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First off, let us define ‘successful’ as personally fulfilling and financially rewarding. Follow some important rules and a career in real estate will bring you those rewards.
Rule number one
Estate agency is not a get-rich-quick scheme. It is a profession in which you must be trained and constantly improve. Learn everything there is to know about property. Learn about the history of property, the art of construction and architecture, the improvements that have been made over the years and also the mistakes that have been made, especially in recent years. Learn everything about the future of construction, sustainability, ecology, smart technology and more. Learn about the basic principles of architecture and interior design. Understand that, just like properties are constantly evolving, so is the profession of selling it. Be ahead of the game, learn about the latest software, including virtual reality viewings.
Rule number two
Be passionate about what you do. Real estate is the number one commodity for every living being on the planet. Whether you help a young family to buy their very first home or whether you assist a king to buy a castle in Europe, be truthful and honest and always try to understand your clients’ needs. Listen more than you speak. Observe more than you show. When you speak, do so mostly to ask questions. Be your customers’ advisor.
If you want to reach the top of your game, you will truly have to excel in three main areas which are the pillars of every successful estate agency. These are: A) first class service, B) exceptional presentation and C) best possible exposure.
Rules one and two will help you to provide a first class service.
Your presentation of the property will have to make it stand out from the crowd and shine in front of potential buyers. Your presentation has to include professional photography, possibly interior design or staging, as well as state-of-the-art marketing. Join or build your own team of marketing specialists and invest in a modern, stylish and easily navigable website.
Depending on the market segment and geographical area in which you operate, exposure of the property to the widest and biggest possible market is of great importance. The general rule is that – the higher the price, the further you need to reach for the suitable buyer of your property. The mix of exposure consists of traditional print advertising, social media and online activities, as well as direct sales including exhibitions and private events. This can be very costly and only very few specialists and skilled companies can operate successfully in the highest segments, which brings us to the next rule.
Rule number three
Consider joining a franchise or license operation. The two main pillars of presentation and exposure require very hard work and considerable expenses. Many of those services are provided by, or at least supported by, franchise operations. Do your market research, decide in which segment you want to work, and then on the basis of your decisions choose the right franchisor or license partner who can help you to reach the top.
Above all, remember to enjoy your profession, always try to excel and success will come to you.
- The article was originally published in Career Ahead October 2020 issue.