A good real estate agent
can be a lifesaver
when it comes to buying or selling a home, but that only works if you have
chosen the right real estate agent for you. When you’re looking to work with a
realtor, you have to make sure that you’re going into business with someone you
feel is going to understand your needs and work for you.
1. Get referrals and do your research
The rules for someone
becoming a real estate agent are lenient in many places, which is why you have
to be vigilant about doing your own research. Talk with family and friends to
see which real estate agents they’d recommend and why. Once you have a few
referrals in hand, do some research online to learn more about your potential
agent. Find out how long they’ve been in the business, who they’re connected to
and how many houses they’re currently listed as selling.
2. Meet in person and ask questions
Once you’ve decided on
an agent, meet with them in person before visiting any houses with them. Some
agents will try to lock you into a contract immediately, which should be
concerning. Your initial meeting should be all about interviewing your realtor. Ask about their experience in your price range, in the
neighborhoods, you’re interested in, their strategies for complicated or
competitive sales, and how they negotiate multiple offers. You should also see
how they will deal with a situation that requires you to sell your home
quickly. Find a company that advertises ‘we
buy houses’, or see if their real estate
company offers a cash buyout of your home. This will help you get out of a bind
quickly—if need be.
3. Do you get along?
Getting along with your
agent is essential. You should feel that they understand you and listen to you.
They don’t need to be your best friend, but you should feel at ease around
them. You’re going to be making some very stressful decisions around this person, so it’s crucial they make you feel
comfortable.
4. Look for competitive advantages
You’re about to spend a
lot of money (even as a seller) so shop around to see what realtor can offer you the best benefits. Realtors are commission based and need to hustle to
attract and keep clients. See if your agent can provide you with deals with
mortgage brokers or lawyers they know, or has a specialty in buying or selling
the type of home you’re interested in.
5. Understand their commission
All agents work on commission, and this is something you want. An agent who works on
salary won’t work nearly as hard for you. That being said, understand how much
commission your agent is charging, who is paying it, and see if they can offer
you a better deal. There’s no harm in asking, and a reduction in price can
definitely save you some money overall. This only applies if you’re selling a
home, of course, since the buyer doesn’t absorb the cost of a realtor’s
commission.
The real estate industry is quite a booming
sector that largely influences the economy regionally and nationally. Working
in the real estate industry as a sales agent can, therefore, be a lucrative job
opportunity, that many people desire. Excelling in this industry, however,
requires you to be well-informed, aggressive, and versatile enough. Success, in
this regard, is measured in terms of how well you can drive sales as well as
how much of a foothold you have in your market. To start your career as a real
estate agent, here are important tips on how to become successful.
Estate agent shaking hands with customer after contract signature
Establish
a niche
The real estate industry is quite huge in
terms of the range of products available. Working as a real estate agent,
therefore, exposes you to a wide range of opportunities and options from which
you can choose where to major in. Whereas there is no precise division in terms
of products you can deal with, it is important to understand where your passion
is. Among the key opportunities at your disposal in this regard includes
focusing on becoming a buyer’s agent whereby your role would include finding
and negotiating for a home for your clients.
A listing agent role, on the other hand, will
give you an opportunity to become partners with persons seeking to sell their
homes. Other types of real estate agencies that you can focus on include
working as a dual agent where you represent the interests of both buyers and
sellers and working as a transaction coordinator where you help in the
processing of the administrative items in real estates. Defining and knowing
your role in the real estate agency industry will give you proper incentives to
understand what your goal would be, thereby helping you to get focused.
Know
your market well
The real estate industry is quite volatile and
is defined by various factors
including social, economic, and political factors. These factors affect the
industry in terms of pricing of products. To be successful, you need to
understand the real estate industry in general well. Such understanding ensures
that you can appropriately respond when the market behaves in certain ways,
thereby preventing prospects of making errors.
In addition to the overall knowledge of the
industry, it is important to have specific knowledge of the particular market
that you are focusing on. If, for example, you are operating within a certain
locality or neighborhood, it is prudential to understand the dynamics of
pricing of real estate products within the area as this gives you an
opportunity to be relevant to the market and your customers in general.
Know
where to source good deals
As an investor and businessman working as an
agent in the real estate industry, it is important to be a good deal maker.
Part of the successful deal-making process requires you to understand where to
source your products from. Success is also defined in terms of your ability to
accurately balance profit-making and customer satisfaction. In this regard,
finding a good deal from the various key sources of real estate properties is
crucial.
As an agent, you should, therefore, be well
equipped with knowledge regarding real estate auctions where you can source a
good property up for sale. It also pays to learn more
about potential distressed properties
for sale in your locality and the market in general as you can be sure to find
good and affordable deals.
Establish
partnerships
In any business, establishing partnerships is
one of the critical factors that define success. When working as a real estate
agent, establishing such partnerships with other real estate agents and clients
gives you an opportunity to network in ways that increase the prospects of
successfully making deals. Networking with the relevant stakeholders in the
real estate industry increases the prospects of your success as it may also
open up new opportunities through referrals.
Establish
and cultivate an online presence
In this digital age, various tools have been introduced that can significantly revamp and boost your business as a real estate agent. You should, therefore, endeavor to establish an online presence by creating a website or a blog from where you can engage the market meaningfully by regularly publishing relevant information. Social media presence such as on Facebook, Twitter, and LinkedIn can also significantly improve your reputation and grasp of the market as you get an opportunity to network and meet other key market players in the real estate industry. A great guide to social media marketing if available here.
Prepare
for challenges
The real estate industry, like any other
industry, is quite volatile and prone to significant challenges. When investing
in this sector, it is important to foresee the various challenges that you will
be bound to meet ahead of you as that gives you a hedge and the ability to plan
yourself beforehand. Among the prominent challenges that you will be bound to
meet include:-
Fluctuating sales
· Fluctuating sales – sometimes your ability to drive sales would flop
seasonally based on external factors.
External impacts
· External impacts – the industry is controlled by multiple key factors
including political influence which may destabilize your position as an agent.
Financial shortcomings
· Financial shortcomings – you may go for long without driving sales,
therefore prompting you to take some cost-cutting measures.
Competition
· Competition – the real estate sector is quite congested with numerous
sales agents.
Lack of a definite schedule
· Lack of a definite schedule – sometimes you may be required to work
overtime to secure deals and be able to meet your clients.
Volatile responsibilities
· Volatile responsibilities – working as a real estate agent needs you
to be able to switch roles between a buyer’s agent and a sales agent.
Disappointments
· Disappointments – it is not guaranteed that you will successfully
seal deals. Sometimes you will get disappointed by failed deals.
In conclusion, working as a real estate agent
in our economy today requires you to be fully-equipped with sufficient
knowledge of the various factors that drive success. Sufficient preparation
thereof requires you to not only understand your market but also know your role
well and how to optimize your success by utilizing various tech-tools available
in the market. Also, you need to be well aware of the multiple challenges you
would be bound to meet and how you can counter them while maintaining focus in
your work.
