How to Be a Successful Realtor (With Skills and Tips)
By Indeed Editorial Team
Published May 21, 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
The real estate industry can be quite competitive. A realtor focuses on helping individuals and organizations find the right location for their homes and business. Learning how to be a successful realtor can help you in deciding if this career is for you and the skills necessary for this profession. In this article, we define a realtor, discuss how to be a successful realtor, analyze what they do, highlight their average salary and discuss essential skills for realtors.
What is a realtor?
A realtor is a real estate agent who is a member of the local real estate board and the realtor's province's real estate organization. They may also be members of the Canadian Real Estate Association (CREA), but this is an optional membership. The CREA is the trade association for more than 96,000 realtors in Canada. It is Canada's biggest trade group for real estate professionals and it is connected with the National Association of Realtors in the United States.
How to be a successful realtor
Follow these steps to learn how to be a successful realtor:
1. Earn a high school diploma
First, finish your high school education or pass the General Educational Development (GED) test. Before pursuing this career path, any aspiring realtor meets certain age and education requirements. While provincial regulations vary slightly, each jurisdiction requires that you be at least 18 or 19 years old to work in this field. While a college degree is necessary to become a realtor, some additional education may help you prepare.
2. Enroll in real estate courses
While an associate's or bachelor's degree is not necessary to work in this sector, you can achieve a few common real estate agent's education requirements. Almost every province mandates a certain number of hours of study, which can be in person or online. The majority of provinces require between 40 and 300 hours of classroom instruction.
3. Pass the real estate exam
After the pre-licensing course, take the real estate exam issued by your province. You are eligible to take the real estate exam once you have passed the background check. If you pass the exam, you can earn your real estate licence.
4. Acquire work experience
Once you have passed the real estate exam, apply for a licence to work in your province. You can begin working in the sector after obtaining a real estate licence. Rather than allowing inexperienced real estate agents to practise independently, most provinces require them to work for a few years for an established agency.
5. Build your network
To develop a list of potential clients, begin by networking in your community, talking to neighbours or advertising your real estate services online or in local publications. After a few years as a real estate agent, you can also choose to specialize in a certain area. This way you can increase your chances of networking with more people.
What does a real estate agent do to become a realtor?
Real estate agents often work under the supervision of a real estate broker. Whether you're looking to purchase or sell a home, they're trained to help you through every stage of the process, from property browsing to finalizing the deal. Once they are licensed real estate professionals through a province they may become a member of the local board and CREA and therefore become a realtor. Here are some of their roles:
Develop a list of clients
Realtors proactively seek out new clients to build a list of individuals interested in acquiring, selling, or renting property. They generally meet potential consumers at neighbourhood gatherings, via word of mouth, or through ads. They can also use email marketing, social media and even use their own website to reach potential clients.
Publish and review real estate listings
Realtors create listings that include the property's characteristics and advantages, the surrounding area and the asking price. Realtors helping clients with the acquisition or rental of property examine public listings to identify properties that fit their criteria. Some agents may also consult publicly available real estate listings to determine market values and compare prices for similar properties.
Arrange and attend viewings of properties
When realtors sell a client's property, they plan, publicize, and supervise real estate viewings. They often welcome potential buyers at open homes, answer questions, and give advice on making bids. A successful realtor's expertise helps organize visits of the right kind of property by the right kind of buyer.
Make and negotiate purchase offers
They do comparative market research to determine a reasonable asking price. They also determine which features are the best selling points for a house in a certain area, and also the ideal areas to invest in upgrades. Agents mediate between buyers and sellers and aid clients in preparing or reacting to purchase offers. Agents for buyers and sellers typically speak directly with one another while acting as intermediaries between their clients.
Create contracts and deeds
Following the conclusion of negotiations, realtors prepare contracts, deeds, and other legal papers transferring the title of the property. Agents can aid in submitting signed paperwork to the proper local government offices. Also, they review the documentation and assist the buyer with closing.
Average realtor salary
Realtors often work on a full-time basis. They typically receive compensation annually, with a salary plus commissions on sales and rentals. The national average salary of a realtor is $129,567 per year.
Skills of a realtor
Here are some skills of realtors:
Communication is critical for successful realtors in different facets of their jobs. Specifically, it's vital for realtors to interact effectively with prospective and existing clients. Realtors that operate in teams also interact with one another. As they network and engage with potential clients, marketing themselves as a realtor involves excellent communication skills. Realtors who wish to act as brokers and also offer properties for sale can produce concise property listings that appeal to customers.
Realtors often resolve issues for their customers. For example, a client may inform a realtor that they want a home by a specified date that is rapidly approaching, or they may have a very precise list of items they require in their new home that are difficult to find. The realtor's job is to resolve these issues successfully for their clients to close the deal and keep their clients pleased. Some issues that a realtor encounters require creative thinking to handle.
Realtors frequently involve themselves in negotiations, particularly when acting on behalf of their customers. They are to be skilled negotiators while adhering to the local real estate industry's standards and guidelines. For example, realtors frequently submit an offer in writing to the broker representing the property in question, and the negotiating process can be extensive. It's essential for realtors to understand their clients' needs to effectively represent them during the negotiating process.
It's vital for realtors to have adequate and accurate information about the regions in which they work. This comprises information about local housing trends, but also about the location of local facilities, the characteristics of various school districts, the communities in the region, and the overall housing costs in various sections of the area. Clients typically engage realtors to act as an experienced resource for these kinds of issues when they are searching for a house.
Realtors handle a variety of tasks, including handling many clients concurrently, so staying organized is essential. Realtors may have many documents and files to maintain, either physically or digitally, and keeping them organized makes it simpler to locate the appropriate document when they require them. It's also vital for realtors to keep a schedule to ensure that they meet with customers and colleagues at the agreed-upon time.
Integrity and ethics
Realtors operate in a highly regulated sector to protect clients, particularly because real estate transactions are frequently the most costly transaction a typical person may make in their lifetime. It's vital for realtors to clearly understand what it means to operate and act ethically and with integrity. These agents frequently have a longer career because clients develop a sense of confidence in them as a result of their ethical practices.
Realtors are always networking, even when they are not working. Due to the fact that many individuals prefer to work with a realtor they know or who comes highly recommended, networking is critical for real estate professionals seeking new customers. This may include attending local events or asking friends and family to share their contact information with anybody they know is looking for a realtor.
Salary figures reflect data listed on Indeed Salaries at time of writing. Salaries may vary depending on the hiring organization and a candidate's experience, academic background, and location. Please note that none of the companies, institutions, or organizations mentioned in this article are affiliated with Indeed.
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