The real estate industry is a very competitive field with fierce competition. By the time you are done reading this article, you will understand that there are 6 steps to becoming a successful agent. While the prospect of being your own boss may be appealing, it takes hard work and dedication to get ahead in this profession. The following tips may help you become more successful in the business.
Getting your real estate license is the first step to becoming a successful agent. Some people may think that just because they have sold properties in the past, they do not need a license and can skip this step. This is false: you need to get licensed to actually go out and sell properties. Especially in states like California where this is enforced, taking a California real estate practice exam in order to ace the exam and get your license is key. Here are tips to pass:
- Ask for help. Knowing where to start is difficult, especially when you are not familiar with the real estate license requirements in your area.
- Practice makes perfect. Just like everything else, studying and practising what you have studied will help immensely in getting a passing grade on the exam. Taking practice exams will highlight any mistakes that you may have so they can be fixed prior to taking the actual test date.
- Take an online course. Many courses are offered for free online, but you will need to investigate the reputation of the course provider. While some may be reputable, others can be less so. Generally, if a course is not provided by an accredited school or agency, you should exercise caution before signing up.
- Learn with flashcards. Flashcards help to cover many of the regular mistakes that people make on exams, such as spelling and commonly misused words. Successful real estate agents know how to learn new material and quickly retain it.
The real estate market changes all the time, so you should keep abreast of what is happening in your area. This will help you determine which houses to take clients to see and help them decide whether or not they would like to buy a property. To begin with, you need to understand the conditions that affect the housing market in your location. Some key factors include:
- Population dynamics – Do people tend to move in or out of your town? Where are they moving from? Where are they moving to? What has caused this change in population trends? All these questions can help determine why prices are fluctuating in certain areas of the community. For example, if there is an influx of people moving into an area, prices will go up; if there is a lack of population movement, the prices will stay low.
- Location – Where the house is located can play a big part in how much the property is worth. For example, if it is close to amenities such as schools, hospitals and major highways, the value will increase because it has more access to these amenities.
- Economic pressure – If fewer people have jobs that pay well or even have jobs at all, then they will be less likely to buy homes which means your real estate business may suffer too. Keeping tabs on the economy through local media outlets will allow you to determine what state or country’s economic trends may affect housing prices in your area.
Having connections in your community is important because it means that it is easier for you to find potential clients. You can use these connections as a springboard for developing a real estate business by turning contacts into clients and getting referrals from satisfied customers who may recommend your services to friends and family members. Not only does this help boost your client base but also makes the job of being an agent easier by being introduced via mutual acquaintances rather than cold-calling networking online or offline. Some ways to develop your connections are:
- Attend social events – These events may be organized by real estate companies or there may be charitable events that you can attend. Either way, if you want to build up contacts, this is a great place to start.
- Meet people through referral – If one of your friends has just bought their first home and they love it, ask them who their agent was and contact them directly.
- Participate in community activities – Building up relationships with others means being involved in the community rather than sitting back and waiting for people to contact you. If you are interested in a particular community project, attend meetings and get involved with others who are proactive about the issue.
Properties may be similar in some ways but there are always important differences that need to be pointed out to clients. Some benefits may include eco-friendly appliances while drawbacks can range from being close to busy roads to lacking enough closet space for their intended use of the property. For each property, you show your client, make sure you have a list of reasons why they should buy it or not buy it so that you do not miss anything vital during the showing process. An effective way is by down on an index card all the benefits and drawbacks for each property you have to sell. When you are showing a client property, simply take out the card and read through it making sure that you do not leave anything important out.
When a client is happy with your services as their real estate agent, they will be more likely to recommend you to others who may need your help in selling or buying properties. Some ways of going the extra mile for your clients include;
Returning phone calls promptly – No one likes waiting on hold or listening to an automated voice for too long. This is why it is important to return phone calls as soon as you can so that your client knows that their message was received and that they will be dealt with in a timely manner.
And being honest – It may be tempting to try and convince clients of buying or selling a property that has flaws but this is unethical and will lose future business from the client when the issue becomes apparent during negotiations. Be honest about all aspects of a property including both negative and positive features so that you can continue working with them in the future.
Being a real estate agent means that you are bound to adhere to the rules and regulations set by your company, state or municipality for selling properties. Some guidelines you might have to abide by include:
- Any false information – If there are any untruths about the property, both parties will be able to sue everyone involved with profiting from these lies which can discourage future sales and hurt future business relationships with clients who find out what happened after they bought their home.
- No advertising as an agent – In some cases, there are rules against advertising yourself as a real estate agent or broker if you do not have a license. If this is the case, be sure to only work with a licensed company and abide by all terms set out by your agency before starting your business.
- No showing of homes without owners’ permission – Before going into someone’s home that is currently for sale, make sure that it is okay with the current owner.
Overall, there are many tips and tricks to becoming a successful agent. However, each person has their own approach which is why it is important to find the best method of selling properties for you and your clients. From getting licensed to networking, these are all ways to be successful.