The real estate business is an extremely competitive industry, where agents strive to find the best homes and businesses for their clients. If you are a real estate agent or aspire to be one, acquiring the right skills will help you advance your career. What are the most important skills for this profession?
There are several skills real estate agents possess that are beneficial to those who work in this field. Real estate agents often need to be adaptable and can negotiate deals, research properties, communicate with clients, and advertise their business—all in a single day. Although many believe real estate agents are solely dedicated to selling houses, they actually perform many other tasks. Furthermore, while some salespeople are eager to sell a product for their employer, real estate agents are typically more focused on finding the right property for their clients. Here are some of the key skills a real estate agent should have:
Communication skills
Communication is extremely important for real estate agents in many aspects of their work. Primarily, real estate agents must be able to communicate clearly with both prospective and current clients. Real estate agents who work as part of a team also need to communicate effectively with their colleagues. Marketing their real estate business requires excellent communication skills when networking and connecting with potential clients. Real estate agents interested in working as brokers and listing homes for sale also need to be able to create clear and appealing property listings.
Problem solving
Real estate agents regularly have to solve problems for their clients. For example, a client might tell an agent they need a house by a specific date that's fast approaching, or they might have a very specific list of things they need in their new home that are difficult to find. The real estate agent has to do everything possible to solve these problems effectively for their clients, so they close a sale and their clients are happy. Some problems a real estate agent faces require creative thinking to solve.
Technological skills
Real estate agents often use technology to share property listings with clients. Technological advancements have brought many things to the real estate process, such as the variety of apps that can be used for home searches, the rise of 3D virtual tours for property listings, and new ways to share listings. Some real estate agents may even have to show homes to clients via video conference if the client lives in another city or state and cannot be present for a visit. Furthermore, technology is useful for real estate agents for communication and marketing.
Knowledge of your sector
The real estate market is highly competitive, and things can change quickly. For example, there might be many homes on the market but not many buyers, or there might be a hot market with limited inventory for those actively seeking properties. Real estate agents need to stay on top of these kinds of situations, as well as market trends related to popular home types or neighborhoods that appeal to specific types of buyers.
Negotiation skills
Real estate agents are often involved in negotiations, especially as representatives of their clients. They must be skilled negotiators while also adhering to the rules and regulations of their local real estate sector. For example, real estate agents often have to submit a written offer to the agent representing a property for sale, and the negotiation process can then be complex. Real estate agents must understand their clients' needs to effectively represent them during negotiations.
Local knowledge
Real estate agents need to be very knowledgeable about the area they work in. This includes things like local housing trends, the location of local amenities, the characteristics of different school districts, the types of neighborhoods in the area, and general housing prices in different parts of the region. Clients often hire real estate agents to be an expert resource for these kinds of things while they are looking for a home.
Organizational skills
Real estate agents have many responsibilities, such as attending to multiple clients simultaneously, so staying organized is crucial. They may have numerous documents and files to manage, both physical and digital, and keeping these organized makes it easier to find the right document when needed. Real estate agents also need to maintain a schedule for meeting with clients and colleagues at agreed-upon times, especially since reliability is paramount.
Ethics and integrity
Real estate agents work in a carefully regulated sector designed to protect consumers, especially since buying property is often the most expensive transaction the average person will make in their lifetime. Real estate agents must have a strong understanding of what it means to work and act ethically and with integrity. These types of agents tend to have longer careers because clients come to trust them due to their ethical conduct.
Networking skills
Real estate agents typically network, even when enjoying their personal time outside of work. Since many people prefer to work with a real estate agent they know or who has been recommended, networking is important for real estate agents to find new clients. This might mean attending local events or asking acquaintances to share their information with anyone they know who needs a real estate agent.
Knowledge of real estate law
Real estate law can be complex and varies depending on where you live and work. Real estate agents need at least a basic understanding of real estate law, especially regarding the paperwork involved in buying a property. For example, a real estate agent representing a client buying a house may have to complete an offer contract, finalize the sale, and close the deal. While the agent may work with others on these contracts, they should have a basic understanding of what each entails.
Understanding architecture
Architectural terminology is often important for real estate agents to know, as clients may request a specific house style or architectural feature. For example, if a client asks to see a Colonial-style house and the agent is unfamiliar with that style and instead shows them a Craftsman-style bungalow, the client might be dissatisfied.
Marketing skills
Real estate agents regularly need to market their services in their community, especially those who are independent or work for a company that doesn't provide marketing services. Marketing for real estate agents can include physical advertising such as posters and billboards, digital ads in various locations, or other efforts like public relations interviews. Marketing a real estate business can attract more clients, thus growing the agent's business.
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