There are three types of estate agents – a third are entering the industry, another third are leaving the sector and only a third have been around for a while.
Like any business, estate agency is very competitive and only the best survive.
What makes a good estate agent?
Estate agency is not only about selling. There are lots of careers in the estate agency industry.
House selling agents are the most known but there are agents that specialise in sectional sales too.
Other career choices can be body corporate management, residential and commercial letting, commercial and industrial sales and a few other specialised niches.
While you might imagine that a house sales agent is an easy occupation, it needs a lot of special skills to be successful.
In about 95 percent of all house and apartment sales people work on a commission-only basis.
The reason being that unless you sell something the company earns nothing.
Training a new agent takes time, effort and money.
Also bear in mind that a good agent can earn far more working on a commission basis rather than earning a salary.
Remember you are being rewarded for success not like a normal worker who is paid for the time he is at the business.
Think of it as a partnership where you fend for yourself as far as transport, a cellphone and time on the job, while your principal (the owner of the estate agency) puts in a lot of time for initial and continuous training and advice, brings you other stock of homes to sell that you list yourself, gives you office space and often in office phone access and processes your deals.
Remember they also take the business risk and are responsible for all your actions, good and bad.
A good agent needs a lot of intangible things too.
You don’t need to have a degree but you do need to be fully literate – that goes without saying as you are expected to accurately research and complete legal documents.
You need the right personality too.
While everyone’s idea of a good estate agent is a young lady with a short skirt and an outgoing manner, successful sales agents are frequently hard working, efficient souls, who are able to deal honestly and politely with buyers and sellers.
A good selling agent can be likened to a doctor in that they do a lot of research and investigation, keep good records and have the well-being of their client as their reason for working.
On the other hand a good body corporate portfolio manager would need different skills and personality traits.
He will need patience to listen to complaints, be able to adjudicate between different owners.
He needs to be highly skilled as an administrator.
He needs to be able to deal with and supervise contractors, take minutes at meetings and often act as a meeting coordinator.
High-speed typing is essential as he needs to prepare and distribute minutes.
Ultimately your aim should always be to be the boss of your own company which has its own challenges.
Being in that position means that you need to know much more than the staff that you employ.
You need to be able to think on your feet and be able to make decisions on the fly.
Mostly you need to take it in the chin when things don’t go right.
Your personality must be one that never stays down, but always has a solution to every problem and you should be able to lift yourself up again.
Real estate is a great opportunity but it is not for the faint-hearted.
- Mike Spencer is the founder and owner of Platinum Global. He is also a professional associated property valuer and consultant with work across the country as well as Eastern Europe and Australia.