Ki's Austin Real Estate Blog

What does it take to become a successful real estate agent and maintain that status?

With all the real estate agents in the troubled market right now, it's not surprising that new agents often don't last and brokers are finding it difficult to keep them. Although brokerages can assist new and existing agents in developing and honing their selling skills, there is one common trait to which all successful real estate agents attribute their success - the need to close the sale, and in record time.

It's amazing how many people think that being a real estate agent is for slackers. Often the thought is that it takes very little time, very little energy and a lot of fiancial investment. Financial investment is necessary in the form of training and membership fees; however, time and energy invested strategically is critical to closing a sale in record time.

Once you take the necessary classes, pay the required membership fees and begin honing your selling skills, what can you do that will set you apart from all the rest?

With that question in mind, we decided to present it to professionals in the industry. They provided some interesting answers.

1. Presentation Is 80% of the Sale -
* The first impression is critical to your obtaining the sale. It may be your only opportunity for you to make a good one.
* If a seller is interviewing agents and you are one of them, do not ever attend an appointment without thoroughly researching the market prior to the appointment. Do an appropriate comparative market analysis (CMA) making sure that you select sold homes with similar square footage, bedrooms, bathrooms and amenities in the same subdivision, if at all possible. Print off the basis for your CMA and have it ready to provide to the seller. Presenting the information in a folder with your agency's name and your business cards in it is something that will remind them of you long after your appointment with them.
* On the day of your appointment with a seller, make sure you have already Googled the address and are able to find it and be on time.
* Another aesthetic critical to your presentation is appearing confident and comfortable in promoting yourself in the interview without being overt or arrogant.
* Keeping your cool with abrasive sellers is important. Whether you're meeting the seller for the first time or keeping in touch along the way after signing with the seller, you'll want to always keep your cool when dealing with the seller. Keep in mind, there are some sellers that you will never be able to please no matter how hard you try. Do your best, keep your cool, and your reputation will precede you.

2. The Price Is Right -
* You need to make a careful analysis of the CMA in order to determine an appropriate listing price.
* Remember that the first two weeks a home is listed is the most critical. Studies have proven that a large percentage of homes that sell are viewed by buyers in the first two weeks the home was listed.
* The longer a home sits on the market, the longer it will take for it to sell, even if the selling price is lowered. Often agents have automatic MLS searches set up that notify them of new listings. If you list a home for your seller that is ignored due to the price within the first two weeks, it will most likely not ever be viewed by those who ignored it the first time around.

3. Communication, the Remaining 20% -
* From what professionals say, communication is the other 20 percent of the formula once you gain a seller's or buyer's confidence enough to sign with you.
* The number one complaint among sellers and buyers is that they do not receive adequate communication from the real estate agents with which they've signed.
* Set the expectation at the onset to communicate regularly with your client, once a week is the suggested interval to update with sellers, and stick to it. Buyers need more communication once an offer has been submitted for a particular property.
* Do not fail to contact your client as agreed or when new information is available even if you do not have any new information to report.

Although there are an abundance of other important aspects you'll want to consider, if you'll incorporate the previous three, you'll be off to a good start at becoming a successful and memorable real estate agent.

Ki's real estate business is based in Austin, Texas. His website provides future home buyers information on Austin Texas real estate along with a free search of Austin homes. It also has a blog covering Austin real estate with news and statistics.