Are you an aspiring real estate agent looking for tips to succeed in the industry? Maybe you are someone who already has some work experience but is not satisfied with their progress.
Irrespective of where you currently are in your career path, there are some must-have skills you should learn and master to succeed in the real estate industry.
Real estate is a very competitive field, with hundreds and thousands of agents and brokers competing against each other to earn their share of the pie called commissions. If you want success in real estate then there’s much more to it than simply knowing the workings of the industry.
Put simply, the ones who close deals consistently, bring higher commissions, have a growing network, and are always on top of their game are the ones who thrive in this industry in the long term.
Successful real estate agents have more than industry knowledge and education as part of their skillset - they have additional characteristics, traits, and qualities that separate them from their competition.
Let us now check the quality and skills you should develop to be a successful real estate agent. Keep on reading as we dive deep into how you can be a successful real estate agent and what it takes to become one.
Essential Skills for Real Estate Agents
All skills can be classified into two main categories - hard skills and soft skills. Hard skills are specific, job-related skills that can be measured quantitatively. Soft skills are more generic, personality traits and behavioral skills that might not be measured objectively but can be improved.
Your hard skills will be based on your duties and responsibilities like knowing the industry principles, understanding your market, and completing marketing research and analysis.
Whereas soft skills will be based more on your everyday work ethic, such as being polite and punctual at work, getting good at negotiations, and so forth.
It is no surprise then to find out that the best real estate agents have a good mix of strong hard and soft skills in their repertoire.
Let us now evaluate some of the essential skills needed to be a real estate agent, especially those who have successful careers.
The one trait that is common amongst all the top real estate agents anywhere in the world is good communication skills. It is the single most important skill you must sharpen to succeed.
The best real estate professionals are masters of their craft and they are good at both the spoken word and the unspoken body language form of communicating. They can easily understand the wants and needs of potential and existing clients.
Investing in interpersonal and professional communication skills can take you far in your career. Real estate professionals who can skillfully communicate with their clients have higher chances of closing deals.
Building a trusted rapport with people is easier when you are good at communicating the advantages, benefits, value, and cost of a deal to your clients.
Time Management Skills
Being your boss is one of the most popular reasons why a career in real estate can be rewarding. Unlike a traditional 9-5 job, you can pretty much decide your work schedule and balance it with your personal life.
As tempting as this sounds, working in the real estate industry can be pretty overwhelming. Your days will be filled with meetings, calls, emails, and a lot of following up with potential and existing clients.
To manage your work and stay on top of everyday tasks, managing your time is a must to learn skills for becoming a successful real estate agent.
As the saying goes - ‘Either you run the day or the day runs you’ - therefore getting better at time management will take your real estate career further than you think.
You might enter into the real estate industry thinking of yourself as a lone wolf, but to grow and thrive in your career, you will need help from fellow members and professionals of the real estate community.
Working with realtors, brokers, contractors, appraisers, real estate inspectors, and attorneys is going to be a part of your work life. This is why you should focus on building a strong and wide network right from the start of your career.
It is often said that your network is your net worth, and in real estate, it is true because you are more likely to get leads and deals your way once you are part of a robust network.
Negotiation is the lifeblood of any sales-oriented job, and real estate is no different. One of the most important real estate agent skills required to advance in your career, learning to negotiate with confidence and honesty will take you far.
Typically, as a real estate agent, you will often be entrusted with negotiating contracts, prices, timelines, and commissions.
With good negotiation skills, you can conquer more deals and make wise business decisions. Irrespective of whether you are working for a seller or a buyer, a big part of your role and responsibilities will involve negotiation.
Many aspiring and upcoming real estate agents believe that their job is fairly simple. Yes, on most days, it certainly is but there will be times when your problem-solving skills will be put to the test.
Whether you are in commercial, industrial, or residential real estate, navigating the ups and downs of the market and keeping up with the industry’s changing rules and regulations is also a part of problem-solving.
Then comes the part where you have to work around legal and regulatory hurdles, expectation management, and working within strict timelines. All of these will put your problem-solving skills to the test.
Knowledge and Expertise
What is the Local Real Estate Market All About
Wondering how to succeed as a real estate agent in the States? The most important skill that you should develop is to have a clear and strong understanding of the local real estate market.
Successful real estate agents know their markets like the back of their hand - this includes the trends, news, property values, pricing fluctuations, and local conditions among other market-defining factors.
To make the most of your opportunities, you must first think locally and build an up-to-date understanding of how the real estate market works.
Knowledge of Laws and Regulations
Your career in real estate will flourish only if you follow the state and federal rules and regulations in your doings. Compliance with the local and national laws and guidelines will ensure you and your clients are on the right side of the law.
To grow fast and earn more, many real estate agents try to take unwarranted shortcuts and break the rules of the system. Not only does this put their entire careers at risk, but it also reflects badly in the eyes of potential clients who might face legal consequences as well.
Being aware of real estate laws will ensure you are not engaging in any illegal activities, knowingly or not. To succeed, it is important to maintain your integrity and honesty.
Familiarity with Real Estate Technology
Long gone are the days when real estate was only about in-person meetings, paperwork, and notebooks. Today, technology has transformed the real estate industry and now it has become an integral part of the workflow of every professional.
Becoming good at your profession will require you to familiarize yourself with the latest tools and technology. With the use of technology, you can manage your leads better, follow up with potential clients, and advertise your services to a larger audience.
Technology can also help you plan your schedule, manage your every day better, and automate redundant tasks so you can save time and get more done.
Personality Traits of Successful Real Estate Agents
Your success in real estate will depend on how self-motivated and determined you are to grow in your career and earn a sustainable income. You should be clear about your goals and how to achieve them.
Becoming a top-grade agent in the industry will require you to bring your best game. Buying and selling real estate can be overwhelming, hectic, and stressful.
Your self-drive and innate motivation will help you persevere through the lows and downs of the industry.
Resilience and Perseverance
Real estate is a dynamic industry and is constantly evolving with new trends and emerging shifts. To be on top of your game, becoming resilient is going to be a must-have skill.
Following up with leads is one of the key areas where you will be required to persevere a lot. Top sales agents are the ones who brave the unexpected downfalls and stressful situations to emerge winners.
Becoming more resilient in your day-to-day life will help you overcome the hard days, the long nights, and the difficult times.
One of the most underrated skills needed to be a real estate agent is how adaptable you are as a professional.
As a real estate agent, you will be working with clients and professionals from all walks of life. Being adaptable to changing situations and evolving trends will help you stay competitive.
Adaptability as a character trait will help you navigate different situations and work accordingly to meet the changing needs and expectations of your clients.
Confidence and Persuasiveness
Confidence is another personality trait that separates you from the competition. You must be known as an agent who knows how to get things done and put your best foot forward.
Real estate agents who are confident in their demeanor are perceived as more trustworthy in the eyes of sellers and buyers. Nothing attracts prospective clients more than a confident personality who can listen to their needs and meet their expectations.
Being persuasive is also important to ensure you close more deals than someone who struggles to convince potential clients.
Attention to Detail
Any good professional is worth their salt if they know how to care about the little details of their job. When you are dealing with homeowners and buyers, you are expected to keep track of their preferences, needs, and expectations to convince them that you are the best for the job.