When you are thinking about starting your career in any field or industry, you first need to understand its requirements. Real estate is a challenging industry to get into. You need to complete your studies, get a real estate license, and even learn the necessary skills. So, let's get you an answer to your query – what skills do realtors need?
You see real estate is a competitive industry with another two million real estate professionals.
If you want to stay in the industry for a longer time and be a successful realtor, you will need to polish your skills. It isn’t just about selling spaces to people but creating a network that will get you, future clients.
Without any delay let’s move ahead and discuss a few skills that will help you become successful as a real estate agent.
The Top 13 Skills for Real Estate Agents to Succeed
As said earlier, the real estate industry is highly competitive, so agents must possess a wide range of skills to succeed. Here are the top 13 skills that every real estate agent should have before you start your real estate career:
1. Communication
Communication is an essential skill for any professional, not just a real estate agent. However, it can be a little tricky for a real estate agent to ace the equally important communication skill. The Reason?
Real estate businesses run on communication – the better you communicate with potential buyers or sellers, the quicker you will get a business out of them. It is a bit trickier because every client won’t be the same. Some would like to connect over a call, others via text, mail, or face-to-face.
So, as a real estate agent, you need to ace every mode of communication. Apart from that, you will also need to develop active listening things. Why? You should be able to listen to your client’s needs and concerns to communicate them effectively and explain complex ideas and concepts in simple terms.
2. Honesty and ethical
Only 11% of people actually trust their real estate agents, which is very bad. Hence, as a real estate agent, you must be honest and ethical in your dealings as you will be handling an expensive transaction and someone’s dream. This will ensure the client’s safety and shows how honest you are! You must always act in your client's best interests and be transparent in your communication.
3. Strong Negotiation skills
Strong negotiation skills are crucial in the real estate industry. As a real agent, you will have to negotiate with both parties and bring the best deal to your clients. You need to negotiate smoothly and with integrity without breaking any local real estate industry’s rules and regulations.
You will be negotiating deals with buyers, sellers, and other agents. So, you must find beneficial solutions for all parties involved, including you.
4. Networking
Another skill that you need to develop or sharpen is networking skill. Have you ever seen a realtor finish a deal without passing out his business card to everyone in the place? Or a real estate agent who doesn’t have a business card handy at all times?
It is likely that the answer you will get is no. A real estate agent's network is like his net worth, the bigger the better. You need to build strong relationships with other agents, industry professionals, potential clients, and others.
To grow your network, you can attend industry events, join professional organizations, take part in open houses, and stay active on social media to expand your reach.
5. Patience
Patience is yet another skill that will help you grow as a real estate professional. Being in a real estate business doesn’t mean you will get clients as soon as you put up a deal. There are days when this can happen, but there will be months or a year, and you won’t get a single deal on that house you put up for a sale.
However, that doesn’t mean it won’t attract potential buyers. You will have to wait patiently and put in the effort if needed.
Also, real estate transactions can take a long time to complete, and you must have the patience to see the process through to the end. You should manage your emotions and remain calm and professional during the ups and downs of the transaction process.
6. Time management
You are your own boss as a realtor or a real estate agent and that’s why you need to manage your time effectively. You won’t want to have multiple meetings at the same time and not be able to attend even one.
Time management is essential in the real estate industry. Why? You need to prioritize tasks, manage your time efficiently, and meet deadlines. There will be days when you will have loads of time and days when you will have a workload. You should know how to manage your time and juggle multiple tasks to ease your workload.
For instance, in your free time, you can complete your tasks related to marketing, and research upcoming client meetings. So on days of meetings, all you have to do is look at the notes, get ready, and head to the meeting.
7. Tech & Social Media Savvy
Gone are the days, when you had to roam around and ask people for connections who might be looking for buying or selling space. In today's digital age, real estate agents must be tech and social-media savvy.
Create your social media page, showcase the properties you have and you will definitely get a client. Nowadays most buyers find their property online through social media platforms. There you can market your properties, communicate with clients and even conduct research.
There are many real estate tools available that can help you in storing and managing your contact list, send your newsletters, and much more. Hence, be proficient in technology and social media, if you want to get ahead as a real estate broker in this era.
8. Understand the local area
Before you enter the market as a realtor, make sure you have studied and researched your local area very well. You should know your neighborhood, which schools, colleges, malls, shopping centers, hospitals, and other amenities are there.
Your prospective client will expect you to have all this knowledge. Also, when you tell them about the nearest amenities and how the area is best for the people like them, it showcases your research and knowledge about the industry. They will find you a reliable person and might refer you to their friends, family, and colleagues.
9. Knowledge of the industry
With an understanding of the local area, it is also important for a real estate agent to know the industry. Once you step into a real estate career, you need to stay updated with current market trends, laws, and regulations.
Not every area and house is suitable for every client. You need to have knowledge about what is currently in trend in the housing industry and refer them to your client if you think that’s what they are looking for.
Along with that, you will have to stay updated with laws and regulations as well about the industry. Only then, you will be able to provide the best possible advice to your prospective seller or buyer.
10. Problem-solving skills
Sometimes knowing everything can’t help you close the deal, but your creative way of thinking to solve a problem can! There are high chances of you meeting a customer with specific requirements like a specific type of light or a neighborhood, and that might be hard to find. So, what will you do?
This is where your problem-solving skills will help you. You can tell them about the neighborhood they are looking for or introduce them to someone who might help with the light fixtures. When you solve the problem of your prospective client, the chances of getting a deal closed increase.
Also, keep in mind, real estate transactions can be complex, and you should solve problems quickly and effectively there too. You must think critically and come up with creative solutions to any issues that arise during the transaction process.
11. Teaching
You might be thinking, what is it with teaching skills and a real estate career? Well, they are interlinked. As a real estate agent, you should have the ability to teach and educate your clients about the real estate industry and how things work. You should be able to explain the process, answer questions, and provide guidance to help your clients make informed decisions.
For instance, if you get a client that has never bought a property? It is obvious he won’t know how this works and how the transaction happens, which is where your teaching skill will help you. You might have to explain the process in a more simple way and more than one time. However, if the client is a regular buyer or seller of properties, the transaction will be done in a jiffy.
12. Knowledge of architecture
Having a basic knowledge of architecture can be a valuable skill for a real estate agent. You should be able to identify different architectural styles and recognize the unique features of a property.
Why?
Let’s say, a client comes to you and asks for a contemporary or classical type of architecture. If you don't know what they are, you wouldn’t be able to show them the properties that they are looking for.
13. Marketing skills
Last but not least one on the list is marketing skills. This is something that you will have to constantly improve with time. Marketing is also essential in the real estate industry, just like in others.
You should develop strong marketing skills and be able to create compelling property listings, use professional photography and video, and market properties effectively on social media. Apart from that, you can also brand yourself with billboard marketing, flyers, business cards, etc. to get in contact with the ones looking for real estate agents.
How to improve your soft skills as a real estate professional?
There are certain ways you can develop or improve the above-mentioned skills before you enter the market or as a real estate agent too. Below are a few foolproof methods to develop and improve skills to grow as a realtor:
- Seek Feedback and Act on It
The first step in improving your soft skills is to seek feedback from others. Ask clients, colleagues, and managers for feedback on your communication, negotiation, and networking skills. Use this feedback to identify areas where you can improve and develop an action plan to address these areas. - Take Courses and Attend Workshops
There are many courses and workshops available to help you develop your soft skills. Consider taking courses or attending workshops on communication, negotiation, time management, and marketing. These courses can provide you with valuable insights and strategies to improve your skills and help you achieve your goals. - Practice, Practice, Practice
The best way to improve your soft skills is to practice them regularly. Whether it's negotiating with clients, networking with colleagues, or communicating with stakeholders, look for opportunities to practice your skills in real-world situations. The more you practice, the more comfortable and confident you will become. And ultimately a successful realtor too! - Read Widely and Stay Informed
Reading widely can help you develop your soft skills and stay informed on the latest trends and developments in the real estate industry. Read books and articles on communication, negotiation, and marketing, and stay up-to-date on industry news and trends. This will help you stay ahead of the curve and provide your clients with the best possible service. - Seek Mentors and Role Models
Finally, seek out mentors and role models who can provide you with guidance and support as you develop your soft skills. Look for successful real estate professionals who embody the skills and values you aspire to and learn from their examples or experience. Seek out their advice and guidance, and use their success as inspiration to achieve your own goals.
Thrive in Your Real Estate Career with the Necessary Skills
It’s time we wrap the article! So, did you get a satisfying answer on ‘what skills do realtors need’? In this article, you read how some soft skills and a few hard skills can help you grow a career in the real estate market. Hence, to conclude, the real estate industry requires a diverse range of skills, and to succeed as a real estate agent, from communication and negotiation skills to marketing and teaching skills as well.
