Some People Excel at Real Estate and Some Don't – Here are Tips if You Don't

Are you one of those who don’t have a clue about real estate, be it buying property, selling or renting? There is a lot of activity and buzz surrounding real estate in Bahrain, but if you are clueless, here are some tips that could come in handy:

No matter whether you are buying or selling property, it helps to look up online listings and get hold of a real estate agent. A trusted and reliable agent will help you look for properties that match your budget. Having a budget is one of the first steps when it comes to buying, and expecting a certain price when it comes to selling.

Location is very important when you buy property, especially when it comes to real estate in Bahrain. This is because there are rules for property ownership in the country. GCC/Bahraini nationals can freehold properties wherever they want. There was a time when foreigners were only allowed to rent, but that has changed. There are now freehold regions for expats to invest in real estate. It is best to consult a real estate agent, lawyer and experts in Bahraini real estate before you invest.

Some of the freehold areas in the kingdom of Bahrain include Amwaj Islands (mixed use), Reef Island, Juffair, Seef, Bahrain Bay, and Durrat Al Bahrain.

When you are looking for property, ask the right questions. Check the builder/owner’s antecedents. Find out what the general prices are in the locality before you make a commitment. Discuss all aspects with your agent before you make a call.

In terms of prices, some of the highly priced projects are in the new resorts and tourist spots. Prices are on the higher side in localities like Amwaj Islands. Juffair is more moderately priced.

When it comes to registration of property, any real estate in Bahrain needs registration with the Survey and Land Registration Bureau (SLRB). Also, you should get your sale agreement notarized. You will need to pay a fee for both the notarization and registration. You should remember that the property belongs to you only after you have completed your registration formalities at SLRB. Foreign buyers have to meet certain other requirements when they get their documents notarized.

Typically, if you buy or sell via a real estate agent, the fee can range from 1 to 5 or 6 per cent of the overall property price. The fee also depends on which type of real estate you are buying.

sactions will keep the residential real estate sector buoyant in the region.

New Real Estate Bills to Bring Transparency in Realty Sector

In a recent press statement, Compare Casa, the only property comparison sites for L Zone has applauded the steps and measures taken by government with respect to new real estate bill. Apart from the transparency factor in the market as supported by the Compare Casa, the company has further focused on the point where the bill is stated to be a motivator for the industry credibility and accountability while encouraging the flow of funds into the market.

The bill as passed by the Upper House of the parliament on March 10 is also is being known as the Real Estate (Regulation and Development) Bill 2016. The bill is centrally focused around the protecting the interests of home buyers bringing in better transparency and accountability into the real-estate sector and areas.

Many financial firms in the market are optimistic about the fate of the bill for a longer period and range as it has enough teeth for protecting the interests of home buyers with respect delay of the housing projects and ensure the greater transparency.

It has been told to be a major reformation in order to regulate the extensive real estate sector. The mandatory disclosures and registration there could reduce the extensive lying black money transaction in this sector and the market. As the government has an absolute majority in Lower House, the bill would be going to be passed through and an easy manner effectively.

From an extensive range of activities in the bill, the key features of the bill include timely execution, accountability and transparency. The Bill proposes setting up state-level real-estate regulatory authorities in which it is mandatory for all the builders to register all projects above 500 sq mts (earlier 4000). This would apply to both residential and commercial real estate projects, including even those are at present are under construction. Further under the bill around state-level appellate tribunals will be set up for addressing complaints. A timeline of a maximum 60 days has been offered for the resolution of all disputes and failures. On the part of the developer in case of failure of registration for the project, a imprisonment for about three years for the developers is required or the fee cost of about 10 percent of the project therefore is the penalty or project cost or both are to be implemented. Home buyers and real-estate agents in case of any fault even can lend into upto one years of imprisonment.

How To Get A Career In Real Estate

Do you have a passion for sales? Are you a persuasive talker? If so, then a career in real estate may be the perfect opportunity for you. Now that you found your calling, the next step is to set your foot inside the industry.

If you are wondering how you can possibly acquire a career in real estate, then look no further. This brief article will walk you through a series of tips you need in order to be successful in one of the most cutthroat business known to man.

1. Know what drives you to work hard

The reason behind your motivation is one of the most crucial factors you should consider before pursuing a career in real estate. If you’re in it for the money, but aren’t willing to put in the effort and hard work, you should think twice. This job isn’t all about sales, it also requires marketing and customer service. So, in order to get your hard work’s worth, you should be prepared to invest your time and interact with different types of people.

2. Get advice from Real Estate professionals

There’s no better way to understand the path that you are about to take than to learn from the practitioners themselves. It is also advisable to not settle for top-notch agents and interview real estate professionals at different aspects of their careers. Find out what they love and hate about their job, what it’s like in a day in a life of an agent, and what advice would they give you in order to succeed in the industry. This will give you a deeper understanding of the career’s nature and a chance to know if this is the right path for you.

3. Start building your network

A surefire way to get ahead in your career is through networking. This doesn’t only mean bombarding your phone with contact numbers and stuffing your wallet with calling cards; networking is an opportunity to advance in the corporate world by means of long-lasting relationships. Acquiring a rich network can also benefit you in more than one way. Aside from harnessing useful information from your associates, this can also benefit your business by giving you connections to home buyers, sellers, and potential investors.

4. Learn to budget

Living on a commission is no joke, especially if you are accustomed to regular paychecks. Making your way up the real estate ladder can be a stressful task, so it would be wise not to put an aggravating financial situation on top of an already demanding position. If you want to prevail in this industry, you must incorporate discipline into your spending habit.

5. Invest in corporate clothing

As I’ve mentioned in previous articles such as ‘5 Power Grooming Secrets Every Real Estate Professional Should Know,’ dressing sharply is crucial to the job. You will be judged the minute you enter the room, your intelligence and credibility will be based on your looks and demeanor. So, to portray a smart and professional image, you should dress for the part. Besides, you’ll feel more powerful when in the right suit.

6. Get a real estate license

If you’ve made up your mind and are looking to pursue a career in the real estate industry, then a real estate license should be next on your list. Each state has a different set of requirements for real estate licensures. You should also expect to invest a certain price; this license fee may also vary with each state.

This brief article is only meant to guide you to determine if you are fit for this kind of profession, but the final verdict is still yours.