The real estate market in Mexico seen through the eyes of a Real Estate Coach
This time, we interviewed César Veytia, General Director in Real Estate Training and Coaching Mexico. César will speak with us about how he helps others during real estate transactions, how it works and for what reasons it can be a satisfactory tool when buying real estate. In addition to this, he will give us relevant data on the housing sector in Mexico City.
HalloCasa: “Good afternoon, Mr. Veytia. First of all let us thank you for time to participate in this interview. ”
César Veytia: “The pleasure is mine and a privilege to be able to share my experience with all of you.”
HalloCasa: “Please tell our audience what you do and which services you provide as a real estate coach.”
César Veytia: “Sure, I would like to start by saying what a coach not is. Neither is a coach is a trainer nor a motivator. A real estate coach is a guide, a support, a personal trainer who, through knowledge in the respective area, helps both the director and the manager or sales consultant focusing on teamwork and administration. Just like a sports coach, the real estate coach will help you focus on the game.”
HalloCasa: “What are the differences between real estate coaching and coaching in general?”
César Veytia: “A sports coach, for example, guides the athlete to achieve optimal performance. He or she provides support when you are exhausted and teaches you to perform actions which your competition does not anticipate. He will make you work harder than you would on your own, he will tell you to perform and conduct certain actios and will listen to you. In fact, real estate coaching includes many of those thinfs while it focuses on creating business opportunities within the real estate segment to so that the clients are more successful than ever before.”
HalloCasa: “And compared to Mentoring, what are the differences?”
César Veytia: “Both mentoring and coaching focus on the development of the entire potential of the mentees to obtain better results. Each of them has its own characteristics and methodologies.
Mentoring, on the one hand, is characterized by being a process of help, teaching through training, guidance or advice by the mentor who has skills, knowledge and experience in the business. Generally, in the corporate world, this role takes the manager or other advisor who has more experience than the mentee. It is the mentor´s role to to teach the apprentice what to do or not do.
A coach, on the other, helps you to think for yourself, to find the answers on your own. Here, self-reflection and the own discovery of one´s personal potential plays a bigger role. The coach accompanies the person during that process via personal evaluations and feedback sessions that define goals and objectives aligned to the life and professional plan of the respective person.”
HalloCasa: “When did the concept of real estate coaching arrive in Mexico and how was it received?”
César Veytia: “In Mexico it has been well received, even though it has been misunderstood. This was mainly due to the fact that there had been real estate training courses before and those trainers have always called themselves “real estate coaches.” So, terminoligy-wise, it has been known for a while, however, as I mentioned earlier, a trainer is not a coach. Real estate coaching in Mexico is, in fact, an area of opportunity which requires prepared and specialized people in the real estate and coaching field. The subject is relatively young and there is still much to work on.”
HalloCasa: “Thank you very much. Now, can you please briefly describe your real estate business in Mexico?”
César Veytia: “Even though I have had my real estate office with the focus on managing residential and commercial properties, my main activity during the last 9 years has been to provide consulting, training, advice and coaching to different offices and real estate entrepreneurs with good results.”
HalloCasa: “Do you carry out your work all across Mexico or just in Mexico City?”
César Veytia: “With respect to our real estate services we have focused on the western area of Mexico City, since we consider specialization of a market allows us to have a better perspective and knowledge of the environment.
With respect to coaching we do it throughout Mexico and we have even been able to offer it in Central and South America.”
HalloCasa: “Please tell us about your city, its main attractions and its economic impact on the rest of the country in terms of real estate.”
Mexico is a country with wonderful growth opportunities, Mexico City is a cosmopolitan city, full of history, culture, gastronomy, where you can find impressive pyramids in arid soils such as in the center of the old city of Tenochtitlan or places full of water and greenery with channels like the Xochimilco.
Mexico City is the political and economic center of the country. Here, the main federal offices and companies that give an economic boost to the country are located. Mexico City is one of the three main entities which contributes more to national growth in terms of gross domestic product (GDP). That is mainly due to the fact that more than 50% of the country’s activity in the sector is concentrated in this city (data provided by INEGI).
Real Estate Coaching aims to increase labor productivity, but also personal growth
HalloCasa: “You have been a real estate coach in several countries. What similarities are there between the markets and what opportunities exist regarding the strategic development of real estate businesses between those countries.”
César Veytia: “The experience was very enriching. For example, I was in the city of Bogotá and also in Antioquia, Colombia. It is wonderful to see the similarities that we,Latin Americans, have despite some difficulties like the valuation against the Dollar, at times slowdowns in the market, the social climate and insecurity in our countries. The real estate sector has factors in common which allows for synergies and therefore continued growth via spill-over effects from other markets.
Concerning your second question, I see opportunities in the following elements:
- Investment in the development of medium-high level residential housing. Generating a virtuous circle among those who invest in developing areas and putting offers on the market, as well as using financial tools.
- Mixed infrastructure. We live in cities where mobility is quite complicated, where public spaces are not what we would like to have and we are forced to live in sub-prime locations. Therefore, mixed-use developments give us that opportunity to have all the offers in one place, triggering investments in these types of properties.”
HalloCasa: “For our corporate readers, what would you say about how to enhance the skills of your real estate agents?”
César Veytia: “My advice would be to focus attention on two pillars for the professional development of the real estate agent:
- Give your agents direct access and KNOWLEDGE of the necessary tools, strategies and laws of the market they operate in so that they´re able to conduct a proper market and real estate evaluation.
- Support the DEVELOPMENT of skills through practice and permanent advice so that the real estate agent never feels alone.”
HalloCasa: “What´s your opinion on NLP (neuro linguistic programming). Do you regard it to really affect real estate sales, especially in the field of brokers?”
César Veytia: “Yes, there is certainly a significant positive correlation between the degree of mental preparation of a real estate agent in terms and its real estate signing rate. Here, Neuro Linguistic Programming comes into play and has a lot to do with the way we speak and the words we use. For example, if you want the seller to sign for the exclusivity selling rights of a respective property and you articulate it in “Please sign”, the client will refuse to do so because he is afraid that he is going to lose control of his property. Applying Neuro Linguistic Programming teaches you to articulate is in “In order to start promoting your, you need to authorize me” (delivering the document and pen). If you apply NLP throughout the entire process, you should be able to articulate yourself in a way that no doubts or concerns are raised by the client. Being a master at it, is impressively powerful.”
HalloCasa: “Do you think that learning those or other new techniques are necessary in order to remain a successful real estate business person?”
César Veytia: “Of course, unfortunately many agents started the business under the old school of trial and error and learned bad practices or think that if it worked for them once it should therefore always work for them. This, however, is not the case. The market changes, the customer changes, business changes and we cannot have the finished product syndrome. Assuming that you can no longer improve or change, because you already know everything, is the foundation of one´s professional demise.”
Investors vs. Brokers: a subtle alliance in which trust must be the main base
HalloCasa: “Should there be a special connection between a realtor and a buyer? Or is a real estate transaction no more than a commercial exchange?”
César Veytia: “For a realtor it is important to generate rapport, empathy with the buyer. While for the realtor it may be business as usual, for the buyer a real estate transaction is a roller coaster of emotions and even more if it is their first property. Just think back for yourself and imagine when you bought your first house or rented the first apartment or office to start your first business. The real estate agent must help to fulfill the dream of his or her buyer guaranteeing three main objectives:
- Help to buy at the best price. So you need to know the market.
- Offer the best location. From the customer’s point of view, not ours.
- Support the buyer emotionally and solve all the problems that arise. Through business knowledge.”
HalloCasa: “How does this alliance occur when the investor is a foreigner? Do the dynamics change when another language, another culture, intervenes?”
César Veytia: “In the strict sense of the business itself, it´s mostly all the same. When it comes to legal and fiscal elements, differences apply and those matter for sure. Most of all, however, we need to be aware of the cultural differences between the countries, such as personal interaction, customs, and languages, even if we talk within the Spanish-speaking world. Some of the Spanish words have a different meaning in Mexican Spanish and Colombian Spanish, for example.”
HalloCasa: “One of the promotional presentations for the FIC (Real Estate Training & Coaching) radio station has the following phrase: “Success comes to those who learn and act.” Based on your background and experience, what do you consider to be the 10 most common mistakes real estate agents make?”
César Veytia: “Wow, I consider the following:
- Not taking into account the true needs of the client (not evaluating the client´s needs).
- Create false customer expectations
- Failing to deliver what you offer or promise
- Charge a 6% commission service and give a 3% service
- Lack of follow-ups
- Lack of empathy with the client
- Having a bad attitude and not smiling
- Not taking care of your personal image
- Not offering something new (properties, image, service)
- Not knowing how to work with goals and trying to improvise.”
A brief summary of the Real Estate Market in Mexico
HalloCasa: “How is the real estate market doing right now in the main cities of Mexico?”
César Veytia: “The real estate market in Mexico has had a dynamic recovery, investments have been maintained and in some cases they have grown in the commercial or mixed branch by offering a greater inventory of properties that have shopping malls, offices and residential spaces in one place.”
HalloCasa: “Where do we find more demand in the purchase or rental of properties? Why do you think that phenomenon happens? ”
César Veytia: “This depends a lot on the area and the predominant activity. For example, in cities with a significant industrial activity, rental properties are the first option since the main clients are companies that hire their executives for certain periods of time and directors and therefore rents are your first option.
In places or areas where the activity is more local or national, the market for properties for sale has more demand, because the predominant idea is to definitively establish residence in the workplace.”
HalloCasa: “Mr. Veytia, we would like to thank you for this informative and in-depth interview. Would readers who are interested in your Real Estate Training Programs be able to contact you with any follow-up questions?”
César Veytia: “Yes, of course. Those who are interested can contact me through HalloCasa or by contacting directly the cell phone number +52 55 69169521, or the email email@example.com or any of my social networks: Facebook Real Estate Training & Coaching Mexico, Thank you.”
HalloCasa: “Thank you very much for being with us. Always welcome to HalloCasa. ”
César Veytia: “Thank you very much.”