The first step in the journey of establishing a flourishing real estate business is to actually understand what real estate actually is and know its nuances. What exactly is real estate- It is not just property in terms of the buildings you have on your land, but also the natural resources that come under the purview of your plot. The job of a real estate agent is to deal and arrange the selling and buying of real estate, in other words, he/she is a licensed professional who manages transactions related to real estate. In most cases, agents work under brokers who have additional training and certification in the affairs related to such commerce.
Can you classify real estate agents?
Based on the tasks and functioning, real estate agents can be broadly classified into those who work for the buyer and those who work for the seller. Their duties vary as they fall under the demand and supply side of the economy respectively.
Agents who work for the buyer are required to know how to price the property and prepare it such that it attracts considerable demand, and is consequently sold. They should be equipped with the knowledge and ability to boost the price or speed up the sale using appropriate sales techniques, especially at the last minute when buyers are more susceptible to purchase. If you’re an agent and are working with someone keen on selling their property, you need to be able to do it by smartly employing an efficient interplay of listing services, networking and advertising. An agent working for a buyer needs to make decisions based on the needs of the latter. Their responsibility is to find a property which is fairly priced and also meets all the requirements. The agent must be adept at negotiating prices with the seller or the agent working for the seller.
Apart from these defined accountabilities, the basic pre-requisites of a real estate agent include
- Quick thinking/ Presence of mind
- Complete knowledge of the property involved
- Excellent idea about pricing
- Ability to expand their network
- Negotiating Skills
- Rational evaluation of the pros and cons of a property
Sometimes a real estate agent represents both the buyer and the seller, but they must disclose their representation in prior to ensure that no conflict arises between the two parties during the transaction.
What do people want from a real estate agent?
Most people usually look for an agent with a good frequency of at least 1-2 transactions every month. Buyers/sellers generally prefer agents who have a license over those who don’t. Availability at all times is often given more consideration because people feel that other commitments may affect their transactions negatively. They look at the record of all the properties their agent sold to assess the worth and success rate. A solid chemistry would enable that there is a comfortable and healthy relationship along with the client. An irresponsible agent who doesn’t answer phone calls or responds after a long time is a definite no i.e., punctuality is a must. An agent who is well-acquainted with the neighbourhood is preferred as concrete knowledge about the area would enable a strong bargaining power.
9 steps to improve as a real estate agent
- If you’re practicing without a license, the first step should be to get one. As aforementioned, buyers prefer agents with a license.
- Partner with a registered broker. Check the broker’s coverage area and apply accordingly to ensure high efficiency.
- Being a real estate agent is all about who you know. Get connected with a wide referral network and use customer management software to keep up with your list of contacts. This way, you will be in constant interactions and you can also use your clients for referrals and try to sponsor local events.
- Establish your presence in social media and make a website. Social media enables you to connect with people and move beyond the horizons of your immediate circle. Your pages should be dedicated to your business, and this can be achieved especially through forums like Twitter to showcase your listings and provide tips as often as possible. One’s biography and history in real estate must be constantly updated
- Maintain an outgoing and friendly demeanour with everyone you interact with. Your personality will reflect in your dealings and an approachable agent is a preferred agent. Therefore, take efforts to make your clients feel special by giving them proper attention. Listen to them carefully as it helps in clarifying the needs of the client, hence facilitating successful projects and also builds trust.
- Marketing is the key to success, so set aside time to make new connections. Learn how to sell yourself effectively and apply your strategies in local festivals and gatherings.
- Keep in touch with past clients as these old clients are the ones who bring your potential buyers through referrals. Call them up one to two months after the transaction to make sure they are satisfied with your services.
- Surround yourself with real estate professionals because will keep you informed about the happenings in the real estate industry and will be a source of constant updates.
- Constantly observe the market and neighbourhood trends and maintain a database of recent closings to know comparable prices in your area. Be aware of the factors affecting pricing in your area to possess better bargaining power in transactions.
The one thing that you need to learn about any business is that you never stop learning.
The real estate business is also no different. In a nutshell, play to your personality strengths every time. Be an expert in your market and keep up with the Real Estate industry. Plan before working and exercise them by technology maximization. Finally, be patient but persistent- never give up as the difference between ordinary and achieving people lies just in their perception and response to failure.