So you decided to take a leap and join the real estate industry. You have an idea of what it's about but want to know more about the day to day activities and routine of a real estate agent. Let's dig in a little deeper find out more.
Many successful real estate agents have an assistant or office manager to assist with the day-to-day activities, allowing the salesperson or broker to focus on more direct revenue-generating activities.
You're Not Just Selling Homes, You're Selling Yourself
Attracting clients is crucial to a real estate agent's success. Below are some tips to attracting new clients:
Real estate agents typically work in an office with other agents and brokers and have many opportunities to discuss new listings, get updates on listings, and discuss buyer's and seller's needs. Another option that agents utilize to narrow down a search for a buyer or to perform research on the competition for sellers is the MLS tour. This allows agents and brokers to quickly gather first-hand knowledge on a number of available properties in the local market.
Developing Your Skills
Although continuing education is a requirement to maintain a real estate license, it is also an opportunity to develop the skills that will keep an agent at the top of their game or open a door to new real estate opportunities within the regional or local market. Continual development is crucial to long-term success of real estate agents and brokers. Continuing education not only widens their scope of expertise, but it also improves their proficiency, knowledge, and marketability as a real estate professional.
In the early times, selling may be defined simply as "the process of handing over something in exchange for money." Nowadays, with technology upping the ante with marketing and promotional media platforms, and payment methods and terms adding to the already complicated ordeal. Selling your home can be quite a process.
In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed a buyer's behavior during the home buying process.
According to the National Association of Realtors" 2018 Home Buyer & Seller Generational Trends Report, the first step that "42% of recent buyers took in the home buying process was to look online at properties for sale."
However, the report also revealed that 94% of buyers who used the internet when searching for homes ultimately purchased their homes through either a real estate agent/broker or from a builder or builder's agent. Only 2% of buyers purchased their homes directly from a seller whom they didn't know. Buyers search for a home online but then depend on an agent to find the home they will buy 52%, to negotiate the terms of the sale 47% & price 38%, or to help understand the process 60%.
The plethora of information now available has resulted in an increase in the percentage of buyers who reach out to real estate professionals to "connect the dots." This is obvious, as the percentage of overall buyers who have used agents to buy their homes has steadily increased from 69% in 2001.
Everyone could use a help of a professional who has dedicated time in the field to make their lives easier. If you are thinking of selling your home, don't underestimate the role a real estate professional can play in the process.
One of the biggest traps a seller can fall into is confusing features vs. benefits. Often when selling a product or service, sellers merely present a list of features--and that's simply not enough to make a sale. Both features and benefits are equally important for effective advertising copy, but at the end of the day, it will be the benefits that give you the best advantages for converting customers.
One common mistake real estate professionals (and salespeople in a variety of industries) make is focusing too hard on selling the house, and not enough on selling a solution to the buyer's problem. The house is the product. It's the center piece of the transaction. But it's your buyer's lifestyle, family situation, age, income, career, and a multitude of other factors that determine whether or not a specific house is a good fit for them.
Focusing on your customer's pain points and the ways your product or service can provide the solution to their problems is known as solution selling. In order to be successful in solution selling, you must understand the difference between features and benefits, and the most effective way to present both as you walk through the process of selling the home.
Features are Generic
A feature of a particular property is a tangible characteristic of it. A two-acre yard, a new furnace, multiple bathrooms, an eat-in kitchen are all features. As the person selling the home, you need to know the features. Potential buyers like to compare features of all the homes on their radar. Think of the features like a checklist clients have in their head that helps determine whether or not this particular home is even on their radar for consideration. The features of the home you are selling will likely come into play very early on, possibly before you even speak to a potential buyer.
Benefits are Personal
Benefits are what your customer has to gain from the particular features of the property you're trying to sell. Benefits are usually intangible and represent value to a particular buyer. They vary from buyer to buyer, depending on their needs and interests. A two-acre yard is a benefit to a buyer with three young children who need some space to run. To a retired couple without any nearby grandchildren, it might simply represent a lot of hard work they don't have the time, interest, or energy to perform. Benefits illustrate how the features solve the individual customer's pain points.
Bringing it Together with Solution Selling
Features definitely play a role in the real estate sales process. But solution selling is where you really have an opportunity to bring value to the transaction by understanding what a buyer is looking for, and clearly demonstrating how the features of a given property fill that need. Don't simply sell the same home to every buyer, in the same way. Adjusting your sales pitch to match the needs of the buyer demonstrates sincere interest in providing the best possible solution for them. Use features as the arsenal of tools at your disposal when trying to solve a buyer's problem with benefits. Sometimes, one particular feature will do it. Oftentimes, it's the combination of two or three features that serve a particular need. Even if the buyer doesn't purchase that particular home, it's a great strategy for demonstrating your client care skills and prospecting new buyer clients at an open house or a showing.
"NEW AGENT! I'm honored and excited to welcome Glenroy (Glen) Samuels to our team here at the New York Real Estate Experts.
Glen is a lifelong and established professional musician who has played with well-known names such as the Fab5 Band, Freddy Jackson, Percy Sledge, Ray Goodman & Brown, Lauren Hill, Chi-Lites, Sanchez, Luciano Etc etc. He's presently playing with Chaka Demus & Pliers.
Glen has had a life long dream of doing real estate and we are super excited to have him join our family of Realtors for the leads, the systems, the mentoring and motivation we have to provide for success. We are looking forward to seeing Glen grow and thrive in real estate.
Please help me welcome Glen to our team."
Ever wonder why some real estate agents are more successful than others? Why success seems to come more easily to some? Today we will be learning the recipe for success in the real estate industry.
Problem solver 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 and develop creative MLS listings to attract the right buyers.
Self-motivated entrepreneur. Having a desire to control your own professional destiny and be your own boss is a trait shared by top real estate professionals. To be successful in real estate requires a high degree of self-motivation, drive, and smart decision making.
Honesty and integrity. Your professional reputation is crucial to a long and successful career in real estate. Becoming a member of the National Association of REALTORS is one way to show you practice high ethical standards. To become a member, you must pledge to a strict Code of Ethics and Standards of Practice.
Hustle and tenacity. Being a top producing 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, putting in the right amount of time, and doing whatever is necessary to close the deal.
Interest in houses and architecture. Having a true interest in houses and architecture can give you an advantage over other brokers and salespersons. If your knowledge and interest level is apparent in conversations, your clients will see that you care about the industry you're in.
Engaging personality. A good real estate agent doesn't just sell properties--they sell themselves. It's important to show your real personality. People will respond to you if you have a great attitude, are personable and honest, have confidence in your abilities, and get a sense of fulfillment by serving others.
Attention to detail. Paying close attention to the details 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 will close more deals.
Understand the local housing market. A top producing real estate agent appreciates and utilizes the nuances that make a specific community's housing market and pricing strategy unique. 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.
Build a network of connections. Successful real estate agents have a vast network of contacts within the market they serve. This list of connections should include other real estate agents and brokers, potential buyers and sellers, and all the other players in the real estate industry, such as appraisers, home inspectors, and mortgage loan officers.
Knowledge is power. Staying up-to-date on the latest topics in real estate and in the local market will allow you to service clients more effectively. 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.
One thing in common amongst all these traits is that they all can be acquired for free. All you need is to have the drive to hone them.