Agents Are Going to Be Around For Long

This is quite a popular topic especially amongst today’s startup and tech community who want to ‘disrupt’ age old ideas and ways of doing things. Disruption is great but let’s face it, agents or consultants will never truly disappear as long as human beings exist. The simple reason – computers or technology can never take the place of real human interaction. Some people believe that agents are overpaid for what they do. Some home owners cringe at the thought that they have to pay agents because they think that as home owners they know more about their property than any agent would ever know. That is a correct assumption. But then, in spite of a home owner knowing his / her home the best, his / her efforts to sell the property may not meet with much success. Owners are emotionally and financially attached to their homes whereas real estate consultants are not.

Home owners though are fully correct when they want their agents to see what they see in the property. They want to believe that an agent has a deep commitment in selling their property and sees it’s intrinsic worth although meeting an owner’s expectations can sometimes be a challenge vis-a-vis the market conditions and what buyers are willing to pay. But a homeowner wants their agent to care about their property and usually wants the broker to let them know if their property can be sold for the amount that they need to sell it for. If the broker does not meet the home owner’s expectations, then the relationship can sour.

Real estate agents and allied professionals are a much needed force in the community. Educated and informed real estate agents like other professionals know their business inside out. A good real estate agent must be well educated on matters related to showing homes, comparative market analysis and the overall real estate market. A well respected real estate agent who is well known is professional and informed about all aspects of real estate.

What do Real Estate Agents Earn?

Talk to some of the most successful real estate agents in Mumbai and you will realize that earnings can fluctuate. The best real estate consultants in Mumbai know that they are not only as good as the last sale they made but that their last sale can also be their last sale! Keeping this in mind, real estate agents know that they can earn a sizable income only if they are working towards the common goal of bringing the right buyer and seller together. This means that a real estate agent has to make winning offers with buyers so that buyers agree and the seller is able to accept it. Anyone entering into this business cannot forecast their first year’s earnings because there are lots of factors to take into consideration. The thing to understand though is that there is plenty of money in real estate and that someone is going to make that money regardless of what market you may be in and regardless of how many agents there are in a given area.

A Day in the Life of a Real Estate Agent

There are real estate agents who spend a lot of time, money and effort schmoozing with rich buyers and often pocket the bills for a night of wining and dining in the hope that the client will very soon re’pay’ the favour! There are a lot of other costs that are par for the course for any agent. It is expected for any agent either big or small to spend on fuel money showing client’s houses for sale or rent whether you drive them around in your own car or whether you follow them around. It is also expected of luxury or high end real estate agents agents especially in cities like Mumbai to treat the odd client to lunch or coffee if one is out all day house hunting. An average small time real estate agent depends on referalls and the calls that they receive through their internet marketing activities. But then neither can be depended upon for a steady source of income. At large real estate agencies like ours, we assign each agent working with us a pre-set number of days to be in the office and to take calls from prospective buyers. We believe this is a great training ground for rookie agents to get their beaks wet while answering calls and speaking to prospective buyers. Every agent wants to be out on the ‘field’ showing off property but it is the ability to meet walk-in visitors and to understand their requirements clearly is a skill that can stand a real estate agent in good stead.

Here are some routines that we try to inculcate in our new agent hires:

  1. Search the market with a fine tooth comb for leads by independent home owners if they are not interested in using a broker’s service.
  2. Set a set schedule every day for finding home sellers.
  3. Check for new listings on a daily basis to correctly match the needs of the buyer.
  4. When working with buyers, if unable to find the right property, a good agent will drive around the area and find something – even if it means knocking on doors!
  5. Spend a certain amount of time every single day planning, advertising and marketing.
  6. Good real estate agents know that it of utmost importance to stay on top of all real estate transactions until the deal is finally closed. They will take the time and effort that is needed to meet with home inspectors and all other professionals that are needed to complete a deal.
  7. The agent will also make time to meet with lenders and mortgage brokers because it is important to remain connected to lenders in their area of operation.
  8. Cold calling prospective buyers. Successful real estate agents realise that aggression has got them to the top of their game and once they are at the top, cold calling will keep them there.
  9. A dedicated agent will at least once a day check up on the Internet presence and that includes the rankings of their listings with classifieds websites as well as their own website and do what they can to improve the rankings. They will also do what they can do to update their listings and keep them as up-to-date as possible, delete expired listings and sold properties. Checking up on their email regularly is also a given!
  10. They work on their grooming and keep themselves healthy and fit which is important if you want to survive for a long time in the cut throat world of real estate without burning out!

As you can see, a real estate agent employed with us has plenty of work to do throughout the day. So the next time you encounter someone saying that a real estate agent does nothing and then pockets easy money, point them to this blog post!

Chloe Dodd
Chloe Dodd
Real Estate Agent at Gupta & Sen
Chloe is a real estate advisor with Gupta & Sen. With a combined experience of over 15 years in varied industries, she is a vocal and knowledgeable ally for buyers and investors who want to make informed choices when buying a property in India. With superlative communication and marketing skills, Chloe handles our PR, real estate marketing strategy and client management.
Chloe Dodd
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