The technology landscape is moving at a rapid pace and affecting business models in almost every industry. Marketing executives are compelled to adapt their advertising efforts by spending more and more of their budget on software that will help improve customer experiences.The Future of Property Viewings: 360° Virtual ToursThe real estate industry is no exception and property agencies are quickly adapting these advances into their business models with the end goal of improving customer experiences.One new feature that is creating tremendous buzz is virtual property tours. This capability gives potential clients a realistic preview of the property without ever leaving the comfort of their home. Most describe this experience as a mix between Google Maps and The Sims, the video game.Reshaping the Property Market with Virtual ToursWhat makes these types of virtual tours unique is the incorporation of three-dimensional renderings of the property called a ‘dollhouse’. By rotating the dollhouse left and right, up and down and then ‘walking’ through the space, potential clients can get a far better understanding of the layout, the relative size of rooms, as well as the property’s orientation towards features outside. This revolutionary concept is beneficial for buyers, sellers, renters and even agents alike. It enables clients to experience a realistic view of a property before they visit, while simultaneously reducing the amount of foot traffic generated by in-person viewings, a relief for sellers who are concerned with privacy, or are selling a tenanted unit. It can even stimulate ideas about how best to furnish a property to maximize the limited space that is generally available in Hong Kong.Matterport, the company behind the imaging technology, has made the process of capturing a tour no more difficult that taking standard photographs, a welcome relief for agents and landlords alike. The process involves using a special camera that takes photographs and spatial scans from various positions around the property. In post-processing, algorithms combine the 2D images with the spatial scan data to generate a real-world 3D environment.Virtual tours will naturally improve over the next few years using 360-degree cameras, drones and 3D imaging. When you combine rich imagery with information such as historical property transactions, predictive intelligence on pricing trends, information on schools, recreation and businesses, individuals will have a far more comprehensive idea about potential properties before they even go on viewings.Each incremental step enhances service levels contributing to both the efficiency and transparency of the process, which in turn, results in happier clients.As we move forward with emerging technologies, it will not be long before customers’ demands become more sophisticated. It is up to individual businesses to take advantage of the opportunities offered by new technologies and to use visual imagery in extraordinary new ways.Search our listings to experience virtual property tours!Dedicated to growing your personal success? Sign up to receive helpful articles, new listings and market updates!

Measuring your Return on Investment is a business essential as it dictates future endeavors and further investments. There’s an extensive amount of research done that advises professionals on how to anticipate great returns on investments irrespective of the industry. What is not frequently discussed is the other ROI, the return on interaction, especially in the Hong Kong property industry where time is a precious commodity for both you and your clients.How do we anticipate great returns on our daily interactions with clients? Helping someone buy a property in Hong Kong requires a people-centric approach. Building positive, meaningful interactions will yield tremendous success for any agent.How to Get your ROI: RETURN ON INTERACTIONCut the ChatThe “Two Ears, One Mouth” quote is a powerful reminder that we should listen twice as much as we speak. As easy as this sounds, it can be quite difficult considering it’s twice as hard to listen as it is to talk. Practicing your listening skills is both a valuable and powerful skill and for many it’s an area of opportunity.Research shows that the average person listens with only 25 percent efficiency. This is an indication that a lot of information is going in one ear and out the other without any processing. Habits such as staying present and being empathetic are a few tips that can help improve your listening skills.What is your current ear to mouth ratio? You need to determine whether you are making a conscious effort to process what the other person is saying.As a first introduction with a client you should ideally be speaking for 30 seconds to one minute. Think about it, you know everything there is to know about yourself and the property you are selling, so why not let the client do the talking?Keeping an introduction brief is key when trying to understand your customer. Take time to perfect your elevator pitch, as it should quickly explain who you are and what your skills are so you can quickly get to focusing on the client.Ask Open Ended QuestionsAsking your client open ended questions creates a valuable conversation for both parties. It allows you to get a better understanding of their character and what they value most in their lives.Finding the perfect property becomes easiest when you understand what is most important to your client and how they make decisions. Next time you are with a client, ask them questions that go beyond the standard requirements. Try asking questions that highlight their principles. Here are some open-ended questions to get you started:What is something in a home you cannot live without?Would you consider other districts beyond your current selection?Why/why not?Where do your friends and family live? Is it important to remain close?How long have you lived in Hong Kong? Where have you lived in the past and what did you love/hate the most?This will lead to more discussion around where they lived before, what they liked/disliked – was it the building? The district?What brought you to Hong Kong?Knowing someone’s profession may lead to other questions that help with a property search – do they work long hours? Where is their office? How do they commute to work? Do they travel frequently for work?What do you like to do for fun? Are you an entertainer who frequently hosts parties? How do you enjoy spending your weekends?How important is the kitchen - do you often eat out, or do you enjoy cooking?These questions help you quickly understand your client as a person, which ultimately helps you suggest better options for them.Listen to What They Are NOT SayingPeople don’t always say what they mean, and often the top requirements on a client’s list will immediately move down in priority when you show them a wild-card listing not on their radar. Naturally, you should always aim to view properties that fit the client’s requirements, but it’s important to assess which requirement falls lower on their given list. The job of an agent is to be completely transparent and realistic.For example, if a client’s goal is to furnish their Soho apartment with a King-sized bed, a large dining room set PLUS patio furniture (grills included), then you need to have that realistic chat with them about considering another district. It’s your job to assess these requirements and determine which one they can live without. For example, if family and friends are very important, then they may be more focused on the bigger dining room for entertaining rather than the included balcony. Listening to those subtle mentions allows you to steer your clients in the right direction.Ultimately, you’re trying to maximize the effectiveness of your time with every client. Getting to know them is just as important as introducing great properties. The better you know them, and the more they trust you, the faster you’ll be able to find that perfect property for them!Dedicated to growing your personal success? Sign up to receive helpful articles, new listings and market updates!

OverviewAs of month end October 2016, the residential volume of property transactions in Hong Kong decreased by 15.7% whereas the corresponding residential value decreased by 2.6% compared to the previous month. This bucked the accelerating upward trend of recent months with m-o-m growth in home prices reaching a peak of 2.7% in September, and the period between April and September yielding a total residential property price surge of 8.9%.This momentary dip in property prices has been largely attributed to the anticipation and subsequent enactment of the ad valorem stamp duty by the Hong Kong government. Put in place on November 5, it was primarily introduced as a cooling measure for Hong Kong’s overheated residential property market. Stamp duty aside, to gain a more holistic outlook as to the current state of Hong Kong’s property market, it is also important to take other external factors including developer and price considerations, foreign investors as well as Hong Kong demographic trends, into account.State of the Hong Kong Property MarketAd Valorem Stamp DutyThe increase in the ad valorem stamp duty (AVD) dominated the Hong Kong real estate news cycle in November. Replacing the doubled ad valorem stamp duty (DSD) with a flat rate of 15% (except for Hong Kong residents who are first time home buyers), and pulling the total transaction cost for non-locals up to 30% of the total consideration.The stamp duty has led to a growing number of Hong Kong buyers defaulting on their agreements and in some instances forfeiting their deposits. According to Midland Realty’s data, during the week of November 7, home sales in 35 housing estates plunged by 36.5%. Despite this, the new rate is expected to have minimal impact on luxury properties since there is still an abundance of capital flows from mainland China given the political and economic volatility of other markets.Domestically speaking, though there will be a drop in transaction volumes for residential properties in Hong Kong with Credit Suisse forecasting a 22% price correction by the end of 2018, according to CLSA, the downward correction of prices could be a temporary event since the stamp duty does not affect first-time buyers and is intended to curb demand from ‘upgraders’ seeking to purchase a second home. Ultimately with the onset of potential interest rate hikes and a potential freeze in transaction volumes as buyers hold off on selling their homes, property prices could yet recover swiftly.Developers & Chinese BuyersReferring to Land Department data, though developer shares fell rapidly following the government’s stamp duty announcement, tenders for sale of government land for seven months leading up to November 2016 as well as land sale revenue in 2015 reached record levels, hitting HKD52.84 billion and HKD43.31 billion respectively. According to Colliers, developer interest will likely carry on into 2016 leading to the supply of more residential units in Hong Kong.This trend is likely to continue despite a curb in luxury property investment from mainland Chinese buyers. Deterred from entering the real estate market by the yuan’s depreciation relative to the Hong Kong dollar and the introduction of the 30% stamp duty (up from 23.5%), mainland Chinese nonetheless accounted for 15.8% of buyers during the third quarter of 2016. Developers are also trying to salve the effects of the stamp duty by offering inducements such as discounts and waiving additional costs.Local demandLocal demand paints a more sedate picture. According to the Census & Statistics Department, Hong Kong flat prices and rentals have experienced and upsurge of 223% and 100% respectively over the last decade. Combined with a 46% increase in household expenditure, Hong Kong households are heavily leveraged with mortgages constituting 70% of outstanding balances in total household loans. This sentiment expressed over ever rising costs in housing is also corroborated in a recent survey by the Hong Kong Federation of Youth Groups whereby only 27% of Hong Kong youth respondents expressed a realistic intent to purchase property. Further elaborating on their expectations, they noted that it would take up to 25 years of working before the option of buying a property was feasible.Dedicated to growing your personal success? Sign up to receive helpful articles, new listings and market updates!

The Hong Kong property industry is incredibly competitive and for even the most talented of agents, standing out from the crowd and getting the attention you deserve can be an expensive and fruitless task. That’s why building a personal brand is essential for a successful career.You should seek to build, improve and leverage your unique brand to support your career goals. Ask yourself, why me versus someone else? Start strategizing on how you can stand out against your competitors.Below we have defined 7 things you can do that will help improve your brand in the property industry.How to Build Your Personal Brand1. Think FASTHow quickly do you get back to your clients? Many believe that responsiveness is the foundation of your personal brand and is essentially what defines you. The lack of responsiveness could be a reason why you are not attaining as many deals as you aspire to. When an agent doesn’t respond for several days, a client may naturally believe they are unorganized, have no prioritization skills or simply don’t care enough to give a quick reply. In fact, it could affect both you and your clients in the form of time, money and even deals. Delayed responses and/or no replies result in missed opportunities as there is a potential for clients to miss out on their perfect property because another agent showed it to them first.Tip: This is especially true with today’s mobile technology. Clients expect quick responses, so respond as soon as you receive a client’s message. All phone calls, emails and WhatsApp messages should be returned within 24 hours. If you are too busy to answer fully, respond quickly and let your client know you’ll get back to them by a definitive time (e.g. the next morning). A simple acknowledgment of their email with a message that you will revert soon assures your clients that you are taking their request seriously and are doing your due diligence to find a solution.2. Get MobileIn a fast-paced market like Hong Kong, information and speed give you immense advantages over other agents. Having real time access to your property database and client information proves that you are quick, resourceful and well organized. As technology evolves, it is important for companies to design with mobile in mind. How mobile responsive is your agency? Do you have access to your database on the go? If so, are the mobile pages easy to navigate? These are all questions that you should be asking yourself.Tip: Look for an agency that gives you access to their database on the go. Living in a digital era means people expect information within a few minutes! Use the power of your mobility to respond to your clients quickly. As an added benefit, a mobile platform also lets you establish a better work-life balance, so you can be productive without sacrificing all of your personal time.3. De-commoditizeOne of the common mindsets agents have is to treat clients as commodities – i.e. clients are all the same, and it’s just a numbers game. It’s tempting to shift focus to new leads coming in, but sometimes you need to take a step back and focus on your existing clients. Communication is key to building long lasting relationships. Keeping in touch with clients who have yet to make a decision or who need a bit of hand-holding, is enough of a reason for them to choose you over someone else.Tip: If your customer is not ready to rent, buy, lease or sell, then determining a follow-up schedule is key. Be sure to send your clients relevant information that they will find useful but avoid the pushy and ‘salesy’ correspondence.4. Juggle Me NotWorking with numerous clients at a time doesn’t necessarily help your credibility or generate more income in the long run. Clients know when someone is really focused on their needs (or not), so practicing this faux pas feeds into the stereotype that agents are aggressive, money hungry and indifferent to their needs. By focusing on fewer clients you become more responsive, you can immediately revert to them after a viewing, or to discuss an offer, instead of having to go back to 5 other clients before you follow up with your first one.Imagine yourself juggling. You can juggle three balls, masterfully anticipating where they’re going, but if you try to juggle that 4th or 5th ball, you’ll drop them all. The same is true of working with clients. If you try to serve too many at once, you won’t spend enough time or focus with any of them. You won’t be able to properly serve or build any kind of relationship with them, which means you will end up being unsuccessful with most, if not all of them.There are numerous articles and studies showing how multitasking is around 40% less productive and more stressful than focusing on a few tasks (or one) at a time. (If you still need convincing, you can read more detail about the studies conducted by Stanford University and the American Psychological Association, or a good summary in Forbes).You’re better off focusing on fewer clients, you’ll come out ahead with happy clients who will rave about you to their friends.Best part of it all… you’ll be less stressed!Tip: What happens after you find your client their perfect property? How about helping them move-in to their home or offering to give them a tour around their neighborhood. Have you seen any helpful articles? Send them to your clients who have already moved or who are looking to buy.5. Don’t Be ShyWord of mouth is a very powerful tool and client referrals are an important source for any good agent. Taking this further, imagine how much faster word would travel with a little help from technology i.e. putting it on your website, social media and every channel you can.Surprisingly, agents rarely ask for that testimonial!You should absolutely ask every client for a testimonial, however brief (but of course, the longer and more personal it is, the better). Just be straightforward and let them know that testimonials are important for you, and that they help new clients understand the level of service they can expect. Any happy client, especially one who feels like you’ve taken care of them as a person will be thrilled to share their thoughts.You’ll quickly have a long list of happy clients that make you look great and give new clients a reason to select and trust you instead of another agent.And don’t just limit yourself to your website – what good are wonderful testimonials if no one knows about them? Post them on LinkedIn, Instagram and Facebook (yes, even Facebook). You can post in a sincere manner, thanking your clients, or sharing how proud you feel, how hard you’ve worked or how happy you are to have successfully found someone a home. Your friends will be impressed and will remember you when they or their other friends need some real estate help.Tip: Do you have a personal website? If so, make sure to gather testimonials from your clients regularly. Some property agencies create personalized webpages for each of their agents — If the thought of creating your own webpage doesn’t appeal to you, find an agency that will do the heavy lifting for you.6. Be PreparedWhen we started OKAY.com, we did so in order to solve many of the complaints we were hearing from consumers about the real estate agencies and agents. The number one complaint we heard was “agents waste my time”. This is especially true when agents take their clients to properties that they weren’t interested in or that clearly didn’t match their requirements.Although we’ve built several proprietary tools for agents to solve this problem, you don’t need a cutting-edge client management system to do so.Listen carefully to your clients, so you can thoughtfully select the right properties to introduce them to. Then send viewing options in a well-organized and digestible way.This saves both you and your client’s time.Tip: Find a list of properties that fit your client’s requirements and present it in a digestible way. Make sure to list out the property details alongside a map of where the properties are located. Once approved by your client, make sure to map your routes for an efficient viewing. Don’t have this capability? Look for property agencies that offer this type of tool integrated with their technology platform.7. Power of OneYour colleagues are not your enemies. In fact, they can be instrumental in helping you find properties that are not on your radar or offer support in closing a difficult deal. They may also share personal stories with you that may help you conduct business differently.Tip: Find an environment and team that you love! Not only does an open, supportive team (without internal competition) greatly improve your success, it makes each day a lot more enjoyable. When you can share problems and solutions with your colleagues (such as a difficult negotiation, or client looking for something unusual), you learn more, become more successful, and even have fun while you’re doing it.Dedicated to growing your personal success? Sign up to receive helpful articles, new listings and market updates!

Finding new clients is always on a property agent’s mind. We’ve gathered some of the best ideas from the most successful agents from OKAY.com on how they create a consistent stream of new clients. These tips enable you to expand and strengthen your network while simultaneously generating more income. Although it’s equally important to take care of your existing clientele, gaining new customers can help establish you as an industry leader.5 of the Best Ways to Find New Clients1. Stay in TouchThe #1 way to find new clients is to keep in touch with your previous clients. Just because you’ve helped place them in their home, doesn’t mean the opportunity is gone. 90% of real estate clients say they would use the same agent again, but only 10% are ever contacted by their agent after the home is secured. A happy client will refer many of their friends if they remember you and it’s your job to make sure they do. The “close the deal and move on” mentality neglects the relationship aspect of this industry. Clients are not commodities, and ongoing communication is key to building a long-lasting relationship. There are dozens of ways to stay present in your client’s minds, start immediately by finding ways to help them after the “deal” is done – when there’s nothing specific to be gained. Check-in with them 1-2 days after the handover, and then again 2-3 weeks later. Send them helpful articles on decorating their home, or where to shop for furniture, or even about a new restaurant in the area. This shows that you care about them as people, not as “transactions” that are forgotten about once completed.One of the best ways to stay top of mind is to keep notes about your clients, things such as names of children, birthdays and special interests. Make sure to add these to your calendar and actually follow up with a birthday note, card or call. Clients will appreciate that you made the effort to remember them and will proactively contact you when they are ready to move or buy again. And they’ll rave about you to all their friends anytime a conversation about property comes up, which is all the time in Hong Kong.2. Build a Personal Email ListIf keeping the lines of communication open with your clients on an individual basis seems daunting, then create a monthly email or newsletter and send this to your clients all at once. You should naturally include your listings but should also incorporate short and thoughtful commentary. Your content can include recent success rates, current testimonials, perspective on the market or noteworthy experiences you’ve had with a client.Ultimately, many agents focus on the “numbers game,” constantly trying to find more clients in hopes of an easy deal. But treating clients with a short-term mentality won’t work in the long run. Every highly successful professional (in any industry) spends time thinking about the long-term benefits before making any kind of investment.Investing extra time into your clients by consistently communicating, will help transform you into a remarkable agent, achieving more success than you can imagine.3. Take More (GREAT) Photos of PropertiesYour property photos need to inspire potential buyers to act fast, and there are certain photography tricks that can amplify the beauty of your properties. Photography skills are something that can improve over time if you continually practice the art. There are many factors to keep in mind when taking pictures. Utilizing natural light and being mindful of angles are a few examples that can significantly improve the quality of your photos.It has been proven that listings with professional property photos sell 32% faster than those shot by an amateur or by those that did not put enough effort into taking photos. It is helpful to look for agencies that provide training on photography.Here at OKAY.com, we provide basic photography and photo editing training to all our agents but also continually encourage them to research online or even take independent courses. There are many ways to improve on your photography skills, be sure to take advantage of those opportunities. Great property photos generate new leads and strengthen the overall quality of your work. 4. Build Co-op RelationshipsCo-op agents are your friends, not your enemies. Building a robust co-op network strengthens your reputation within the industry and helps brand you as a trustworthy source. Valuing co-op relationships means never circumventing them and always acting in a polite and professional manner. There are certain simple behaviors to keep in mind when working with another agent:Sign a co-op letter on behalf of your company (if possible). This ensures that another agent on your team won’t try to circumvent your co-op agent by actively trying to find the direct landlord or ownerShare your own listings with them to build “two-way trust” and a mutually beneficial long-term relationshipReturn keys promptlyDon’t pass your business card to the co-op’s client or landlordIf you have a sole agency or a great listing that you want to share, try stopping by some shops to distribute information, photos and the unique selling points of the property.Work for a company that values integrity, including interactions with other agents in the industry. Make sure to read their co-op guidelines to ensure that you are maintaining the company values.5. Be More SocialSocial media continues to shape our daily lives, how we socialize, shop, stay informed, and spend our leisure time is often dictated by our social networks. Use the power of social media to your advantage by sharing relevant material pertinent to your industry. Sharing interesting articles and offering commentary is best when you don’t have time to write something on your own. Try sharing articles on Facebook and LinkedIn. It proves that you are current with industry news and establishes you as a professional who is very active in the industry.Dedicated to growing your personal success? Sign up to receive helpful articles, new listings and market updates!