Real estate success comes from a lot of different factors. Personality, drive and plain working hard. It is especially critical for real estate valuations.
It is common to realize that not many real estate agents are successful. Just 20 percent of real estate agents handle 80 percent of closings. The rest struggle with little or no business, according to a realtor’s association. How can you buck the odds? Start with pinpointing your personality strengths, continue learning every day and be ready to work harder than your peers.
The payoff is worth it. The best real estate agents get the satisfaction of helping clients achieve their dreams, and they receive top dollar in the field. The top 10 percent of earners in real estate sales made more than $100,000 according to the labor statistics.
Do Personality Evaluation
Evaluate your personality. Real estate isn’t for everyone, and personality traits are as essential as education to any agent’s success. Many real estate agents work as independent contractors who earn only commissions. They must be independent self-starters unafraid of risk or change. Real estate runs in cycles, with brisk sales periods followed by seasonal slowdowns. Success requires deft handling of highs and lows. Also key are a pleasant nature, maturity, good judgment, trustworthiness, honesty and enthusiasm for the job.
Communicate Very Well
Developing good verbal skills ease the gap leading to sales closing. Closing a deal takes the ability to discuss the terms of an agreement in layman-friendly language. Presentations are a major part of life as a real estate agent.
Brushing up on people skills is a part of the communications too. Many successful real estate agents obtain leads from referrals. Building a real estate sales business demands regular networking and maintaining strong contacts.
Learning the art of negotiation is at the other end. Successful real estate agents use the power of persuasion to encourage clients to make or accept reasonable offers. Effective negotiation requires understanding parties’ needs and wants, staying open to multiple options, anticipating counteroffers and preparing responses in advance.
A college education isn’t essential to a real estate career, but a study from researchers at a Florida University found a bachelor’s degree increasing a sales agent’s likelihood of success by as much as 160 percent. Researchers defined success as closing on more dollar volumes than half of all other brokers. A course in finance, business administration, statistics, economics, law and English can benefit a real estate career.
Make continuing education a priority. Experts say effective real estate agents keep up with business trends and issues that could affect clients. Tax laws, infrastructure development and zoning rules change often. The best real estate agents stay on top of it all through ongoing training at local real estate academies, regional associations and colleges.
Be Updated With Technology
Taking technology courses reap benefits. Sales brokers rely on sophisticated computer systems and programs including spreadsheet software, database analysis and geographic information systems. Master the newest versions for maximum success. Real estate agents who fail to keep up with technology lose market share in an increasingly Internet-driven world.
Finding a mentor in an experienced broker-salesman to provide new insights and track down key business resources is greatly helpful. Looking for guidance from an established real estate agent who is trustworthy and has character and integrity springboards a well of experience. Skip real estate agents who say they lack time to provide help.
Hard Work Has No Shortcuts
Prepare to work long days. Real estate agents have unpredictable schedules. Successful real estate agents understand they must be available to their clients at all hours. Don’t balk if a sales prospect wants to meet on Saturdays or Sundays, or even on Holidays.