7 Habits of Successful Real Estate Agents
If you’re new to real estate and you want to learn how to be successful in this industry then you can’t go wrong by copying the successful realtors.
Successful realtors, like successful business owners, have certain habits and attitudes that separate them from their less successful colleagues. Some of these habits are easy to nurture, while others require a lot of work and discipline. So if you’re ready to expand your real estate abilities then here are several habits that you should develop in your daily life.
1. Successful Realtors Always Take to the Field
ACME Realtor Courtney Poulos once said that ‘I do not let one day go by that I’m not in the field, making calls, checking in with clients, or sending communication.’
Poulos is right. Although many real estate agents find leads through the internet, walking around town and looking for prospective buyers and sellers often pays off.
Talking to people in real life can generate better leads than browsing through online listings and forums.
For example, some homeowners sell their houses through word of mouth or referrals despite having easy access to the internet, and talking to these people face to face can be quite lucrative, particularly if the local realtors focus all of their efforts on phone calls and emails.
So if you’re planning to be a realtor, remember that driving around town and meeting people pays off, particularly if you are willing to put in the effort.
2. Successful Realtors Are Diplomatic
Real estate transactions need a certain amount of diplomacy if they are to push through. Sometimes, a buyer may insist on a lower price because a property is located in a poor neighborhood, or a seller may insist on a higher asking price because of the size or age of the house.
There are also situations where both the seller and buyer just couldn’t agree on the actual value of a property.
There are even situations where clients become irate, irritated or even angry, and such emotions can ruin a perfectly good transaction unless the real estate agent can step in and pacify things.
Finally, it’s also worth mentioning that many homeowners set their prices based on emotion, and such emotions often cause them to charge a higher price than what most buyers are prepared to bid.
And it’s up to the real estate agents to explain to their clients the facts of the matter and convince them to change their original offer. Naturally, this process requires a lot of diplomatic skill, which is why real estate agents need to practice their people skills.
3. Successful Realtors Know How to Talk to People
Realty Executives Southeast realtor Shelley Gallamore once said that, “agents struggle with phone calls, yet sales is a contact sport” and she’s right. No matter how many emails or Skype chats you have with your clients, you should keep in mind that a good real estate agent needs to be able to talk to people with ease.
They need to know how to calm clients when they’re irate, offer advice when they don’t know what to do and empathize with their concerns whenever they encounter problems.
There are also situations where a seller or buyer just wants to talk about all kinds of things, and a good real estate agent is usually ready to listen to what they have to say.
There are also situations where a seller or buyer just wants to talk about all kinds of things, and a good real estate agent is usually ready to listen to what they have to say.
Moreover, there are people who expect their real estate agents to help them through various situations, or they insist on a particular marketing strategy or price. When these things happen, it’s up to the real estate agent to explain to the buyer/seller the facts about the property, their bid/asking price and anything else that they need to know.
Of course, real estate can be a complicated topic, and it takes a good real estate agent to simplify these topics for a simple audience, which is why talking and communication is such an important habit for many realtors.
Without communication, buyers and sellers won’t get the information they need, which in turn may cause them to shut off.
4. Successful Realtors Do Their Research
What do you know about millennial homebuyers? What about interest rates – What do you know about those? Do you know the cost of an average home in your community? What do you know about housing affordability?
A good real estate agent can answer many of these questions and more, and they can do so because they do regularly perform research. Looking at data may not seem as important as finding leads or talking to potential buyers, but it provides context for most real estate deals.
Although each real estate transaction is unique (and needs to be treated as such), they don’t exist in a vacuum. They are affected by many external factors, many of which can speed up a new deal or prevent it from happening at all.
Take for example, interest rates. Most home buyers and sellers have superficial knowledge about interest rates but they can affect the cost of different types of properties.
Moreover, it’s also worth mentioning that interest rates are complicated and most people expect their real estate agents to explain to them how such rates affect them and their transactions.
So don’t think that real estate is only about closing deals or negotiating prices. In most cases, research and knowledge can also help you.
5. Successful Realtors Always Follow Up On Leads
House Heroes Realty veteran realtor, Earl White once said that ‘Habitual daily client follow-up builds long-term trust and puts you on the top of their mind.’ A good real estate agent should always follow up on their clients, and this is true for all types of clients.
Two to four times a month is a good rule of the thumb, and you should also follow up on those clients who have stopped calling or emailing you. Most people don’t have the time to check up on their real estate agents, and it’s up to the latter to handle most of the work and communication.
The only time a real estate should stop contacting their client is when the latter explicitly tells them to stop doing so.
Finally, it’s also worth mentioning that following up on leads is crucial for building long term trust. A person who buys a house today may want to sell that very same house five to 10 years down the line, and they are more likely to speak with their old real estate agent than look for a new one. So it usually pays to keep in touch with old clients.
6. Successful Realtors Know Their Clients
Some of the best real estate agents know their clients’ demographics. For example, there are real estate agents who specialize in selling houses to investors who wish to expand their portfolios, while others prefer working with millennials who want to buy their first homes.
There are also real estate agents who specialize in selling to retirees, and there are some who help homeowners with old or partially damaged homes.
Whichever market you wish to cater to, it’s important that you know your clients’ demographics. A millennial who wants to buy his or her first home has a radically different mindset from a foreign investor who wishes to protect his capital by investing it into the local real estate market.
The former wants an actual home, while the latter is only interested in home prices and interest rates.
Many real estate agents cater to a wide variety of clients, but there are also some who prefer to focus their work on a particular group or demographic, and they are the ones who spend a lot of time understanding their clients.
They know what kind of prices their clients like, what kind of neighborhoods they like to live in, and most importantly, their mindset with regards to real estate. So the point here is that if know your client, you’ll have a much easier time being a great real estate agent.
7. Successful Realtors Are Patient
According to several real estate organizations, it usually takes around 68 days to sell a house in the United States. It takes 35 days to get an offer from a potential buyer, and if the seller is lucky, another 35 to 45 days to close the deal.
Now, this is just the average estimate. Some deals take less time while others take several months. In any case, a good real estate agent needs to be patient if he or she wants to get a good deal.
Some deals have obstacles while others have complications, but these are to be expected. Real estate transactions involve a lot of money and both buyers and sellers want to make sure that they are getting the best deal.
If you have a hard time being patient, set up a realistic timetable for all your transactions. Most realtors have those, and they can help you focused on your goal without becoming impatient or even reckless in the process.
