The 5 biggest challenges a real estate agent has to tackle

June 6, 2018

People often ask us how difficult it is to be a good real estate agent. After looking at the performance and professional life of several real estate agents across the state, we have come to realise that becoming a real estate agent is easy, but becoming an excellent real estate agent is challenging. There are several tasks you need to undertake and some fears you have to overcome to shine as an excellent real estate professional today.

Payment challenges

The sudden slowing down of markets and weeks of non-payment often make it hard for the best of the best agents in the US markets. There are several individuals, who moonlight as real estate agents due to their love for flipping and renovating old homes for new families. They have pointed out the financial challenges of the job quite accurately. Being a real estate agent is a great experience for all, only if you also have another permanent career that pays. The payments from reselling properties and renovation of old homes can be erratic. New agents find it especially difficult to cope with the financial challenges of this profession. It is very different from a salaried designation. You do not get a paycheck at the beginning of every month. So unless you have honed budgeting skills and saving skills, you will find it very difficult to cope with the irregular payment schedules. While you are training to be a real estate agent, you should keep aside some money to cover your daily professional costs in your initial days.

The work hours

Some jobs require you do commit to overtime and then there is the profession of a real estate agent. People in this profession not only stick to working at odd hours, but they also have no particular schedule. They do not have weekends off. They do not have 9 to 5 schedule, and they might have to leave their Thanksgiving family meal to show an open house if the client is promising. It can become depressing for those, who are not ready to part ways with the dedicated weekend fiestas and family vacations. The one way several real estate agents cope with this is by carrying electronic gadgets or communication devices with them wherever they are. Poolside barbeque party? Get ready to have your laptop or MacBook with you. This will go a long way to show your potential customers that you are available round the clock. After you have made a name for yourself and earned some money, you can keep an intern. Having a reliable assistant can help you keep an eye on the properties you are handling, without really being there all the time.

Juggling multiple responsibilities

Becoming a real estate agent might not be as difficult as you imagine it to be, but no one is just a real estate agent. Most real estate professionals juggle multiple roles. You have to think about managing your marketing budget, branding needs, client guide necessities and lead generation strategies. After a house goes into escrow, you might need to invest a bit to make the open house inviting for the potential buyers. This can include a simple open house inspired take-away gift baskets for the home buyers, or you can hold seminars on tips for purchasing your next property in Flaxton. It is all about marketing your brand. Staying trending in this competitive market takes more than the necessary training and qualifications. Even the novice agents can grab the attention of the buyer’s market by marketing themselves correctly.

Any amount of training will feel inadequate

No amount of training can prepare you for the oddities of this job. From children falling sick inside the house to finding abandoned bedbug-infested mattresses in the basement, some awkward and unpleasant incidents have landed on the unfortunate real estate agents from time to time. There are a few things no course will cover. However, to remain relevant in the current market, you need to get your real estate license, have some kind of a college degree and a professional designation. As of 2017, almost 25% of the real estate agents across Australia have a Cert III/IV and 20% have an advanced diploma. Having a professional designation will help your potential clients trust you more. Agents with vocational certificates or diplomas are often more successful due to the reliance they inspire among the buyers.

Dealing with all sorts of people

There will be buyers who will offer to pick you up on their way to the open house, and then there will be buyers who will call you at 7 am on a Sunday for a tour. Being in a customer-oriented business means you will have to deal with myriads of personality types. Sometimes, you will come across opposite personalities on the same day and your unlucky days, unpleasant and bossy buyers can flood your open house. Nonetheless, the competitive market demands real estate agents to serve all types of potential clients with a smile. Even cranky, unpleasant people need homes, and if you manage to sell them one, it is payday for you! You have to keep your tolerant, calm and smiling face “on” at all times you are around clients. Very few professional agents in real estate consider the emotional aspects of this job before working the fields. Unless you can turn the perfect salesman personality “on” on demand, you will find it very difficult to cope with the emotional demands of this line of work.

In reality, real estate is highly dependent on the market prices and inflation levels. Whether it is a buyer’s market or a seller’s market, you can always make a few bucks for yourself by knowing your audience. Just like every other self-employment opportunity, the job of an agent demands a lot of grit, market awareness, budgeting acumen and perseverance. Helping sellers find the right price and finding the dream homes for buyers can be a wonderful thing, as long as you know the pros and cons of the game.

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