Africa’s real estate market is booming. With residential and commercial projects popping up frequently, the potential for finding prosperity in this sector is immense.
However, real estate is a competitive and challenging industry. In fact, many new real estate agents never make it through their first two years. What this should tell you is that you need more than talent to find success in this sector.
If you’re looking to get ahead in your real estate career, these five skills can give you a competitive edge.
Sales Negotiation Training
Effective negotiation skills are essential in the real estate industry. Real estate is sales, and strong negotiation skills are at the heart of a successful deal. According to the National Association of Realtors (https://www.nar.realtor/sites/default/files/documents/2019-home-buyers-and-sellers-generational-trends-report-08-16-2019.pdf), 84% of buyers believe this expertise is vital in a real estate agent.
Strong sales negotiation skills help real estate agents in a number of ways, including:
- Uncovering the primary objectives and goals of the buyer and seller.
- Effectively dealing with objections while maintaining perspective.
- Clearly identifying and communicating the issues, possibilities, and alternatives.
- Guiding customers to make the right first offer or the right counteroffer.
- Boosting earning potential.
Sales training programs are one way to develop or boost your abilities. Other options include reading acclaimed books on sales techniques and finding an experienced mentor.
Industry and Local Area Knowledge
Top real estate agents are industry subject matter experts. These professionals typically know the local area like the back of their hand.
There’s a lot of information to consider when buying, making a sale, or developing a property. Those details also change often thanks to various influencing elements. These include environmental, political, social, and economic factors.
Potential buyers and sellers don’t have the time to find, read, and understand it all. Agents are the subject-matter experts that customers turn to for guidance. Without up-to-date industry and area intelligence, an agent may give insufficient or even inaccurate information.
Extensive industry and local-area knowledge also helps create deep, more personal connections with customers. Building industry and neighborhood expertise also helps agents in making a sale.
Train yourself to read trade publications weekly to stay caught up on industry news and trends. Area-specific industry seminars and local get-togethers are also great places to find out what’s happening in real estate. Participating in your local community can help build your neighborhood knowledge and deepen relationships.
Emotional Intelligence
Having a high level of emotional intelligence (EQ) is critical in real estate.
What is emotional intelligence? EQ is “the ability to identify and manage your own emotions and the emotions of others.” What’s more, according to The Carnegie Institute of Technology (https://www.fastcompany.com/3047455/why-emotionally-intelligent-people-are-more-successful), EQ accounts for 85% of financial success. Only 15% is due to technical skills.
Buyers and sellers have different needs and requirements. The real estate process can also overwhelm both first-time and experienced participants. Having a high EQ can help agents communicate better with their customers. This expertise also allows agents to negotiate better deals for their customers.
While some people appear to be naturally programmed with a high EQ, it is a learnable skill. However, EQ is tough to learn from a book, as developing this ability requires regular practice. In-person training and coaching from a manager are more effective paths.
Networking
Top real estate agents are master networkers. As the old saying goes: “It isn’t what you know, but rather who you know.”
Real estate is primarily founded on relationships. The National Association of Realtors (https://verse.io/blog/the-true-value-of-your-real-estate-networking-efforts/) say that 62% of all home buyers choose an agent based on some form of referral. According to Attom Data (https://www.attomdata.com/news/company-news/where-do-real-estate-pros-get-their-best-leads/), 34% of all closed sales also come from an agent’s network.
Networking is not about handing out business cards at random events. Building robust networks requires genuine connections. Those types of relationships call for authentic engagement, which can take time and effort to build.
It’s essential, therefore, to be strategic in your approach. Here are some helpful networking tips to keep in mind.
- Make time to attend industry events. Consider going to more paid events than free events. Free events tend to attract people who may be more up for enjoying themselves.
- Get involved in your local community. Community involvement can help expand your client base. Interacting with people in your neighborhood also strengthens your local area knowledge.
- Focus on quality, not quantity. We’re programmed to think that the more people we speak to, the more chances there are to connect. However, there’s often not enough time to connect with everyone, and choosing quantity over quality can diminish networking results.
- Create relationships that offer mutual benefits to all involved. Start by asking who you can benefit, rather than who can benefit you.
- Nurture your network relationships every chance you get. Tending to existing relationships is an excellent way to make the most of your connections.
Communication
Successful real estate agents are effective communicators.
Real estate involves more than buying and selling of property. At its core, this sector is a people business. In other words, it’s an industry that agents need strong communication abilities to thrive in.
In the real estate sector, agents meet customers with different needs and requirements. Closing a sale typically requires talking to many people. Without strong communication skills, making sense of it all would be an uphill battle.
So, when it comes to sales, communication is important to train in and master. It is near impossible to sell with confidence when you do not know how to express yourself well.
