Looking to start your own business this year, but not quite sure how to go about it or where to start? Or are you thinking of becoming an estate agent and start investing in property, but don’t know where to start? Lets take a look at some fundamental business startup rules to help give you some ideas to run with.
First, you would have to determine if this kind of career is the right one for you. Most people usually think that to be a successful estate agent, you just need to be good in convincing people to buy properties and houses. Good communication and persuasion skills are, of course, plus points, but that is not all. You also need to be familiar with the industry.
Estate agents ensure that the buyers would be able to find their dream homes, while sellers get their property’s worth. It would take skill and mastery before you could become successful in this career, just like in any kind of occupation. You would need proper training and education. There are different institutions that offer courses for those who would like to enter the estate agent industry. Usually, most companies would require an aspiring estate agent or salesperson to spend about 30 to 90 hours in classroom education.
The Professional Licensing Commission in your country would have lists of reputable educational institutions where you could take your courses. You could also ask the Estate Agent Association for recommended institutions. A high school diploma is a requirement and at least be 18 to 21 years old.
Before becoming a true estate agent, companies would require a license to operate. You would need to pass a licence examination. Agents are required to renew their license every two years but it still depends on the state and country. You would also need to attend seminars even if you are already licensed. The estate industry is continually evolving or changing. A estate agent should always be aware of changes in laws and regulations in the state where they are located.
But taking up estate agent courses are not the only thing that would prepare you for the industry. It is recommended that you work with a mentor broker for about 2 to 5 years to get experience. It is like apprenticeship. After that period of time, you could start thinking about setting up an individual practice.
Technical requirements like coursework and license will equip you, but it is your attitude that will help you become successful in your field. As a estate agent salesperson, you need to be sociable or a people person. You would be working with different kinds of people, not only the buyers and the sellers. A Estate agent will also work with lending officers, lawyers, mortgage brokers, insurance company representatives and even land-use officials.
A Estate agent is on call for 24 hours. Clients would often call an agent during the time when they are available, asking for updates or advice. Flexibility is another attribute you would need to develop. Clientele could be a problem for beginning agents. You would need patience since it would take time before you have your own client list.
Another concern for estate agents is the income. Most experts would recommend that those who are only starting to learn the industry should have an alternative source of income. But if you are selling multi-million worth of houses everyday, then you would not have any problem with income at all. But success would surely come if you work hard and learn from every step you take in the industry.