Are you looking for a career in real estate?
Well, there are plenty of options to choose from. The property market has become an exquisite employment hub, offering the widest career selections in the business world today.
From real estate agents to brokers to property managers to foreclosure consultants, there is indeed no shortage of options. But of all the options available, real estate brokerage stands tall as one the most promising careers—and we think we know why.
According to the Bureau of Labor Statistics, the employment of real estate brokers is projected to grow by 7% between 2018 and 2028, faster than the average for all occupations. Besides the promising future prospects, becoming a broker is easy—it’s possible to take the required classes, get a license, and start working in under three months.
But taking classes and getting licensed isn’t enough. To succeed as a real estate broker, you need skills and some special qualities that will guarantee success in your business. Here are four attributes that a good real estate broker should exhibit.
1. Intuitive Business Acumen
Having intuitive business acumen means being able to understand the bottom line of the brokerage.
Oftentimes, people become real estate brokers after selling property as sales agents first, but the success of a brokerage depends on many factors outside marketing; it’s vital that the person managing the daily operations of a brokerage is adept with the nitty gritty business details, like analyzing market reports, assessing P&L, and creating monthly budgets.
That being said, a good real estate broker should have finance and/or sales background. They should not be afraid to make tough financial decisions for the ultimate good of the company. In a nutshell, they’re go-getters with strong business acumen.
2. Excellent Organization Skills
Being a real estate broker or sales agent requires handling a heavy load of administrative tasks. On a typical day, a broker may be required to:
- Complete, submit, and file real estate documents such as contracts, leases, etc.
- Respond to emails, texts, and phone calls
- Schedule appointments, meetings, and open houses
- Create budgets
- Devise marketing plans for listing
- Post on social media and company websites
As such, organizational skills matter a lot to brokers. Successful brokers leverage real estate brokerage management software to stay organized. Besides helping brokers stay organized, such software also simplifies the transaction processes while helping them stay compliant and audit-ready, any time.
3. Excellent Knowledge of the Market
A good broker should exude unparalleled market intelligence in the real estate niche. Often, this broker will have channels to keep his customers and the public updated on any changes in the real estate market—be it changes in mortgage rates or new property laws.
Successful brokers provide information about what’s trending in the housing market, changes in house pricing, and opportunities that may be of interest to buyers.
4. Loyalty & Integrity
A good broker is loyal and transparent. Although he or she works with many other professionals (bankers, attorneys, construction professionals, etc), he or she negotiates in your best interest.
Another important characteristic of a good broker is integrity.
No one wants to work with a broker or agent whose reputation is questionable. Keep in mind that both buyers and sellers are looking to work with trustworthy people and are likely to ask for referrals before they decide to hire you.
We hope this information will help you on your journey to becoming a good real estate broker. Feel free to comment and share.