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Today's Real Estate Agent Job Description: Do You Have the Skill Set?
Author: EFFIONG EKPO
Every year many people think about starting a career in real estate sales. It looks enticing, the freedom to create your own schedule, to be in control of how much you earn, and to have your own business. The reality though is not a pretty picture, over one third of new real estate agents leave the business in their first three years. Why do so many leave? The biggest factor is that they havent researched the real estate business to determine if they have the required skill set to be successful. Like any career there are some skills that can help set you on a path to success.
You should know early on that real estate sales are not a get rich quick career. To be a top producer in real estate takes business planning, patience, people skills, and resilience in addition to many other sub sets of skills. Many potential new agents are not aware of the fact they need a financial reserve to get them through the first six to twelve months in the business to pay household and personal expenses in addition to start-up and marketing costs related to their new real estate sales business.
The number one reason why new agents fail is their lack of self-motivation, you will be an independent contractor and will determine every day what you future will be in the real estate business. While your managing broker and possibly an office mentor or coach will offer some structure and counseling, if you are not a self-starter, conscientious, disciplined, and organized you hopes for success will be diminished. These skills can be adopted if you do not have them now.
My favorite question to ask a new agent is Why did you get into real estate sales? Over the years I have received many responses, but the all time leader is I love houses or architecture. While houses and architecture might look like the answer, it is not. Real estate is a business vehicle for people and their personalities to interact. Real estate is more about people than houses. People skills are the number one skill for you to be successful. People skills include building rapport, problem solving, active listening, assimilating needs and wants, and emotional resilience. Real estate is a business, not a hobby or interest. Real estate consumers expect and deserve an ethical and professional real estate experience.
Your personality will also play an important role in real estate sales. You should like or respect all kinds of people, personalities, ethnic groups, and lifestyles. If not you could find yourself in violation of federal, state and local fair housing laws. Your ability to manage the sales process from first contact with real estate clients to closing efficiently will help kick start your career by providing you with referrals from satisfied clients.
Real estate is increasingly a technology driven business. You will need to have or learn to use at a minimum a personal computer, digital camera, and e-mail and software programs to create effective marketing pieces and efficiently manage your time. The majority of real estate consumers today expect real estate agents to be able to email listings, arrange virtual tours, and have an Internet presence.
If you're like me, you've got the entrepreneurial bug, and there ain't no shaking it.
You and I detest the idea of working for "the man" (or "the woman" as the case may be).
We'll never be happy unless we're able to live life on our own terms, work when we chose, take plenty of time off to spend with our family and friends, and still have the kind of income we deserve.
Only problem is, this entrepreneurial spirit tends to leave us vulnerable on occasion.
Back in 1999, when I first began thinking about having my own home-based business, this smooth talking guy came through the Seattle area, hosting these live seminars on the topic.
After attending one of his all day events, I was really excited about what I'd heard, and decided to hand over $3,600.00 for his program.
Now I gotta be honest here.
That was a whole lot of money for me at the time. And truth is, if it wasn't for credit cards, there's no way I would have been able to afford it.
I sure has heck didn't have that kind of money lying around at the time.
So imagine my amazement when I call the company about a week later (to get started with their program), and I hear a recorded message that says, "You've reached a number that is no longer in service".
I knew this couldn't be right, so I dialed the number again.
And sure enough, I hear the same message.
Now I'm starting to get nervous.
I call directory assistance and ask them to put me through to the company.
But once again, I hear those familiar words...
"You've reached a number that is no longer in service".
As I hang up the phone, I'm starting to get angry as I think to myself, "Did this guy just blatantly steal $3,600.00 from me"?
To make a long story short, that's exactly what happened.
Maybe you've had a similar experience.
Kind of puts a bad taste in your mouth, doesn't it.
After all, not only was I blatantly lied to, but all the excitement I had after attending the seminar was gone.
Over the last several years, I've shared that story with countless people, and almost every one of them had a similar experience to share.
And some of them lost much more than me!
I met one gal who was swindled out of $10,000.00 after attending a seminar in Los Angeles.
I met another who lost $6,999.00 at a seminar in Cleveland.
But...
Knowing what I know now, it'll never happen again.
And by the time you finish reading this, it ain't never gonna happen to you either.
So let's get to it.
There's 4 types of experts out there, yet only one of them is worth listening to.
Let me describe 'em to you:
The "pretend expert" who offers nothing but theory. This person has absolutely NO real-world experience. While their theory and ideas may sound great on the surface, they've never been tested or proven by anyone, which makes it completely worthless
The "pretend expert" who talks about how others may have succeeded in business. But once again, this person has NO real-world experience. They've never owned a business in their lives. They merely talk about what others have accomplished, and at best, what they speak of is merely speculation
The "pretend expert" who talks of real estate investing, financial planning, the stock market and other related topics, yet their own financial situation is nothing short of dismal. These schmucks are more than willing to offer you their advice (at a premium price), but a quick look into their financial situation will cause you to turn and run... as fast as humanly possible
But then, there's...
The "Genuine Expert" who actually takes their own advice. They have a ton of real-world experience under their belt. They NEVER talk about theory, but rather, what actually works.
This type of expert isn't afraid to admit that they've failed in the past. In fact, they realize that their success has been a direct result of their many failures. By trying many things (and failing) they eventually discovered what worked.
In sharing their experiences (both failures and successes), their goal is to put you on the fast track, by showing you how to avoid the many mistakes they've made in the past.
Here's the other big difference...
A "Genuine Expert" will show you proof of their success!
But I gotta warn you.
There's very few "Genuine Experts" out there.
So when you find one, hold on tight and don't let go.
After all, if they're a "Genuine Expert", they're gonna have a lot of demand on their time.
That's why these experts take the time to document their knowledge.
This allows them to multiply their efforts and help many more people.
For example...
When it comes to health, one of the experts I completely trust and recommend is Bill Phillips.
Bill is the man behind EAS (Experimental & Applied Sciences), author of Body For Life, founder of Muscle Media magazine, and he's truly an expert when it comes to health.
He's been one of my heroes for a long time.
I recently had the opportunity (thanks to a good friend of mine) to spend a day at Bill Phillips' Hollywood home, and rest assured, it's a day I'll never forget. I mean honestly, how many of us get the chance to meet our heroes in person, let alone spend an entire day with them.
And though this was the first time I'd ever met Bill in person, I'd been getting his personal assistance for the last several years... through his published materials.
So how do YOU go about finding a "Genuine Expert" to help you build a successful home-based business?
You start by asking yourself these 5 critical questions ...
1. Do they have a successful track record with their teachings?
2. Can you see proof of their results?
3. Are you able to speak with or meet other satisfied clients?
4. Does the expert stand behind their materials?
5. Can you get ongoing help and support if you need it?
If they meet these criteria, don't waste another minute. Do whatever needs to be done so you can start getting their help immediately.
You'll be amazed at how fast you'll reach your desired outcome when you have an expert walking you step-by-step through the process.
Oh, and here's one last pointer for you.
Just because someone offers you a guarantee, doesn't mean that they're reputable.
Heck, the company that ripped me off back in 1999 had a guarantee, but it was completely WORTHLESS!
In this day and age, if someone truly believes they can help you with what they have to offer, they'll do everything within their ability to prove it up front, by offering much more than a guarantee.
Don't you agree?
When starting a business of what ever kind, large or small, there is a always a require framework or scaffolding that you have to set up. Not only does this make your business much more effective, but it also saves you from a lot of embarrassing and costly problems. Here is your framework:
1. Business Name. Choose an appropriate name that sums up what your business stands for. It has to be unique try and ensure that a suitable domain name is also available as you will probably want a web site as well. The owner of an established web site might cause problems if you give your brick based business the same name so be careful in your choice.
2. Your Business Entity. Obtain professional advice as whether to the best way to set up your business as a limited company, partnership etc. Then register your company.
3. Patents and Trademarks. If you have unique products then you need to ensure that you have registered your patents before your start trading. Similarly any product names, mottos, selling tags etc should be trademarked. Take professional advice on how to do this..
4. Licenses and Permits. Ensure that you have all the licenses and permits that you are legally required to have.
5. Insurance. You may think that you dont need this but you do and will. So take out property, business, vehicle liability, staff and disaster insurance. A good broker can advise you.
6. Taxes. A necessary evil I am afraid. Register with your local tax collector. Set up a good accounting system and hire a good accountant.
7. Employment Laws. Establish what you local employment laws are and ensure that you adhere to them. Set up employee guidelines and handbooks. Make sure you hire and fire legally.
8. Banking. Visit your local banks and find the best business bank account and credit card for you business. Always keep your business and personal spending separate.
9. Business Plan. This is your carefully written plan on how you want your company to operate, what you want to sell, where and to whom. It includes your business and marketing strategy as well as your financial standing and projections. This is the foundation of your business.
10. Liquid Cash. Ensure that you have enough money to carry your through the first few months of your business as well as any foreseeable troublesome times ahead.
When you start up your business, remember to tick off the 10 items above and you will have a very sound start to your business.
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