Being a real estate agent means being your own company. You have to be your own CEO, CFO, COO, and administrative staff. As such, you have to have working knowledge of virtually everything related to business, including accounting, marketing, strategy, presentations skills, writing skills, work ethic, client relations, and more. Check out more on a Day in the Life of a Real Estate Agent here.
The best real estate agents have a diverse education in multiple facets of business. They go where the work is rather than waiting for the work to come to them. Like most business owners, they have to be self-starters who don’t have to be told what to do. Every day they wake up with a detailed list of what they need to accomplish and how. Even in slow days, they strategically fill every hour with a task that will benefit their business.
Check out how famous realtor Ryan Serhant plans his day here.
2. Industry Knowledge.
The purpose of real estate agents is to give expert knowledge to clients who are not in the real estate field. Real estate agents cannot succeed without deep knowledge of the real estate industry. They need to know how the buying and selling processes go. They need to be able to give solid advice to their clients on, say, whether to rent or buy, or whether an offer is reasonable. They need to know others’ role in a transaction. They need to know how far to push the envelope, and when. They need to know standard protocols and etiquette that are expected of real estate agents.
Knowledge comes more from experience than book learning. But this does not mean you should automatically go with the agent that has been in the business longer. While industry knowledge is crucial, it is not all there is.
For 6 tips on gaining industry knowledge, click here.
3. Marketing Knowledge.
Your house simply will not sell unless your agent knows how to get it seen. Nowadays, being up-to-date on digital marketing trends is crucial to being a successful real estate agent. You are in an industry that is always changing because the way people are connecting is constantly changing.
Because of this, you have to be your own student. Read blog posts on https://moz.com/blog and other sites to learn about best practices in SEO, social media, content management, advertising, and analytics. If these are Greek to you, you have a lot of work to do, because they should be in your vocabulary. You should be able to not only use these concepts but also apply them to get leads and sales.
A lot of agents feel that in order to be the best they have to know everything about the market. This is not the case. Some of the most successful agents focus on one facet of the market and intensify their knowledge in that area. Although it sounds scary, like you’ll miss out on other opportunities, it is actually advantageous. Check out the benefits you’ll gain from specialization here.
Whether through a brokerage or through their personal network, a real estate agent must have access to quality leads that target the kinds of homes they’re selling. The more leads they have, the more likely they are to sell. This is why some of the best real estate agents are social people with many connections. You never know who in your social network is looking for real estate advice.
For tips on generating leads as a real estate agent, click here.
For 5 essential tips for networking in real estate, click here.
Each real estate agent has their own method of acquiring clients and achieving sales. Some prefer working through a brokerage, and some are confident in working solo. Some get their leads by pounding the phone all day with cold-calls, and some concentrate on showing homes and hosting open houses more. It doesn’t matter what you choose as long as it works for you. And if something isn’t working for you, you need to assess the situation and know how to change your method.
How to build your real estate strategy here.
Communication, communication, communication. Where would real estate agents be without this skill? You will be surprised by how many agents keep others out of the loop, resulting in huge mishaps that could have been avoided. Communication not only prevents mistakes. It also shows ambition and care. Real estate agents have to reach out to their clients at least once a day, even if only to check in. The best once keep up with all their correspondences, even ones that ended in failure, and check in with them regularly. Persistence in communication can convert a failed client into a success. That’s why many agents find use of social media and email newsletters. See how marketing ties in?
How to tackle real estate’s most problematic communication barriers here.
Communication is more than just talking. Attentiveness is its own form of communication. It communicates care, and we want to show care for our clients. We must remember that our job is to listen to and help our clients. How is this possible if we don’t listen to them? No matter how much knowledge we believe we have, we must remember our ultimate goal to make our clients feel heard.
Transparency translates into trustworthiness for most clients. If an agent even inadvertently comes off like they’re hiding facts from their clients, especially ones that are material to the sale, they instantly lose their client’s trust. This is hard to regain. It is important to never lose integrity and transparency when handling such expensive transactions. It shows you as a good human beyond your decent real estate skills.
Transparency’s impact on the real estate sales process here.
The most successful real estate agents are the ones who will do anything to help their clients. They need to have their clients’ best interests in mind. This means actively showing care for their client as opposed to their own interests like commission. In a world where sales people are stereotyped as unethical and selfish, let’s show the good we can do for our clients through firm morals and good character.
Forbes on selflessness in a competitive industry here.
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