Since a real estate agent seems to have a fairly relaxed schedule and good pay, there are many people who want to try their hand at real estate. But forget easy success; only a relatively small proportion of agents have been in the job for more than five years, and an even smaller proportion can be called truly successful.
Let’s start with who a real estate agent is and how and why you become one. A real estate agent is an intermediary who, for a fee, helps clients buy, sell, rent, or exchange property. In most countries, it is easy to become a real estate agent. No license is required. It is possible to take this job on alone, or you can join companies of different sizes and types. Many people who want to try their hand at being a real estate agent have a fairly relaxed schedule and good pay.
Don’t be fooled: a good salary doesn’t mean it will be easy, and a relaxed schedule doesn’t mean you can work less and take holidays when you want. How quickly you can call yourself a professional and the size of your earnings will depend on how hard you work and how much you learn from your mistakes. But forget easy success; only a relatively small proportion of agents have been in the job for more than five years, and an even smaller proportion can be called truly successful.
As the masses are filtered out, only the strongest professionals remain: driven, proactive, flexible, creative, open to innovation, not afraid of change, always looking for new opportunities and constantly learning.
They avoid making big mistakes. But even if you have all these qualities, it doesn’t mean you will actually succeed. Here are five things you can do to significantly improve your chances of surviving and becoming a good agent.
1. Maintain a professional appearance
You will never have the chance to make a second impression. If you look bad, you might as well forget the next four steps. Invest time and money in improving yourself to look professional, solid, and reliable.
Impeccable hygiene and tidiness should be the basis of your image. You need to be clean, look clean, and smell clean (just don’t overdo it with the perfume!). Make sure that every detail of your look, from the tips of your nails to the buttons on your jacket, is immaculately neat and tasteful.
Clothes should be in non-loud colours, in a classic style, and fit you well. Your footwear should also be classic, not only comfortable but also nice-looking. Accessories should go well with the outfit and indicate good taste that the customer can rely on.
2. Extend your professional horizons
Okay, so you’ve made a good first impression and the customer doesn’t want to run away yet. Now it’s clear whether you’re just style over substance or actually a professional worthy of attention. It takes knowledge and skills to shine beyond your outward appearance. So, let’s start with professional knowledge.
First, you need to know the local property market and, more specifically, your chosen segment.
Don’t aim to be a jack of all trades, because then you will never become a professional. Decide, before you start working, what segment of real estate you want to work with (plots, flats, apartments, apartment buildings, detached houses, commercial premises, etc.) and what you will help your clients do (buy, rent, exchange). Choose an area of specialisation that is as narrow as possible to start with, and gradually expand as you become more of an expert.
Whatever your specialisation, clients expect you to help them not only find a property or a buyer or tenant for it, but also prepare for the transaction itself. Thus, an agent needs basic legal knowledge of the property market, tax, transactions, and contract drafting. Don’t be afraid to ask for advice from colleagues who have been in this field longer. They will help you get the basics right, and then reality will quickly dictate where you need to improve.
Finally, you will need some technical knowledge. For example, it’s hard to imagine an agent without a driving license and a car, right? After all, it would be terribly inefficient to use public transport or taxis to get to wherever you needed to go, and it would look strange to the customer. Think about information technology (IT). If you don't have basic computer skills, you won't be able to do your job. As technology advances rapidly, it’s up to you whether you use it to your advantage or stay a luddite. Learn how to use computer programs to process photos and videos and take advantage of smart devices, the internet, and various apps and tools.
3. Learn proper communication and etiquette.
Communication is the most interesting and challenging part of an agent's job (if you don’t like it, you should switch careers as soon as possible). This is because a real estate agent has to work with two clients at the same time: the property owner and the interested party. For both sides to be happy with the deal (which is what grows your reputation), an agent needs to have a good knowledge of psychology and excellent sales, negotiation, and communication skills.
Keep expanding your horizons: stay up-to-date with the news and topics that will help you connect with your customers and maintain a pleasant relationship with them. By reading books and going to seminars, you can learn how to be a good communicator. You can also learn from your own mistakes and experiences by analyzing your meetings with clients.
It is also very important to follow certain rules of etiquette. Respect your time and the time of others: plan rationally, don’t ever be late, and if you are late, give as much notice as you can (and certainly not by text message). Respond quickly to enquiries so you don’t lose potential customers. Respect and value the big whales and small fry alike. Don’t lie, don’t make unrealistic promises, don’t blackmail your competitors; sooner or later, it will all come back to haunt you.
Don’t interrupt others; don’t try to finish their thoughts. You won’t look "understanding," but rather impatient and rushed. Know when to speak and when to just listen attentively. Be polite to everyone (customers, colleagues, competitors, third parties) and never lose patience. Don’t forget that etiquette is important not only with customers but also with colleagues.
4. Make the most of the internet.
Long gone are the days when people used to buy newspapers to find what they needed. Now it’s been replaced by online searching, and if you’re not on the internet, well, you practically don’t exist. People’s understanding of information is changing. Whereas before you would get a name when asked to recommend a professional in your field, now you are more likely to hear, "I’ll send you a link." Even after a specific recommendation from an acquaintance, your potential customer is likely to Google you to see for themselves.
You and your property portfolio simply must be online. When it comes to the objects, it seems everything is already obvious; agents have been disciplined in uploading information about properties for sale or rent to property portals, and some of them have started to use social networks as well. What if it’s not a property someone is looking for but a good agent to sell it? Have you "uploaded" yourself to the internet?
Your website is your online business card. The link to your website is what will be shared by satisfied customers who want to recommend you to their friends.
There are two options here:
- If you work alone, then you need a personal website.
- If you belong to a company, then you will probably have your own personal page on that company’s website.
Either way, it will help potential customers find you and get to know you. You should also look into online advertising (preferably consult with a specialist) and learn about social media communication, but a website is a good place to start. Before you create one, we recommend you read our post on the specifics of property websites.
5. Manage your work processes
You should be able to better manage your work processes than others. From first contact to the transaction, the agent must manage a wide range of circumstances and a lot of very different actions. As long as there are just a few clients, the processes are not difficult to manage, but you want to be a successful agent, right? This means having many customers, a lot of information, many processes, a lot of actions, and many circumstances. This is where agents tend to slip up: instead of managing processes, they rush from fire to fire until they burn themselves out.
To avoid burning out, you need strategy, discipline, and a good CRM (if you don’t know what that is, you will find a clear explanation in the article linked below). You need a strategy to work in a targeted way. Have clear (and measurable) goals and work methodically towards them. Discipline is important when it comes to time management and especially when it comes to routine. The right CRM will help you manage information and respond quickly to customer needs without getting too far away from your planned agenda. You can read more here about the benefits of CRM for property sellers.