Many individuals begin a career in real estate only to find much more of a challenge than they’d anticipated. New agents in hot markets quickly learn that inventory levels for houses can in no way keep up with the demand from buyers. That sets the stage for a highly competitive real estate market.
Reports show that 20 percent of real estate agents in America are responsible for all real estate closings in the country. It has also been observed that a large percentage of real estate agents decide on a change of careers after less than five years in the industry.
Despite an outlook that might seem bleak at times, success can still be realized in today’s real estate market. The following five bits of advice will provide a solid foundation for agents looking to find their way in a competitive real estate market.
Develop Market Expertise
Advancements in technology have made it necessary for agents to do much more than take potential homebuyers on tours of available houses. Much of the information previously provided by agents to homebuyers can be found online today. Also, 3D technology makes it possible for homebuyers to go online for virtual tours of homes in which they have an interest.
There is a pressing need for real estate agents who can take the diverse information that is available to potential homebuyers and tie it all together. Agents should stay abreast of industry trends and continually work on developing their abilities to educate and instruct clients on these matters.
Stay True to Your Personality
It is often assumed that introverts do not do so well as real estate salespeople. Individuals who are not extroverted by nature may even be discouraged by friends and family from pursuing a career selling real estate. However, available statistics demonstrate only slightly higher sales numbers for extroverts than were reported for introverts. Individuals with qualities of both personalities, known as ambiverts, greatly outperformed individuals that possessed qualities from just one group.
Real estate agents should make a careful evaluation of the qualities of their own personalities and devise ways to make the most of those qualities. The only true personality requirements are that potential customers find the agent to be likable and trustworthy.
Plan for Success
Real estate agents are in need of a carefully developed plan that will assure their success in today’s real estate market. This plan should be developed long before any money is spent on gadgets or technology. Setting goals is a necessity when it comes to finding real estate niches. Plans of action should then be created with those goals in mind.
Make Use of Technology
Today’s real estate market has made it necessary for even the most tech-resistant real estate agents to accept that mastery of modern technology is a necessity. Agents who do not keep up with technology trends will fall behind in the field and lose market share in today’s fast-moving real estate environment. It is incredibly important for real estate agents to utilize all of the features of Google My Business, including the posts. These allow you to post updates about homes currently on the market, updated information, and other important things. Not only does this get the word out, but it may also even put you ahead of your competitors who haven’t quite implemented all of these strategies.
Agents should familiarize themselves with the technological tools that will save them time and money on the job while maximizing their impact on sales. Agents can use a customer relations management (CRM) system to facilitate quality communication with current contacts, keep in touch with previous clients and follow up on all leads that can one day become clients. Technology can also be used to track appointments, monitor goals and measure progress.
Real estate agents should understand that even with the best-laid plans in place, it will probably be months before a return on their investments in time and money is realized. Patience and persistence are needed in equal measure. Although it may sound like a worn-out cliche, follow-ups are the best way to secure more deals.
The real estate business causes agents to become all too familiar with rejection. This rejection should not be taken personally, you can actually use it as a great learning opportunity. Once a plan or system is in place, the agent who stays the course and remains persistent will begin to see success.
The many moving parts of the real estate industry can easily cause an agent or investor to become overwhelmed. The truth is today’s real estate market is a highly competitive environment that presents many challenges to all players.
Agents, both experienced ones and beginners, should not allow themselves to become disheartened by the challenges that exist in the real estate market. Careful planning, patience, and persistence are capable of breaking through any potential barriers that exist.
The five tips discussed in this article provide a solid foundation to build on when you’re trying to find your own niche in real estate. If you’re looking to start a career in real estate, make sure to check our career opportunities. We are always on the lookout for great talent and are excited to see what you can offer!