What New Property Agents Should Prepare

Diane Foo Eu LynnJuly 7, 2017

 

While the biggest concern for many a property agent is passing their exams and getting their licenses, the real test actually comes after.

 

Save up for Rainy Days

 

The first thing a property agent should do is have a nest egg. The reason for this is because even if they get a sale immediately, the fastest they will be able to get their first payout is in at least six months after the sale is concluded. Because of this, a property agent just starting out should have a savings of at least 6 months expenses to support themselves.

To become a property agent without proper financial planning in the beginning is the cause of many property agents quitting within their first few months.

 

Get a Mentor

 

Even if you pass your tests well, it does not mean that you will be able to perform well as studying and performing are two different issues. Follow them along on their business deals, be generous and be willing to share your commission with them if you need their expertise.

The expertise that you will need may not just include how to talk to your clients, it may also include more technical issues such as explaining the instalment process, getting contacts in the banks to give your buyer better rates and getting a good lawyer.

 

Build your Little Black Book

 

Speaking of getting the right contacts, any new property agent should also begin by building their list of contacts. Among the contacts that they should get is a couple mortgage loan officers from every bank who is willing to provide better rates for a promise of exclusive business from the agent, lawyers who are responsive and good at explaining to the clients and valuation officers.

Aside from contacts who are able to provide more technical assistance, every property agent should also have a number of property investors in their little black book who would be interested in all the good deals in the market. The other contacts to have is a list of buyers and sellers.

 

Familiarise yourself with Online Platforms

 

The rule of thumb is to always stay updated with the best online platforms to publish your property listings on. Unlike the real estate scene of the past, technology is the future to selling properties. Do not just put your listings up online, do build a brand presence for yourself as well. Utilise all the social media platforms to help you with your sales and networking.

Most new real estate agents come to a rude awakening once they finish their exams and enter the market. They are unprepared for a few months of no income, and many leave the real estate business before they reach their full potential. Prepare yourself well before entering the business, and you could be the next successful property agent in the market.

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