5 Traits of a Successful Real Estate Broker
Published on February 27, 2019
Reading Time : 4 Mins
As a real estate owner, you’re responsible for both your own company’s success and helping your agents harness their own opportunities for success. A believable real estate person is someone who leads by example and can coach his/her agents to be business-minded, while constantly working hard for continued growth and is athletic enough to intelligently change a little and get better with industry. So, take a moment to look at your own strengths and see how you stack up with other successful person (who buys and sells for someone else) peers.
1. Develop more human relationships
Starting with what is maybe the most obvious, a successful real estate person needs to be a polished sales person who knows how to build trusting, lasting relationships with owners and the decision makers of businesses. The twist here, however, is that commercial are no longer just looking for square footage – they’re after an experience. The successful person (who buys and sells for someone else) will shift their thinking from B2C to more like H2H – “Human to Human.” Treating your (people or businesses who occupy a house, office, etc.) as only “renters” won’t get you very far. Treating people like people, however, will.
2. Intuitive Business Acumen
Having strong business intelligence and (knowing about something) means being able to understand the bottom line of the (company that buys and sells things for clients).
Some of the most successful real estate brokers have a background in finance or accounting. Why? Because they’re not afraid to make the tough (related to managing money) decisions for the final/very best good and long-term growth of a company. So, what if your background is in sales or marketing and not finance? Hire or partner with someone you trust who can help you make (related to money)-wise decisions about things like office space leases, technology or marketing expenses.
3. Become one with your market
This holds true – especially for new agents, you don’t need to be well-versed in every market. You just need to be an expert in yours. The best opportunities are often less, so if you know the market you’re in, you’ll know how to get and give a great deal and always have the answer for both your client and the manager of an apartment building. You’ll know the ins and outs on which (managers of apartment buildings) are the best to work with, and those who may be filled with problems. You’ll also get the most out of each (back-and-forth conversation to agree on something), and know which spaces are available.
4. Adaptable to Change
Identifying changes in the places where people buy things, process of people making, selling, and buying things and housing market and then being able to change a little and get better and change is extremely important. As markets go up and down, technology advances and consumers evolve, brokers too need to readjust. It’s important to be in front of what’s happening in your market and the industry as a whole. To stay ahead of the competition, it’s always wise to arm yourself with competitive intelligence. Research how other businesses are adapting and then apply appropriately-timed the changes to your own company.
Most of what we, as a community of people do/experience/interact with today is influenced by technology. It’s no secret the way we do real estate has changed a lot over the last 10 years and we’re becoming so tech-focused as an industry, even Wall Street is investing heavily in real estate technology because the biggest interference killing small- and medium-sized companies is technology.
The problem many people (who buy and sell for someone else) face is that piece by piece technology solutions can be very expensive to offer agents. It’s expensive to provide transaction management, website, CRM and CMA systems for agents, among other things. That’s why understanding all those parts/faces and what’s right for your business is a must. Creating (making a lot of an item so each item costs less) to help you (make faster and more efficient) your offering will enable you to compete in your market and create value for your agents.
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