As an integral part of the real estate business, everyone associated with it wants to be the most successful, ideal, most sought after and perfect agent that people can turn to for their real estate dealings. The market of course is ample and big and can accommodate all those who are serious and committed enough to put in the hard work it takes to be a successful realtor. However, while beginning their journey in the real estate business world, every agent has a few questions that they want answers to. A few of these questions revolve around the road that must be taken to get there, how one can make their mark as an agent, build a reputation in the market, what potential clients are looking for when they hire a real estate or property agent, and so on.
To begin with, in order to be tagged a professional in the field, we believe that an individual must be gain credibility in the market as a real estate agent, and an assured way to create credibility is to get certified. One must register for RERA certificate in the respective states of India and clear all requirements in order to get the RERA registration number in order to start one’s practice. Certification is an essential tool for an agent to be recognized and hired in the market, as clients wish to hire only those agents who are licensed by RERA and well-aware of the market and possess the required knowledge to help them close the property requirements. The only way to gain experience and get hired by clients is to be a certified professional who is educated and keeps themselves abreast with the ever-changing market trends.
Stated below, are a few of the qualities that have helped our firm become one of the most sought after property agents in the business:
• Market Awareness
One of the key elements to becoming the best in the industry is to be a walking-talking encyclopedia in the business of real estate. Today, a capable and successful property agent is identified by the market knowledge he / she possesses, their expertise and opinions on the property business, and the fact that they can confidently guide clients towards their final goal of purchasing or selling property. If agents fail to possess deep domain knowledge about the industry, they will fail to garner a successful clientele as no individual would choose to hire a property agent who is not well-versed with the ever-changing market trends. A responsible property agent is always around to help their clients through every step of the buying and selling process. In a technology savvy world like the one we live in today, clients are extremely capable of browsing through available properties on the market without the help of a property agent. That is not the reason why they require real estate consultants. The need for agents comes with the urgency to zero in on a property of their choice and guide them through the various, sometimes chaotic and intricate steps of closing in on a deal by negotiating the terms of purchasing or selling with the agent representing the other party. Therefore, one of the main reasons agents must be well-versed with their market structure is so they can help educate clients about the pros and cons of each property they are interested in.
Buyers gain a sense of confidence in an agent who can successfully translate all the important information related to the property they wish to own, making it easier for them to finally settle for a particular property of their choice. Since location plays an important role while clients choose the kind of house they wish to buy, it is important that an agent have a good amount of vital knowledge about the area, the neighboring localities, school districts and especially, the “safety” factor in the neighborhood. This information can prove extremely beneficial to clients who are looking for a particular neighborhood.
• Staying up-to-date with the real estate industry
During the course of sealing a deal with the client and completing the process of negotiation, an agent requires a variety of different ideas about the property market, valid pros and cons about the property, and various other points that prove to the client that the agent is far more aware of their surrounding localities as compared to another agent who would probably give the client a better deal and reduced commission rates, but who fails to impress them with their knowledge and skills as a property consultant. The only possible way for an agent to become well-versed with the market situations and changes is education. Educating oneself, not just to attain a certificate, but continued education to remain at par with the real estate business and industry, is what keeps our agents well-informed and up-to-date with all the changing trends and prices. An agent cannot educate their clients if they don’t possess the required amount of knowledge. Therefore, in order to avoid any embarrassment of sorts, it is always preferable to stay in touch with the industry, and to be aware of the trends in the real estate market. When advising clients about the appropriate time to buy or sell property, about whether the mortgage rates are on the rise or are consistent, and other property-related topics, an agent cannot just tell them whether or not it is a favorable time to buy or sell without giving them appropriate reasons for the same by sharing market-related knowledge with them. After all, agents are in the field to guide clients, help them close deals, and also, earn a well-deserved commission.
The real estate industry is a competitive market and agents must constantly be on their feet to make sure their clients are getting the service they are paying for. Thus, agents must be aware, and up-and-about at all times to get their work done. Every agent has room for improvement and they must constantly strive for betterment by honing their skills and putting in the effort to stay relevant in this highly competitive industry.
Some agents are so skillful at their job that it is hard to match their capabilities as their talent is indispensable. But agents must bear in mind that sometimes it is extremely hard or impossible to please clients.
Anything that is said and done by the agent will never be enough for an unsatisfied client. And so, as a solution to the problem, agents must look into collaborating with fellow property agents, to seek their advice and service in closing deals. In order to tackle an unfortunate situation where agents might feel completely and totally helpless, they must make sure to keep a professional contact list of fellow agents who possess specific skills and knowledge that can come in handy when encountering a difficult client whom it is hard to satisfy. The key idea is to surround oneself with people they can learn from. Also, it is important to bear in mind that keeping a contact list of skillful individuals will not automatically get an agent the help they require. In order to make sure that other people help them in times of need, it is important for every agent to maintain a cordial relationship with other agents in the market. Also, they must make sure to be available for their fellow agents in times of needs as well. This is a practice that we diligently follow at Gupta & Sen.
• Backup Income
This is something that we advise all new real estate agents who associate with us on a commission basis. Like any other field and career line, the real estate industry demands struggle, too. Every agent who has just entered the field will have to go through an unavoidable struggle period where they have to strive to get a break or an opportunity to prove themselves. While starting out in the field, one of the most vital points to remember is that one must always have an alternative source of income to keep them afloat while their career as a real estate agent builds up on the side. Most times, agents fail to have any form of commission or clients for a very long duration of time. This means that the business does not garner any form of income for the first few months, or many months even. Hence, it is essential to have an alternative source of income that one can bank on to keep them going and help them survive in an expensive city like Mumbai. While it is not always necessary to have an alternative income once the business takes off, it is always preferable. Multiple sources of income are a good idea to survive in a world where expenses are sky-high. It also provides a sense of satisfaction to know that one always has an added source of income the agent does not make a suitable commission for the longest period of time.
Like any other career or business, no one achieves success in the first go. Lucky are the ones who do. However, as most individuals have to struggle to make their way into their respective fields of work, it is easy to get demotivated and frustrated when nothing seems to be working out. In the same way, up-and-coming agents go through a struggle phase where work is bound to be slow. The real estate industry is a highly competitive space and having to make their way through an already established market is deemed to be difficult for any agent who is just starting out. It takes a lot of effort and hard work to be able to get to a level where many successful agents have already reached. It isn’t an easy task to familiarize oneself with the business and gain popularity and a stable client base. As is often said, “Rome wasn’t built in a day.”
Hence, to all those individuals who are just starting out in this business we advise them to give their career sometime to take off as well. There is no surefire way and fast way to succeed in the property business. The only way to get through the struggle period is to enjoy the process and the work that is being put in. Not all clients agree to close the deal within a day or two of the negotiation process. Some clients take months to make decisions and even then, they might end up not signing the deal. These are common occurrences in the business, and although they cause unending frustrations, the key is to relax, stay patient and persistent. It might take several months before the hard work pays off, but it will eventually. The only thing that can be done is to dedicate time to working smarter rather than harder and making sure one stays abreast with the market trends and changes 🙂