Real estate is a lucrative business all over the world. The real estate sector is immune to recession and has continued to yield impressive returns on investment.
This is why so many people are keen to get into this industry. In cities like Lagos, the argument economic capital of Nigeria where the population is ever on the increase, the demand for accommodation and office space is quite alarming.
This is why this industry will remain lucrative for the foreseeable future. As a real estate agent, you are entitled to a percentage of income on every property sold or leased by you.
For example, if you are able to sell a choice property in Lekki area of Lagos for say #50 million, a 10% commission on selling will fetch you a cool #5 million. So if you interested in becoming a real estate agent, find out if you have what it takes to become a successful real estate agent below.
For you to become a successful real estate agent, you must first acquire the requisite training. Find a reputable estate agency and sign up for their training programme.
Doing this allows you to learn in a structured environment, along with others who are on the same journey as you. After the training, you may be recruited by that company as their agent. You can also choose to become an independent agent.
Getting trained will help improve your communication skills and you also learn how you can build a strong network of brokers, buyers, sellers, real estate companies and others who will help elevate your career.
Well, in order to operate freely without fear and to add credibility to your profile, it is important that you get the appropriate licenses for your business.
No doubt there are unlicensed agents operating in the industry, with your license you have an edge over such agents.
Learn And Perfect The Art Of Selling
Selling of houses goes beyond just pasting your contact details on walls or capturing the hearts of your customers with ego-massaging smooth talk. There is an art to it.
First, you will have to convince the seller of the property that you are trustworthy and have what it takes to close good sales. Second, you will need to learn how to communicate with buyers in ways that show you know what they need.
You see that this is marketing on at least two opposite fronts, so you should prepare different pitch messages for them. While speaking to the seller on your ability to get a suitable buyer (or tenant) for his property, you will do well to emphasize that you actually know what the seller wants: a person or people who can pay good money for his goods.
Your appearance is key too; if you present yourself as a smartly dressed business minded agent and speak as one who knows the housing market well, you will most likely be taken seriously. While negotiating for commissions, you should thread the line between being a sheepish pushover and a greedy headstrong obstacle.
Usually, you get between 5% and 20% of what the buyer pays. While dealing with the potential buyer, build a rapport with him or her as well. Try to get beneath their demands to find what really motivates them. Listen to them carefully, engage them and get to know them.
This will go a long way in helping you tie the deal. Ensure you build good relationships with home buyers and sellers, your supply of future jobs may be dependent on how they perceive you.
Finding yourself a mentor with experience in the industry can go a long way in giving your career a boost. It can help you avoid common pitfalls and mistakes that newbies like yourself make. However, it is not a must to have one, you can do just fine without a mentor.
Networking is crucial to your success in this industry. Your connections in the industry will be a big advantage to you as a real estate agent. Start by establishing strong connections with other property agents, appraisers, lawyers, renovators, and anyone that can help you succeed in your career.
This is key to your success as a real estate agent. Reliability is one of the key qualities you must possess as an owner of a real estate business in Nigeria.
This is because real estate has always depended on word-of-mouth marketing: if a customer is happy with your services, he or she will bring several more customers to you in the future.
To be trustworthy as a real estate agent is not that difficult. You need to put the interest of your client first. This is important in building trust.
Be professional about your business. Print business cards with your name, credentials, and website/telephone/email on it. Dress appropriately, get an office space and other things you can do to make you look professional to clients. This will help boost your profile.
Well, even if you think you already know all about real estate, there are still lots of things you can learn. For example, try to brush up the knowledge of your area and its infrastructure.
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Stay up-to-date with trends in the industry so as to give yourself a big advantage over your competitors.
Know The Neighbourhood
You have to get to know the neighborhood where the property is situated very well before dashing off to find a buyer or tenant for the house. This will help you avoid embarrassment when simple questions about the neighborhood are asked by potential buyers.
Visit the area once in a while, discuss with people who live and work there, and learn the name of the streets, restaurants, schools, hospitals, and popular landmarks. This will boost your confidence when answering questions from potential buyers and you can easily convince them to splash out on your goods.
Get An Office Space
You may argue that not all real estate agents have an office, that is true but that doesn’t mean you should not have one. Having an office will boost your status massively as a real estate agent if you have an operation base.
This helps build trust with clients easily as they know that they can easily access you at any point in time. Office space also adds a touch of professionalism to your business as it can help you with the right environment to negotiate lucrative deals.
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You can share office space with other businesses if you can’t afford to get office space for yourself.
Technology rules the world as of today, you don’t want to be left out of this movement as doing so could be detrimental to your business. Leverage on the available technological tools to help grow your business.
Make use of social media platforms, create targeted ads to the people who need your services. Doing whatever you can to put your business out there for the world to see. These things show your clients you take your job seriously.
If you are planning to become a real estate agent, this article has shed some light on the things you need to do in order to forge a successful career for yourself in this highly lucrative industry.