Dos and don’ts for new real estate agents

[ecis2016.org] Here is how to start your career as a real estate agent and be successful at it

The real estate business in India is competitive but there are a lot of opportunities, for those who are passionate about consulting and sales. If you are starting your career as a real estate agent, there are a number of things that you should know and understand, so that you can run your business successfully and get an edge over existing players in the market. Here is how to start your career as a real estate agent and be successful at that:

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Build a network

Since you are a beginner in the sector, it is important for you to find like-minded professionals and connect with them. Network with brokers in your city who deal in different locations and are open to exchanging leads or potential clients. You can also share property details with them. Through networking you will be able to extend your services to different areas of the city. Your connections with these associates will help you to retain clients, even if they are looking for properties beyond the area you are servicing. You can also start working with existing real estate agencies as a channel partner and make use of their established network initially and later create your own niche.

Never turn down a client

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Do not turn down a prospect, because you do not have a matching property option. This could be negative for your business. Instead, work on collaborating with small and large developers in the area. You can also connect with a broker platform, where you can find various options listed by other agents. Apart from this, you can also use real estate portals to scan listed properties that can suit the requirement of your client. This will also give you a fair idea of what is available in the market and the price range, which will help you to understand different locations – a must-have quality for all real estate agents.

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Market effectively

Having a large number of properties for clients is worthless, unless you market them to the right people at the right time. You have to reach out to people effectively, to showcase why you are the best in the business and what they can expect if they deal with you. You can choose the marketing medium, as per your budget. While internet marketing is the most flexible channel that can fit everyone’s budget, you can opt for outdoor marketing, print advertising or online listings, if you have funds to invest. Being a starter, you can also start with social media advertising on which expenses can be controlled on a daily basis.

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Collaborate with vendors

If you have funds, you can invest in sourcing leads and databases of prospective buyers who are looking for property in that specific area. However, you need to factor in the cost of acquiring these leads, as the conversion rate might be as low as 1%. Therefore, it is better to invest in a high-quality, segmented list of serious prospects who are looking for property actively, instead of low-cost ones which might be totally dud. Do a thorough research before finalising the vendor, since this will help you create a sales funnel for your business for at least the next three months.

Be techno-savvy

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Since you are just starting your career as a real estate agent, you will be more aware of the technological shift in the industry. This can help you get an edge over existing players in the market. You can start by creating a mini-video or a walk-through, of all the properties listed with you. Apart from this, you can also get your mobile app developed, where you can upload the pictures and videos of properties available with you. This way, you can make your brand available round the clock for property seekers. You can also add a contact form on your mobile app/website, for people to drop their contact information and property requirements, which can be later segmented and shared with your network of brokers.

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Work on a vision

If you are serious about your career as a real estate agent, you should have a vision for your future. Think about expanding offerings that can help you in business growth. For this, you have to start from day one. Understand the requirements of your consumer and how you can fulfil it in the best way. You can also consider expanding in allied sectors, such as providing legal services by collaborating or hiring a property lawyer, or maybe providing a local ‘movers and packers’ services for your clients at an additional cost.

In addition to this, participate in industry events and form a professional relationship with industry peers, including other real estate agents, developers, consultants, etc.

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