CEO Margaret Kelly are named among 2013’s top real estate leaders in two prestigious industry lists, the Inman 100 Most Influential Real Estate Leaders and the Swanepoel Power 200.

Both surveys recognize leaders who most influence and advance the real estate industry. Among the nominated are thought leaders and en-trepreneurs who embody originality, strength, power and principle.http://www.remax.com/c/about/news_article/re-max-leadership-among-most-influential

RE/MAX Recognized Among Top Franchise Opportunities

Global franchisor RE/MAX, LLC once again holds the top ranked position among real estate brands in the prestigious 35th Annual Entrepreneur 2014 Franchise 500®. Appearing in the January edition of Entrepreneur magazine, this year’s ranking is the 11th time in 15 years that the Franchise 500 named RE/MAX as the top franchisor in the real estate category.

“It’s truly an honor for RE/MAX to be recognized as the highest ranking real estate organization in this year’s Franchise 500 survey,” said Margaret Kelly, RE/MAX CEO. “We provide our franchise owners with a comprehensive collection of resources to support their business goals. In addition to strong brand recognition RE/MAX franchisees benefit from award-winning training programs and cutting-edge technology tools.

”hTTP://WWW.REMAX.COM/C/ABOUT/NEWS_ARTICLE/RE-MAX-RECOGNIzED-AMONG-TOP-FRAN-ChISE-OPPORTUNITIES


global.remax.com Now in gujarati, Hindi and other local languages

RE/MAX gujarat Listing Hit Statistics

The below statistic of Gujarat Region speaks a volume. The more listing, the more hits resulting in more deals. So List more properties on iConnect and reach to more customers.


Real Estate News:

Home sales bounce back in December quarter, clocks 22% rise in top 6 cities

After several quarters of tepid growth, home sales bounced back in the three months to December with a 22 per cent rise in top six cities, according to property research firm LiasesForas.

Bangalore posted the biggest gain with home sales growing 58 per cent over a year ago between October and December while the National Capital Region (NCR) registered the smallest gain of 4 per cent among the top six cities. Read More..http://economictimes.indiatimes.com/markets/real-estate/realty-trends/home-sales-bounce-back-in-december-quarter-clocks-22-rise-in-top-6-cities/articleshow/29833636.cms

Housing Start Up Index launched for 27 cities

There is a declining trend in the construction of housing activities in big cities like Kolkata and Chennai whereas a growth is apparent in small cities like Bhopal and Hubli in the housing sector, according to the Housing Start Up Index.

HSUI, an indicator of volume of construction in the housing sector during a certain period, was released today covering 27 cities across the country.

Read more… http://economictimes.indiatimes.com/markets/real-estate/news/housing-start-up-index-launched-for-27-cities/arti-cleshow/29818722.cms

Shopping mall space supply to more than double in 2014: Report

Supply of retail space in shopping malls is expected to more than double in 2014 to 11.7 million square feet in the top seven cities of the country compared to last year, according to a report by property consultant JLL.

During 2013, these 7 cities - Bangalore, Chennai, Delhi-NCR, Kolkata, Hyderabad, Mumbai and Pune - logged an estimated supply of around 5.2 million square feet, taking the total shopping mall stock to 76 million square feet (sqft). Read More…http://eco-nomictimes.indiatimes.com/markets/real-estate/realty-trends/shopping-mall-space-supply-to-more-than-double-in-2014-report/articleshow/28241675.cms

Bangalore likely to top country’s office space demand this year: Cushman & Wakefield

India is likely to witness the second highest demand for office space in 2014 among the top 30 cities in the Asia-Pacific region, according to a report by property consultancy Cushman & Wakefield, which says Bangalore is expected to be the biggest market in the country due to the expansion of IT, ITeS and multinational companies. Read More..http://economictimes.indiatimes.com/markets/real-estate/realty-trends/bangalore-likely-to-top-countrys-office-space-demand-this-year-cushman-wakefield/article-show/28251175.cms


Photo gallery:

Regional Owners at RE/MAX India during 5th anniversary celebration and Regional Owners’ Review Meet with new RE/MAX Branded Winter Jacket.


http://issuu.com/remaxindia/docs/remax_in_india

TEAM RE/MAX MGM enjoying 5th year Celebration of RE/MAX India with ParulChaudhary accompanying!

RE/MAX MGM Safal Profitaire, Block A, G5, Corportate Road, Opp. Prahladnagar Garden Road, Ahmedabad – 380 015 Phone : +91 99090 66999 Email: [email protected] NOBODY IN THE WORLD SELLS MORE REAL ESTATE THAN RE/MAX