Skills are essential drivers for the efficiency and growth of any industry. As the real estate industry is becoming global, real estate agents are mastering specific skill sets to keep the competition at bay. In the 21st century, owning a real estate license and being qualified for the job does not guarantee success, and it is not enough to stay on top of the market. Therefore, multiple professionals in this field are working hard to attain lucrative deals for prospective clients. Hence, a real estate agent must possess professional and unique skills to entice customers around the globe. Such skills are not acquired through educational means but with practical experience and knowledge. Moreover, these skills are indicators of the capabilities and potential of real estate professionals by giving them a separate identity, dominance and a finer reputation in the market. Also, the development of effective skills enhances the decision-making process, encourages interaction with the right people, and improves operationalisation and performance in the market. Following are some of the core skills that a real estate agent must have.
Skills that a Real Estate Agent Should Have
Effective Communication Skills
A real estate agent’s job revolves around working and interacting with people of different socio-economic backgrounds. These people are distinct from each other and may prefer different means of communication for interaction, such as via a phone call, email or text. Therefore, having effective communication skills is the key. The real estate agent should be a master of all modes of communication and must be quick at responding. Moreover, the way and extent to which the clients communicate also varies. Some like to contact the real estate agent themselves, while others may prefer the agents check in on them on a regular basis. The real estate agent must be aware of the client’s preferences to ensure efficient and better customer service delivery. In addition to that, the real estate agent’s job comes with a broad network of leads, colleagues, and other contacts, which also demand thorough communication skills. Therefore, a real estate agent must work on effective, multi-purpose, and quick communication skills when dealing with all sorts of clients and market professionals.
Working on Cross-Cultural Negotiations
The real estate industry is no longer a local asset but has expanded across the global markets. Therefore, it is imperative for a real estate agent to be aware of social cues that are considered inappropriate and disrespectful in distinct cultures as well as those which are appreciated. This becomes crucial while working with international clients. So, knowledge and research about cultural differences and varying etiquette prevent misconduct and rudeness. Moreover, understanding body language is also essential as it enhances first impressions. For example, a real estate agent maintaining eye contact is a good way of telling the client that you are listening. Vague body language may send a wrong message to prospective clients having a negative impact on the sales and agent’s reputation. Similarly, a client’s nervousness can be indicated through facial expressions and body language. Therefore, a real estate agent must work on cross-cultural negotiations and also be aware of all sorts of verbal and non-verbal communication.
Honesty
The most significant trait of a real estate agent is honesty. It helps build a positive image in the minds of prospective clients and enhances trustworthiness. A real estate agent must be able to provide proof or evidence of claims to the clients. Immorality or malpractices can mar the career and tarnish the reputation in the market. As clients are always looking for someone whom they can trust and work with effortlessly, they search for referrals before contacting an agent. Hence, having a great client- base who can provide testimonials and referrals of past profitable deals is important. For this purpose, a real estate agent must provide the best services to each one of its clients with full integrity. It will help in the growth of the business and attract other clients as well.
Problem-Solving
Many problems can arise during the real estate process. For example, a client demands to buy or sell a house on a specific date or has unrealistic expectations, such as asking for particular things in a house that is difficult to find. In such cases, a real estate agent must be able to solve every problem tactfully by taking the client in full confidence. Saying no, persuading the client or showing hesitation can result in the loss of a potential client. Therefore, a real estate agent must have the characteristics of a creative thinker and problem solver to resolve all sorts of challenges and difficulties. Once the client’s requirements are fulfilled at the right time, they may label the agent as the best one in the real estate market. Moreover, it will eventually generate more clients in the long run.
Technological Adaption
Digitisation has transformed every industry, including real estate. Clients prefer to browse through the internet before making real estate dealings as it is a transparent, hassle-free and convenient process. Therefore, real estate agents must be quick to adapt to any new real estate market trends and technologies. They must have a website with up-to-date information on all the real estate products. Moreover, options for virtual home tours, property verification and inspection, video calls, and high-definition photographs of the real estate products must be available online. Tech-savviness can come in handy while working with clients who live in other cities or across borders. Furthermore, technology can be used efficiently to streamline many processes, convert leads faster, and promote and boost the business.
Knowledge about the Real Estate Market and Locality
To provide the best deals and services to the client, a real estate agent must have greater knowledge about the real estate market as well as the locality for a smooth and seamless real estate process. It is essential because things can change quickly in the real estate industry. For example, there can be a lot of houses in the market but not enough buyers and vice versa. Therefore having knowledge about the market trends, most popular and attractive neighbourhoods, and things high in demand is crucial. Furthermore, a real estate agent must also have a good understanding of the local area in which business is conducted. Things like characteristics of various neighbourhoods, types of infrastructures, local regulations and facilities, public transport, and local amenities can become useful resources for the real estate agent. Immense knowledge about both the industry and locality also shows the level of professionalism of the real estate agent.
Managing Time
Time management skills are crucial for a real estate agent as the job revolves around working with all sorts of people. A real estate agent must know how to manage time effortlessly, meet deadlines, provide information to clients on time, and show up to meetings or the office on time. All the skills mentioned above might be useless without great time management skills. These skills will highlight the agent’s dedication, professionalism, and self-discipline. Moreover, it will also shape the client’s opinion about the real estate agent. Therefore, it is imperative for the real estate agent to be well-organised and timely to appear professional and also to show that the agent values and respects the client’s time.
Forbearance and Passion
A real estate agent’s job is of such nature that it requires patience, tolerance and restraint. Therefore, loving this job and being passionate about it is important. For instance, sometimes a house may be sold immediately, while most of the time, it’s a waiting game. A client may get cold feet even after the agent shows multiple houses. At times, a deal may take months or years to close, or leads may require a lot of time to nurture. Whatever the case may be, a real estate agent must have the forbearance to deal with clients, as it is important for closing the deals. Moreover, the agent must never be haggard, bored or frustrated with the job. Showing enthusiasm, passion, and tolerance is the key to having a successful real estate career.
Conclusion
Skill development is crucial in a competitive industry like real estate. They help an individual stand out and enhance their reputation. There are multiple skills that a real estate agent should have, some of which are discussed above. The efficient adaption and effective implementation of these skills will help a real estate agent achieve a successful and rewarding career. It will boost both the real estate business and help grow the economy in the long run.
This article is written by Haneen Gul. Haneen is a Research Analyst at the Iqbal Institute of Policy Studies (IIPS).
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