There are some critical elements as to whether you would succeed in the commission-only world of real estate.
Knowing your why
This is where it all begins, and once you’ve identified this, you have an excellent start to a fulfilling career that you will never find boring.
Focus on what is important
List and Last is something I learnt very early in my career, those listings are born from trust, and if someone likes you, they will often give you their home to sell. You need sticking power for this profession. And always remember, the Vendor is the person paying your commission; they are who you work for. Focus on them.
A robust database is key
Networking and building relationships with a ‘client for life’ approach will result in referral business. Looking after your existing and past clients frees up a lot of time otherwise spent in prospecting.
Being a good listener and communicator
The tone in a text or email can sometimes be hard to interpret. Incorrect grammar reflects badly. You are dealing with your client’s biggest asset, and emotions are often running high; your vendor needs to have confidence in your professionalism. Checking at the beginning of a relationship the preferred communication method is useful. The best tip I could give anyone is to make an appointment and get in front of your potential business partner in person.
Separate business from personal
You need to be able to separate business from personal and not take things personally. All too often, I chat with salespeople who want to leave the industry because they feel disrespected, but really it is their ego that is hurt. You need to be authentic but strong.
Create a robust Business Plan
Look at all aspects of day-to-day work spreading over 12 months. Planning an hour of power on the phone, often called 10 before 10, is a must in your daily schedule.
You will be running your own business and need to know how to self-manage. Setting up a weekly, monthly, and annual timetable can help formalise your working routine.
Knowing when to get assistance
Being able to manage the daily business fundamentals is essential. Technology can help, and a good assistant is often invaluable; however, if you are not good at time management, generating that assistant workload can add pressure to an already busy day.
Working purely on commission requires drive and determination and often involves long hours. It can be hard on your relationships, body, and work/life balance (which is essential for longevity). Make sure you set aside space in your timetable for your time, and get your annual leave sorted at the beginning of each year.
Effective Business Units
Many prefer to team up with an experienced salesperson as a buyer’s agent in the first instance. I went into sales after ten years in an administrative capacity. In my experience, I find teachers and flight attendants make good salespeople. Although, a marketing or service background helps a lot. Those that join a company offering a good induction or seeking it independently will assist your business massively to get started.
One thing is for sure, real estate sales are not for the faint-hearted. We sell a service, not a product (and that service revolves entirely around you). If you take the plunge, the industry is full of wonderful surprises.