Answers - Real Estate

Do you believe in the 80/20 rule? Applied to real estate, this principle suggests that in most communities, the top 20 percent of real estate professionals get 80 percent of transaction side

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

s. This means 80 percent of agents struggle for the 20 percent of business that’s left over after the top performers have taken their share.

Numbers aside, most real estate pros would agre

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

e that every community seems to have a few top performers who capture the lion’s share of business. How do you join the elite 20 percent? In working with thousands of real estate professiona

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ls nationwide who use eNeighborhoods, we have seen some traits that top performers seem to share. Top-performing real estate professionals:

1. Most agents ask “How did you hear about me?” A

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

good question, but also ask what people have heard about you. It’s your reputation and livelihood, and this feedback can provide insights to help you improve your services.

2. Have

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

a new designation? Congratulations! – Be sure to update your eNeighborhoods profile so that any Neighborhood Report, BuyerTour or CMA report that you present has your most current achieveme

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

nts.

3. Provide buyer and seller checklists. A comprehensive list with key dates and the steps buyers and sellers must follow to comply with their contracts can provide a stress-free real e

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

tate transaction, and save the frustration of missed deadlines. Mark off requirements when completed, and update your clients regularly by phone or e-mail, as they prefer.

4. Thinking about

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

offering a referral to an out-of-town broker or agent? You can find out if their license is active at this website: http://www.arello.com.

5. Set a positive tone in client conversations. A

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

sk “Which of these properties do you prefer?” rather than “Do any of these properties interest you?” The first question encourages consumers to choose among options; the second question pres

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

nts an easy way to reject presented options.

6. Consider a brief email survey for clients when transactions are completed. Not only will you receive valuable feedback to improve your perfor

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

mance, you can turn good reviews into testimonials to use in your presentations and Reports. Be sure to get written permission from clients before using their testimonials.

7. Make the most

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

of business cycles. Every agent has periods of greater and lesser activity. Speak with other agents in your office and ask if you can handle some of their excess business when they are busy

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

in return for your providing referrals when you’re too busy to give prospects the full attention they deserve.

8. Create a “brag book” with letters from satisfied clients, photos of buyers

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

at their new homes and copies of designations and certificates. Again, get written permission to use letters and photos from clients.

9. Include testimonials from peers, not just clients, i

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

n your marketing materials. If another agent or broker says “You’re the best – I could not have done the deal without you” ask them to put it in writing.

10. Build a better business card. I

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

nvest in a card that stands out, such as folded card with two surfaces. Use one section for contact information and the other for a call-to-action such as an offer to provide complimentary N

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ighborhoods Reports or CMAs on request.

11. When the market slows and your competitors cut back advertising, you should maintain or increase promotional activity. Why? Because you’ll have l

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ess competition from agents who reduce their visibility, and a reputation for success, even in slowing market conditions.

12. After closing, make a point of calling or sending a note to tha

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

nk mortgage officers, closing agents, loan processors, office assistants and others. Good work should be recognized, and the goodwill you create will be helpful to you in future transactions

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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