Real estate is a competitive industry and making your mark as a new agent can be challenging. Successful estate agents can earn a healthy commission on top of their basic salary. This commission is generally calculated as a percentage of the price achieved for any property you sell, or a percentage of the monthly letting fee for rental homes. There may also be bonuses available for hitting or exceeding company targets. Ambitious agents can progress through the ranks to senior positions that pay a higher salary. We’ve put together our top tips for new real estate agents to help start you on the road to success.
Understand Your Responsibilities
There can be many parties involved in the selling and buying of property, from individual homeowners to mortgage advisors and house buying services. Successful estate agents take the time to develop a comprehensive understanding of the roles and responsibilities of all those involved. This enables them to provide the best service to their clients and to perform as efficiently as possible. An estate agent is responsible for managing client relationships, marketing properties, responding to enquiries from potential buyers, valuing properties, producing reports, conducting viewings, negotiating the sale and letting of properties and ensuring legal compliance in all processes.
Unfortunately, problems and delays often arise in the buying, selling and renting of properties. An estate agent must be proactive in identifying and resolving issues as they arise. The most successful professionals preempt problems before they occur and find creative ways to avoid the issue emerging. Professionals who keep up-to-date with industry trends and maintain a comprehensive understanding of the resources available to help clients with their property transition will be well-placed to keep processes moving swiftly and smoothly. Do you know how to help people who need to repair a broken property chain? Are you aware of the services available to help clients who are struggling to sell their home? A guaranteed purchase will provide your client with a cash offer fast and will give you a period of exclusivity in which to sell the property.
Present the Right Image
Buying a house is one of the biggest purchasing decisions most people will ever make. An estate agent must present a professional image at all times to gain their client’s trust. The clothes you wear and how you speak to people will create a first impression that either instils confidence or mistrust. Successful estate agents develop exceptional people skills. They know how to speak to people to get results — be that on the phone, face-to-face or via email. A typo or grammatical error in an email may seem insignificant, but would you trust someone to manage a transaction worth hundreds of thousands of pounds if they can’t even be bothered to craft a professional email?
Find a Mentor
There are no specific qualifications for becoming an estate agent, but there is a lot to learn and the legalities surrounding property transactions are increasing in volume and complexity. Estate agents must develop an excellent understanding of these regulations and how to apply them in practice. There is also plenty to learn in terms of account management, managing client relationships, closing sales and more. A mentor is a more experienced property professional who can provide advice and guidance as you progress through your career. Some agencies have developed their own mentor scheme to help onboard recruits. If this is not an option, seek out your own mentor, whether in your agency or from elsewhere. Someone experienced, who can help you avoid pitfalls and progress quickly, can be an invaluable source of information and support — especially during stressful times.
Develop an Efficient Contact Management System
Keeping track of clients and developing a “sphere of influence” including mortgage brokers, legal advisors, marketing professionals and more, is an absolute must. There is no shortage of competition for estate agencies. It may only take one missed appointment for a client to go elsewhere. If you’re planning a long and fruitful career in property, developing a file of useful contacts will help you to succeed. There are countless ways to manage your contacts, from hi-tech software to simple spreadsheets. Find a system that works for you and don’t forget to protect client data at all times. Being an estate agent can be a satisfying and rewarding career. Follow our top tips to set yourself up for success. Keep informed, present a professional image at all times and be a proactive problem solver if you want to see the commission rolling in.
Is your client struggling to sell their property? We can provide a cash offer within 24-hours of valuation. We also give you an exclusive period in which to sell the property and make your commission. Contact us for a chat today.