Once you get your real estate agent licence, the real work begins! The idea of competing against seasoned professionals is pretty intimidating when you’re new to the industry, and it’s one of the reasons why so many new real estate agents struggle in their first year. Here are some tips to help you stay ahead of the game and land on your feet.
How to Get the Skills They Have and Close the Gap
Firstly. It’s important to recognise what established real estate agents have that you lack. That way, you can work on closing the gap as quickly as possible. Remember, they all started where you are today – and if they could succeed, then so can you.
Roadblock #1 – Experience
Established real estate agents have years of experience to fall back on and prove to clients that they have what it takes to sell their property or find them the perfect home at their ideal price. That’s not something you can make up, but it doesn’t mean you need to start 10 years behind everyone else.
The Solution – Mentorship
If you want to get the skills of an experienced real estate agent, you need a mentor with years of industry success behind them. Mentoring relationships are fantastic opportunities to learn from people who have been just where you are and have gone through it all, teaching you to avoid pitfalls, catch red flags and deal with challenges that can easily trip up new real estate agents. Find someone who will take you under their wing, show you the ropes and build up your confidence so that your early years of experience really count.
Roadblock #2 – An Established Professional Network
Being a successful real estate agent is all about building a strong network of connections that includes loyal clients, professionals in the industry and vendors, helping to expedite almost any real estate transaction. Again, this is something that takes years to build up.
The Solution – Joining a Leading Agency
When you are working for a leading agency, you have their brand working for you. You’re not just a lone agent with nothing to back you up – you have decades of real estate networking, relationship-building and branding behind you. Even if your plan is to eventually work more independently, joining a leading agency for the first few years of your career is worth it. You’ll have opportunities to work with experienced real estate agents, develop relationships with vendors and clients, and attend industry events where you can build your reputation within the company.
Roadblock #3 – Extensive Market Knowledge
After working in an industry for many years, successful real estate agents can read the market almost effortlessly, identifying current trends, forecasting future trends, and knowing a sure-fire sell from a challenge. To successful real estate agents, their neighbourhood is as well-known as the back of their own hand.
The Solution – Sweat it Out
Hard work is the best solution to developing this knowledge, so be sure to devote some time each day or week to learning about your designated area as well as industry trends, news, local economic issues and more. The great thing about experienced agents is that they know there’s a huge amount of value in sharing this knowledge with up-and-coming real estate agents, especially if you’re within the same agency.
It’s also a good idea to set up news alerts for your industry on your phone and laptop so you can expand your knowledge over your morning coffee. Once you start studying, learning about current market conditions and expanding your local market knowledge, you’ll quickly find yourself on the path to success.
Remember, this part of being a real estate agent is a lifelong learning process!
Roadblock #4 – Strong Negotiation Skills
Sales skills, especially negotiation skills are a must-have for real estate agents, and the most successful agents make these skills second nature. Not only can they present their case and convince others that it’s the right path to take, they can manage conflict and tricky challenges, all while keeping their client’s goals as their top priority.
The Solution – Practice Makes Perfect
Sure, experienced real estate agents make it look effortless, but the reality is that these skills are learned – they’re not something you’re born with. And that means taking every chance to practice different scenarios and learn from the best. When you’re working with a more experienced real estate agent in your team, ask them about their war stories and take notes, take sales training courses to keep your sales skills fresh, and practice your skills on co-workers or even in the mirror. The more you build up your knowledge and training, the more confident you’ll be and the stronger your skills will become.
At Global Real Estate Training, we specialise in comprehensive skills training for new and established real estate agents in Australia. As industry specialists, we’ll help refine your soft skills, sales skills and more to help you build a profitable and successful real estate career.