I’m at a certain age where I have personally experienced a number of real estate transactions. Indeed, all of my dealings involved real estate agents representing one side or the other. Therefore, I have experienced an array of exhibited sales skills and an assortment of integrity models that prove just how important credibility is to the real estate industry.
For instance, a real estate agent representing the sale of my home took extraordinary steps to investigate the likelihood of a contingency sale to our best prospect. While scrutinizing the likelihood of our potential buyer’s out-of-state home closing, she dug even deeper to analyze the probability of their best prospect’s property closing within a reasonable period.
The real estate agent's determination and communication paid off, and all three transactions fell into place, restoring our peace of mind. Consequently, she earned my hearty endorsement and enthusiastic referrals within my network for more than a decade.
Slowdowns in the real estate industry are not new
Engage any veteran real estate broker, and they will share stories of historic mortgage interest rates, wide-ranging inventory levels and the cyclical nature of the real estate industry. Additionally, they’ll likely mention the transient nature of some of their younger, less experienced colleagues.
That’s because real estate agents often jump into the market in the good times and have not prepared themselves to weather the slumps. Nevertheless, there are ways for new agents to excel in the real estate industry and make money even in a down market.
Tips on how to succeed as a real estate agent
Andrea Merican writes extensively on LinkedIn about the business of real estate and shares valuable insight on developing skills, setting goals and making mistakes. Her tips for establishing the right mindset and building rapport with industry partners should be high on your reading list.
I especially like her advice to find your passion and to specialize. This mindset allows you to leverage your natural abilities and sets you apart from the sea of real estate agents competing for the sometimes-limited real estate inventory. Here are two other points Merican stresses in getting started:
- Consistently target your ideal customer and determine how to reach them.
- Become THE specialist on a particular market segment and understand the value that you bring.
What real estate customers want: A trusted agent!
Whether your customers are buyers, sellers or both, they want someone they can trust. How you go about building trust and establishing your credibility with customers is a process every real estate agent must wrestle with.
Highlights from The Ultimate Real Estate Sales Training Guide at HubSpot give hints on how to go about selecting your best training opportunities.
Furthermore, the article addresses many skills and attitudes necessary to successfully navigate a thriving career. Consider these challenges you’ll face:
- Understanding client needs
- Market knowledge
- Effective communication
- High-quality listing photos and descriptions
- Forthright transparency
- Negotiation skills
- Staying positive and patient
- Exceptional customer service
- Cultivating referrals
- Managing the paperwork
Success in the real estate industry requires diligence, dedication and hard work. Adopting the best practices can help you build a solid reputation and lead to repeat business. Once established as a trusted local real estate professional, you’ll be prepared to withstand the industry's cyclical nature and rise to the top of your market!
Photo by RDNE Stock project on pexels.