Dec 21, 2018
9 Things New Property Agents Need To Know
In Malaysia it would seem that any Tom, Dick and Harry can be a property agent. But what are the traits that you need to make you stand out from the crowd? So if you are an agent starting out, buckle up and pay attention to these tips!
1. Motivation and an Entrepreneur’s Spirit
The first thing you need to know as a property agent is that you do not have a boss anymore. You don’t have a superior to arrange your schedule for you and tell you what to do, and most importantly, you don’t have a tidy sum of money in form of salary being banked into your account at the end of the month anymore!
This in itself is a big motivation – but hard work alone is not going to pay off. You will need some entrepreneurs skills otherwise all you are ever going to get are miserly crumbs from the big boys up there. Learn from your seniors, attend your trainings and have a buddy system with an experienced senior to learn from them!
2. Communication Skills
This is one of the most important skills that you will need as a property sales agent. After all, if you cannot communicate the unique selling points to your buyer, you will be hard pressed to get the sale unless your customer can truly see the value in your proposition. You will need to articulate your knowledge, making repayment plans and loan options sound as simple as possible.
Aside from good speaking skills, you need to have acceptable writing skills as well. Imagine if you were to send an email proposal to an interested client, but they cannot make head or tail of what you are trying to say. Or perhaps if they have approached a few different agents who have also sent them email proposals, they will choose the one with better writing skills on the assumption that they are more professional.
All the skills in the world are not going to help you if you have a bad attitude and personality. If you look around you, all the best property agents have a charismatically charming look about them, and they are the most helpful and humble agents around – or at least around clients. Clients love them, trust them and are remarkably relaxed around them, trusting them with all the details.
When you go for your training, your seniors will tell you that this skill is called ‘building rapport’. While some agents seem to have a natural flair for charming their clients, this is not a skill that cannot be learned. If you are one of those who are not blessed with this skill, it may take you just a bit longer to learn. But if you observe, learn from your mistakes and practice, you can become a great agent too! Trust us, we have seen close-mouthed agents turn to millionaires at PropertyGuru!
4. A Professional Appearance
When in Rome, do as the Romans do. In Malaysia, a trick that was taught to us by a top ranking agent was: Look at the situation, where you are meeting them, and dress the part. Surprised? Well, look at it this way. You are going to look ridiculous in a 3-piece suit if you are meeting your client in a mamak.
But this doesn’t mean that we are asking you to go out and meet your client in Bermuda shorts and singlet either! What we mean is that, you probably want to dress in a more smart casual manner to put your client at ease as well.
Blend into the situation but hold yourself professionally. If you are meeting them in a corporate firm, you’ll probably want to put on that 3-piece suit. If you are meeting them at the property, depending on where it is, you might opt for either a 3-piece suit or an office shirt with office slacks. But if you are meeting them at a mamak, do yourself a favour and stick to a good looking Polo T-shirt and a nice pair of pants.
Another tip from the agent? Always keep an office blazer in your car for unexpectedly formal meetings!
5. Organization / Time Management Skills
All the talent in the world is not going to help you if you are lousy at keeping up with your workload. We have met agents who don’t set enough time between their first and next meeting, who don’t take into account traffic delays and client tardiness, and then become late for their next meeting – and when you are late, you make a bad impression.
All these little problems can be solved with a neat little timetable. And what many people don’t know is that a well organised schedule will leave you with an unbelievable amount of free time. And if you are forgetful, technology is here to help. Set reminders on your phone.
So here is what you do. Write down in a calendar which you will see everyday all your appointments, and the night before, review your next day’s activities. That way, you will wake up with a clear mind and will only need to follow your schedule to stay on track.
These are by no means all the skills you need to become a successful property agent, but they are certainly some of the more essential ones.
6. Save up for Rainy Days
The first thing a property agent should do is have a nest egg. The reason for this is because even if they get a sale immediately, the fastest they will be able to get their first payout is in at least six months after the sale is concluded. Because of this, a property agent just starting out should have a savings of at least 6 months expenses to support themselves.
To become a property agent without proper financial planning in the beginning is the cause of many property agents quitting within their first few months.
7. Get a Mentor
Even if you pass your tests well, it does not mean that you will be able to perform well as studying and performing are two different issues. Follow them along on their business deals, be generous and be willing to share your commission with them if you need their expertise.
The expertise that you will need may not just include how to talk to your clients, it may also include more technical issues such as explaining the instalment process, getting contacts in the banks to give your buyer better rates and getting a good lawyer.
8. Build your Little Black Book
Speaking of getting the right contacts, any new property agent should also begin by building their list of contacts. Among the contacts that they should get is a couple mortgage loan officers from every bank who is willing to provide better rates for a promise of exclusive business from the agent, lawyers who are responsive and good at explaining to the clients and valuation officers.
Aside from contacts who are able to provide more technical assistance, every property agent should also have a number of property investors in their little black book who would be interested in all the good deals in the market. The other contacts to have is a list of buyers and sellers.
9. Familiarise yourself with Online Platforms
The rule of thumb is to always stay updated with the best online platforms to publish your property listings on. Unlike the real estate scene of the past, technology is the future to selling properties. Do not just put your listings up online, do build a brand presence for yourself as well. Utilise all the social media platforms to help you with your sales and networking.
Most new real estate agents come to a rude awakening once they finish their exams and enter the market. They are unprepared for a few months of no income, and many leave the real estate business before they reach their full potential. Prepare yourself well before entering the business, and you could be the next successful property agent in the market.
Article from propertyguru