Let’s face it; it is not easy to succeed in the real estate market. Sure, there are thousands of realtors you can find if you look for one, but the truth is that only 20% of them are actually successful as they handle most of the closings. The remaining 80% only find themselves struggling as they have little or no business. If you have decided to make a career in this market, you are probably wondering how to buck the odds and become a successful realtor. There are several steps you need to take in order to accomplish this goal. Read on to find out what they are:
1- First and foremost, you need to evaluate your personality. Real estate isn’t suitable for everyone and personality traits are as important as education for a realtor’s success. Lots of realtors work as independent contractors who’s only earning source is commissions. You have to be unafraid of change or risk in order to make it in this business. Keep in mind that real estate runs in cycles as high sales periods are often followed by seasonal slowdowns. You have to be able to handle the highs and lows deftly. Apart from that, you also need to have maturity, trustworthiness, a pleasant nature, enthusiasm, honesty and good judgment.
2- Work on your verbal skills. You can only close a deal if you have the ability of discussing the terms of an agreement in a friendly language and layman terms. Presentation is a major part of your life as a realtor.
3- Develop your people skills. According to an expert Fred Franks from LocalRealtyServices.com, a successful realtor often obtains leads from referrals. Maintaining strong contracts and regular networking are essential for increasing your real estate sales.
4- You need to master the art of negotiation for becoming a successful realtor. You have to use the power of persuasion for encouraging clients to accept or make reasonable offers. You have to be able to understand the wants and needs of parties for effective negotiation, prepare responses in advance, anticipate counteroffers and stay open to multiple options.
5- While a college degree is not essential for having a career in real estate, it is a fact that earning a four-year undergraduate degree undoubtedly increases your likelihood of success. You will be able to do more closings in terms of dollar volumes. It is recommended to take courses in business administration, finance, economics, law, statistics and English for a successful career in real estate.
6- Continuing education should be a priority for becoming a successful realtor. You have to keep up with business trends and other issues that can have an impact on your clients. Zoning rules, infrastructure development and tax laws all are subject to change frequently and you need to stay updated in this regard.
7- Taking technology courses is also critical to your success as a realtor. You have to rely on sophisticated computer programs and systems such as geographic information systems, database analysis and spreadsheet software. You will lose market share if you fail to keep up with the technology.