Do you have what it takes for a career in real estate? - Part two

GUEST OBSERVATION

I recently wrote a piece containing several questions which those considering a career in real estate might ask themselves before taking the plunge. Below are the final two questions on this topic.

Do I possess the following personality traits?

• Honesty and integrity – your professional reputation is crucial to a long and successful career in real estate.
  
  
• Tenacity – being a high-performing real estate agent requires a great work ethic. You must have the tenacity to pursue every lead, and the hustle to aggressively market your clients’ properties in order to have success.
  
  It’s not just about putting in a lot of time — it’s about working smart and putting in the right amount of time, while doing whatever is necessary to close the deal.
  
  
• Problem solving mindset – do you enjoy coming up with creative solutions to problems or issues? Many successful real estate agents know how to properly showcase a house to make it more marketable to attract the right buyers, and this often requires a bit of creativity or quick thinking.
  
  
• Interest in houses and architecture – having a true interest in houses and architecture can give you an advantage over other salespersons. If your knowledge and interest level is apparent in conversations, your clients will be more likely to be drawn to you.
  
  
• Attention to detail – paying close attention to the detail is imperative for your real estate career. A complete real estate agent is attentive to the unique needs of their individual clients.
  
  If you are organized, follow up with leads, communicate well, and pay attention to the needs of your clients, you are almost guaranteed to close more deals.

Where do I want to be in one, three and five years’ time?

Success in real estate takes time and the right kind of training from experienced, knowledgeable people. It requires that you take a long-term view, and are able to sustain both patience and passion. Remember that there are a large number of real estate agents out there, making it a highly competitive industry. Many people will either sink or swim, so work out which one you will end up being! 

This can be helped by setting one, three and five year goals.

Your first year goal might include starting out in the area you want to eventually be the area specialist of. It’s a long-term business so your short-term goals will have a great impact on your long-term goals.

Over the mid-term, you’ll need to work hard on understanding the local housing market better than any of the competitors.  A top producing real estate agent appreciates and utilizes the nuances that make a specific community’s housing market and pricing strategy unique, and success comes from identifying and developing a focus or niche in the local real estate market that allows you to distinguish yourself from the competition.

Successful real estate agents also have a vast network of contacts within the market they serve – potential sellers and buyers, conveyancers/solicitors, building inspectors, tradespeople, mortgage brokers, shop owners, school communities, the list goes on. A three year goal might be to have built up a network of a certain number of contacts within each of these categories.

Invest time and effort into making yourself known in the area and becoming a trusted advisor; build your database of contacts and build your brand year by year. It only gets easier as you build your reputation.

In the longer term, knowledge will be power, so throughout these earlier years, be a sponge and soak up all the knowledge you can by surrounding yourself with experts in areas you wish to become an expert yourself. If you can, find yourself a mentor and assist them in any way possible in order to get access to their thoughts and the processes they follow day-to-day.

A mentor who will guide you along and share wisdom and insights about the industry to help drive your career will be invaluable in helping you to. Finding a mentor is not an easy task, but may occur organically after investing those initial years in immersing yourself in the industry and learning from those around you.

And if I answered yes to all of these questions?

Real estate can be a very rewarding career choice for just about anyone. Though it is affected greatly by the economy, people will always need a place to live, and many will want to own their own home. These people typically like to have access to the advice of someone trustworthy and knowledgeable helping them through the process.

If you treat it as a profession, and not a job, you can make more than $100,000 in your first year. Set a realistic goal each year and make it happen!

A career in real estate grants you the opportunity to grow personally and professionally, and a chance to work with great people helping home owners or buyers at critical times in their lives. Don’t be fooled – it’s never going to be all fun and games, but it can still be very rewarding.

Real estate is all about constantly bettering yourself, your marketing skills, and your negotiation skills. Continuing education and professional development are doors to opportunity that you can utilize to expand your business options and stay at the forefront of the real estate field.

You will know when your mind shifts from doing a job in real estate to being a business person. Your confidence will grow and you will be unstoppable!

STEPHANIE HEARNE has been awarded Century 21’s top Australian salesperson for the past three consecutive years.