Becoming the next best agent; you probably want to be one. A great number of realtors don’t make it past the first year or two of their new career enrollments. This happens always.
Lots are getting in daily with almost the same or more enthusiasm like the once who have given up and considering seeking a high paying job to live on.
The truth is that failure is bound to occur when you overestimate the income and underestimate the expenses.
Real estate, just like other industries can be aggressive and utterly cruel, therefore it demands more than just the marketing skills and passion, because there are lots of ups and downs in it; such that can make one begin to question oneself if he/she is really passionate about Real Estate or otherwise.
Knowing when to follow conventional wisdom and when to pursue new skillsets will help you create a successful real estate from the beginning of your career.
Therefore, if you’re getting in because you’ve heard the huge amounts this industry can pay you and you haven’t thought about the fact that the process might not be so satisfying, then you’re probably at the wrong door.
Sooner or later, you will want to try something else and that will automatically generate an untrue picture about this wonderful industry. So, before launching your rockets up the sky, do your background checks and parabolic studies to avoid sending your rocket to an unending journey filled with regrets, time waste and funds misappropriation.
Mr. James is a professional Pipeline welder with a wife and 2 kids. He was working with an oil exploration firm and was earning about
N120,000- N200,000 monthly. Enough to take care of his and his family’s needs, you think? Dating back to university days Mr. James has always loved the fancy and luxury building.
YOU MAY ALSO LIKE: 70% of Lands in Ibeju Lekki are Fake
They were quite fascinating looking through the giant building in the Lagos, Nigeria Metropolis. They seemed to him like were made by God because they looked to just too good to be built by men.
Having lived in Lagos for more 35years, that is about his lifetime, he knows a lot about the way things are done and knows quite well how to go about doing them. One day a friend of his living in Port Harcourt, an oil powered city sitting in the Southern Part of Nigeria contacted him.
The conversation between them went like this;
His friend: Hi, James, been a while
Mr. James: Hi, how are you and the family
After exchanging pleasantries for the first to fifth minutes of their conversation
His friend: I and my wife are considering relocating to Lagos, so we wish to get a home ready before making a move.
Mr. James: Okay, that’s a good idea. So, you want me to help you get a good agent or generally help secure you a good a home?
His friend: Either way is better, I need a home within a budge scale of
Mr. James: Alright, I’ll get around it and give you a feedback ASAP
After a week Mr. James called his friend and informed him of the 3bedroom duplex he found for N40m, he sent the photos of the building and his friend was very much okay with the house.
After transacting, Mr. James who has successfully closed a N40m worth deal was happy with himself, he has made a big closing and was waiting for the reward for his hard work. Just as expected he was paid 5% as commission.
You can do the math for him. That is a whooping
N2,000,000, about 10 to 16 times his monthly salary. Remember this amount was earned in a space of 1-2 weeks, while there are about 4 weeks in a month for him to expect his salary. Just like a human will react, he thought to himself, this is it, this is what I should be doing.
The same salary that was enough for him to successfully run his family of four was seen to be too small and unable to cater for all of the household demands.
He was considering chasing his dream, you may wonder what his dream was? I guess it was Real estate. Somehow, he began to develop this infatuative feelings for Real Estate. He often sees himself closing billion naira deals and he was quite satisfied and confident living in this ephemeral fulfilling fantasy dream.
Weeks went by and months followed suit, he often finds his job to be stressful and always complains about how his job left him no time for himself and his family. His brain was able to produce as much excuses as he needed to believe that He and Real Estate were meant for each other and so he decided to call it a quit with his Job.
After quitting his job, he was overwhelmed with excitement which I don’t really know what was making him really excited. Maybe he was doing what he loved, or maybe he was getting the time he never had or maybe he was getting better opportunities to visit those structures that he could only admire from a distance in the past.
Even though Mr. James was a man that have come of age and had some experience, he didn’t give a proper attention to the fact that experiences come in different phases, Academic experience, Relationship experience, Spiritual Life experiences, Personal live experiences, Professional and work experiences and so on.
He thought real estate was just limited to his knowledge about it, and he didn’t care to look at the things he should have looked at before jumping out into the Real Estate jungle. Therefore, sooner or later he will be devoured by the wild cats and wild dogs and all the beast in Real Estate.
YOU MAY ALSO LIKE: THE BEST LOCATION TO INVEST IN NIGERIA
As a newbie there are lots to learn and pay attention to rather than aiming to make quick sells.
Confirmation of the genuineness of a property, how about the documents? Have you conducted a due diligence? Do you even know how to go around all these?
If you don’t then you will probably become the next Mr. James who went on for months without a closing and after the frustrations, he finally closed a deal only to realize that it was an illegitimate property and was forced to spend even more than he had earned, which finally made him give up on this so-called Dream and Passion of his.
Guess what? He’s back to seeking a job, after all 'MAN MUST WACK'.
Now, welcome to the world of realtors. You shouldn’t let yourself become the next Mr. James. I believe you are here because you want to do what he never did. Right, that gives you an edge on how to stay longer in this jungle.
Becoming the next best agent or realtor as you may be, you need to be prepared to learn every day, you also need to be mentally and psychologically strong when faced with difficult situations. Below are carefully listed key tips you need to know while considering this choice of career.
(We will not elaborate on these tips today as they are topics of their own. If you want to get more insights on this key tips you may click on the linked texts below)
- Join local Teams
- Conduct Due Diligence
- Study Real Estate Marketing Skills
- Study the Real estate Industry, its terms and its operations.
After you must have done the above mentioned, you may set out into the jungle confidently. But to become the best agent next door you will still need to careful pay attention to these 5 points as provided by THEBALANCESMB.COM
5 Points To Consider While Becoming The Next Best Agent
Shift Your Focus A Bit Away from Selling:
While knowing that good sales tactics is beneficial to real estate agents, you don’t always need to make the hard sell. in fact, there are many times when separating yourself from the stereotype of a pushy real estate salesperson can help your career in a greater and better way.
Early in your career, excellent photography skills and the ability to write compelling descriptions about listings will go much farther than selling skills. Even if you’re starving for a deal, think of yourself as a consultant than a salesperson, for better results.
you’ll also want to focus on your soft skills, including people skills, self-motivation, and problem solving, which are some of the top abilities that real estate agents need.
Think Like a Business Owner:
It is well known that majority of real estate agents are self-contracted. During this time, you often find yourself scaling through the ups and downs of Real Estate and amassing a controlling certain level of success all by yourself. That means you are thinking as a business owner rather than just an employee.
So, you need to leverage on relationships and work towards the long-term goals learning all that you can about marketing. Set up a portable business or brand that can be able to grow with you, with this you’ll be able to quickly adapt to changes in the industry than those not thinking as a business.
Create a Budget Plan:
As much as you want to make closings quickly, it is equally important that you pay attention to your expenses. Creating a budget plan helps you keep check of your expenses thereby maintaining a stable cash flow.
Misappropriation of funds will not only make you last for just a while but can also create a mental, psychological and emotional dilemma that ends up sending you sinking to the button of your career. Your budget plan should cover as much as it possible can, from the mandatory business expenses to the least important personal cares.
Create a spreadsheet of your expenses making sure your income goals cover these expenses in addition to your business cost with some amount leftover for personal growth and emergencies. You’ll be in business longer when you keep an eye on cash flow, I believe you can see how important it is.
Develop a Business Plan:
A good beginning business plan is one of the most important things to do when you’re thinking as a business. It is important to properly plan and organize your business and this shouldn’t be ignored for no reason. Even your enthusiastic chase of clients shouldn’t take its place.
Create a legacy of your own, what sets you a part from the everyday real estate agent. Develop the right skills and tools to ensure the growth of your business. While you are growing your prospects base, think beyond just getting your first client and have a concrete plan on how you will grow yourself and your business.
You Mustn’t “List to Last”:
The saying “if you don’t list you won’t last” is common in the real estate circle. But is it necessarily true? You can be successful as a new real estate agent or even throughout your career in only working with buyers and not listing properties as a seller’s representative.
You can also do both at a different point in your career. Building both skillsets diversifies your business income and allows you to pursue multiple strategies for earning money, depending on what your market and career need in any given year.
YOU'LL LOVE THIS VIDEO. WATCH!
Finally, when getting into the real estate circle, its wise that you don’t get into this career due to irrational assumptions that maybe your rich dad, uncle, aunt or friends who you believe has quite a lot of productive contacts, influence and connection can help you attract prospects.
Same goes to over reliance on a new relationship with a single broker; just because you are listed on the website or brochure doesn’t mean that leads will start chasing at you. Assumptions don’t work out here.
But rather, you may consider improving your online presence as more than 50% of buyers are attracted through the internet. To stay longer, watch your budget and avoid making assumptions. Get to work and be professionally diligent with it.
You may have your own opinion, feel free to let us know what you think about this post through the comment section below. For more productive articles like this, do subscribe to our newsletter and we will have them delivered to your e-mail once there is an update.
Meanwhile, if you're looking to buying a property in Lagos Nigeria, we are keen to helping our clients take advantage of the best real estate investment deals available . Schedule a free inspection now.