7 Timeless Real Estate Market Skills

7 Timeless Real Estate Market Skills

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The real estate profession evolves on a daily basis, but the characteristics of top-performing practitioners do not. The details may change as technology advances, but the basic skills remain constant. You will be successful in any market if you can master these.

 

1st Skill: Meeting New People

Simply put, if you never meet new people, you will never have new people to sell to. It makes no difference if you meet them for the first time in person, online, or over the phone. If you can talk to them one-on-one about their needs, you've already started down the road to success.

 

2nd Skill: Making Personal Connections

To be successful in this field, you don't have to be the greatest at everything. You only need to be competent and likable. People prefer to buy from people they like. Develop the capacity to connect with your clients and gain their trust, and you will have completed 90% of your sales process. Do you want a quick way to build trust? Inform the client of something that is not in your best interests. Show them that you value honesty more than anything else.

This isn't to say that telling them you were sued last week will make them nervous. However, it may be necessary to note that houses in another area have the same amount of space and are less priced. They are aware that you will be paid more if you sell them a higher-priced home. Showing them something that is in their best interests rather than yours establishes your credibility.

 

3rd Skill: Follow Up On Every Lead

Follow-up is a major area where agents fall short. You'll never be a top performer if you don't take every lead you get and work it to death. Working every lead until it either closes or is obviously no longer a lead is crucial to developing the robust pipeline required to keep your business generating continuously. This implies that you will require a mechanism to ensure that nothing is dropped or forgotten. Throw away your Post-it notes; they should never be used to record a lead. All leads must be kept in one location and contain the bare minimum of information. This includes the following:

  • The individual's name
  • Information about how to contact us
  • What property they contact you about (or where they come from if they didn't contact you about a property)
  • Their movement timeline is
  • Whether they are buying, selling, or both
  • If they're seeking to buy, tell us what they're searching for and where they're looking.
  • Their emotional triggers (what makes them excited or angry)

 

If you don't have all of the information you require, don't be afraid to call them again. And, once you've obtained the necessary information, get in touch with them on a regular basis to ensure they stay on course. Don't worry about disturbing them; instead, worry about them forgetting who you are or feeling ignored by you.

 

4th Skill: Asking For What You Want

This is normally a major issue for real estate newcomers, but you'd be shocked how many veterans overlook this aspect as well. It is not always simple, but you must ask for things in order to obtain them. Request a sale. Request an appointment. Request the phone number of the person to whom your client wishes to refer.

Don't wait for people to call you, clients to say they're ready, or buyers to say this is the house they want. Be straightforward. "Is this the house you want to buy?" inquired. "I'll get your house on the market tomorrow if you'll sign right here." "Which is better for you: Monday at 6 p.m. or Wednesday at 3 p.m.?" "Why don't you give me your friend's number, and then you don't have to think about it anymore?" All of these are excellent closing questions utilized by some of the industry's finest practitioners.

 

5th Skill: Setting Appropriate Expectations

It's all about meeting expectations once the contracts are signed and your clients are committed to the process. And, make no mistake, expectations will exist, whether you set them or your clients do. This is why it's critical to define your own expectations; you don't want to be surprised by what the clients choose to expect without discussing you.

The finest real estate agents are experts at creating expectations. They understand appropriate timetables and do not make promises they cannot meet. They promptly notify clients if things need to change, and they establish new expectations quickly and forcefully, leaving no room for clients to wonder (and worry) about what occurs next.

 

6th Skill: Attention To Detail

You must conduct your business as if it were a business. This includes putting a structure in place to ensure that deadlines are met, appraisals are ordered, house inspection responses are received on time, appointments are not missed, and problems are resolved. You should even have mechanisms in place to ensure that your clients—and, if you're really clever, the other side's clients—have attended to all of the things that need to be addressed. Hold on to every deal and work it until it closes, never letting it go. Top performers boost their closing ratios and per-hour earnings by saving multiple deals from imminent death each year.

 

7th Skill: Paying Close Attention To Money

Many agents tell me that for them, it's not about the money; it's about the people. That's fantastic. I enjoy assisting others as well. However, if you don't focus on making money, you won't make any. Real estate is your livelihood, and you deserve to be compensated for the talents and services you offer. If you quit worrying about money, you'll accomplish things like:

  • Negotiate your commission away.
  • Do not accept a referral money "to be nice."
  • Labor on listings where you will never be paid a respectable wage for the amount of labor you complete because you "feel bad for the person."
  • Accept expensive listings in order to win over the sellers.
  • Buyers should not be forced to sign contracts.
  • Stick with a broker who pays you a lower-than-market split.

 

All of these factors contribute to you working too hard and earning less than you deserve. It is not your responsibility to rectify the world's wrongs. It is your responsibility to earn a living, preferably a decent one. It's not about the amount of transactions you complete; it's about how much money you get to keep when the transactions are completed.

If you want to be successful, you must concentrate on money. If you don't earn a profit, you're running a charity, not a business, and you don't collect grants to make ends meet like charities do.

You must stay current on technological advances, industry laws, buyer and seller priorities, and economic situations. However, the abilities described above will get you further than any new flashy marketing strategy or social media method. Whatever happens in real estate, these abilities will make the difference between a decent and a great agent.