Ultimate Guide For How To Be Successful in Real Estate
Real estate agents are the pillars of the real estate market. Agents are a vital part of the buying and selling process, both in public and behind the scenes. One second an Agent is a seller that is marketing a home for sale, the next they are representing a buyer looking for a home. Being a real estate agent requires a diverse set of skills and characteristics to be successful.
The sad truth is that not every Real Estate Agent is a success. 20 percent of real estate agents handle 80 percent of the closings in the industry. Becoming one of those 20 percent is the goal of every Real Estate Agent. Successful Real Estate Agents have a deep client base and are constantly in demand. The best agents cultivate certain characteristics to be successful.
The reality is that Real Estate is not a business based on repeat customers, and only a small segment of society is buying or selling a home at one time. This makes being successful in the real estate industry both difficult and important. Cultivating the qualities that you need to be successful is what can make you one of that top 20 percent of Real Estate Agents.
Characteristics of Successful Real Estate Agents:
You need to be sure you are licensed, and that your licenses are up to date. Having the proper licenses shows that you know the basics of the real estate business. Licensing requirements will change from state to state and from specialty to specialty. Never advertise a service that you don’t have a license to provide.
Looks their best
No client wants an agent who looks like they don’t care about their own grooming. You should always make sure you look your best. Ensure you wear professional attire always and are properly groomed. Never show up not dressed properly for the situation.
Finds their niche
The best agents find a “niche” and become an expert in that type of property. If you can become known as the “King of Cottages” or the “Queen of Beach Homes” then you have hit your mark.
Focusing your efforts on one segment of the market can yield better results than trying to use a shotgun approach and hitting up everyone around you. Even as you develop your niche you should never turn away business even if it isn’t in your niche.
Has a mentor
A mentor can be an invaluable asset to becoming successful. The smartest way to attain success is to use the wisdom of those who have already achieved success. Professional associations and local business communities are great places to meet a mentor. You know you have a good mentor when they make time to give advice and answer questions.
The real estate market comes with a lot of different things to keep track of. You have appointments, listings, contacts and paperwork that are constantly changing. Successful agents keep their work organized. This organization allows you to stay on track and to find necessary information quickly.
Modern organization tools can help you in these tasks. A good Customer Relations Management (CRM) application can pull these details together and keep you on the road to success.
Pays attention to details
Making sure the details get handled is what makes a deal successful. There are many small details that you must ensure are done right throughout the whole process. A good Real Estate Agent makes sure they are on top of everything from staging a property to how it is photographed, to ensuring paperwork is completed correctly.
To be successful you have to stay up to date with the issues, laws, and trends that affect the real estate market. Successful agents make an effort to take continuing education courses to help them stay on top of all the topics that go into the real estate business.
Develops Technology Skills
Today’s real estate market is technology based. From MLS to social media, to be successful, you must be able to work with the platforms and programs that are available. Successful Real Estate Agents can navigate spreadsheets, geographic information systems, and databases.
You will need to be dedicated to success to achieve it. Successful agents work long days and unpredictable schedules. Successful agents know that if the prospect wants to meet at 7 in the morning on a weekend, that they need to make the time to accommodate that request.
Having dedication also means that you weather the bad times. The real estate market can be volatile and has ups and downs. A successful agent recognizes this and pushes through the slow market until it picks up again.
Being able to negotiate is a central skill that Real Estate Agents must have. Being able to persuade others through negotiation is what can take your business to the next level. Effective negotiators are able to get the best deal for their clients no matter if they’re buying or selling.
At the heart of a successful real estate business is networking. You need to be able to build referrals from your clients. This requires that you do a good enough job that they recommend you to others who may be looking to use an agent. Building and keeping contacts is vital to being successful.
- Consider paid seminars, these normally have people that are more interested than free seminars and can result in better contacts.
- Avoid the impulse to hand out a lot of business cards at events, ask others for theirs and you will seem less pushy to people.
- Don’t spend time talking to other Real Estate Agents, be polite and greet them and then move along. At events, you are looking for contacts, not coworkers.
Has great verbal skills
A large part of the real estate business is the ability to communicate effectively. A good agent can take the complex world of real estate and distil it into layman-friendly terms. Being able to give a solid presentation is something every successful agent must be able to do.
Has a winning personality
Not everyone has the personality to be a successful Real Estate Agent. You need to be both outgoing and patient. Having a pleasant nature, a thick skin, and the ability to connect with other people are essential to being successful. It is not always what is being said, but how you say it to someone that matters.
You need to genuine with people and avoid coming across as fake or contrived. People respect someone more who they feel is being “real” with them. A successful Real Estate Agent can find a way to be friendly with everyone without faking it.
Keeps the lines of communication open
The ability to communicate is essential for being a successful Real Estate Agent. The main complaint from both buyers and sellers is a lack of communication. A good agent will keep in close contact with their clients and make sure they feel comfortable with the whole process.
Successful agents return calls and emails in a timely manner. Nothing frustrates clients more than wondering where their agent is. Even if you don’t have time for a long conversation a quick call or email to say you will get back to them goes a long way.
Successful agents don’t sit and wait for things. Being proactive means calling customers, searching for properties, and finding new leads. When you are able to provide your clients leads in a timely manner, they know you are working for them. Clients want more than a “list and wait” service, they want someone who goes that extra mile to help them get the most out of your services.
Is an “active listener”
You need to be an active listener to be successful. Being an active listener allows you to draw out information from your clients. When you practice active listening you show you are interested in what your clients’ needs are, and it helps them feel more in control of the process.
Active listening relies on asking clients open ended questions that encourage them to talk. Avoid yes or no questions, or those that turn conversation off. Read more on active listening from MindTools.com.
Keeps the focus on the client
The most successful agents make each transaction about the clients, not about their own profit. Your client needs to know that you are focused on their needs and desires when it comes to buying or selling a home. Never push a client towards a property because it gives you a better percentage profit. In the long run working for your client will result in a better interaction and they are more likely to recommend you to others, making up for any small loss in profit.
Adaptability is an important quality to have to be successful. The best agents adapt to how their clients want to work instead of forcing them to do what they prefer. If your clients prefer text messages rather than phone calls then you should adapt to them and do it that way.
Stays interested and understanding
Knowing why your client is buying or selling a home makes you a better agent. Someone buying a retirement home will have a much different thought process than someone buying an investment property. Take the time to get “the story” so you can address the hidden needs of your client. Keep up to date on what is going on in their lives so you can tailor your responses to the situation.
To be successful you also need to market yourself as well as the properties you handle. You are your own small business and need to market yourself as one. Get your name out there in the local area by using billboards, sponsoring a sports team, doing anything that promotes your name and business.
If being your own publicist isn’t one of your strongest skills, you can hire a publicist for around $500 a month. Even if you only need to hire one as a consultant the expense can be well worth the results.
Have an internet strategy for your business.
A good real estate agent is responsive. Responding to clients and prospects as quickly as possible ensures that no opportunity is missed. Responsive Real Estate agents make their clients feel comfortable and build a relationship with them.
A successful agent is responsive behind the scenes as well. When handling negotiations a good agent will stay in contact with the other parties involved. The other agents, bank representatives and inspectors shouldn’t have to wait for you to return calls. Answer any questions as promptly as possible, make sure any delays are with other people, not on your end.
Working on developing and refining these characteristics can help you be successful. Each one helps you on your quest for success in the real estate field. Try to avoid focusing on just one part of this list, as each one of these characteristics is important to the overall goal of becoming a successful Real Estate Agent. Do your best to put all of them into how you conduct your real estate business.
While this is the ultimate list, remember that so success is because of a list. Attain success requires putting these things into practice each day and with every person you interact with. Effort is the true key to becoming successful in Real Estate, much like it is in almost any endeavor. Put forth the effort to be successful and you can achieve the success you are hoping for.