Post Type: ARTICLES
For some people, especially those who are unable to find jobs in their trained vocation, real estate is considered a transitional business. In a good market it offers a quick reward for unskilled practitioners but then very hard times in the down market. Practitioners lacking skills in marketing, relationship building and the art of selling are the ones who suffer and crash out of the business. Most of such people practicing Real Estate have very low creditability, and often cannot be trusted with the process of helping people desirous to own their most valuable asset. An unskilled, untrained practitioner can ruin a person’s life, the community they serve and the office they work from. Many practitioners who entered the market in an attempt to make a quick buck in the mid-2000 have helped to damage not only the US economy as a whole but the real estate industry.
Real estate is serious business and professionalism is critical. Professionalism comes with a price and must be the first priority of anyone who intends to flourish in the industry. Professionals who have learnt their craft and constantly update their insight of the industry will always succeed whether the economy as a whole or the real estate industry is buoyant or not. Let us look at some of the other underlining reasons for their continued success:
Trait factors
A Real Estate professional must constantly engage these skills: Persistence, Knowledge of the Market, Self Motivation, Consistency, Integrity, Good Communication, Enthusiasm, Goal Setting, Organizational Skills, Time Management, Accessibility, Commitment, Accountability, Confidence , Negotiation Skills and have Connections.
The Reward Factor
Some people make money their sole motivator. That in itself can be misleading and it is always short lived. The quest to engage in any career based endeavor should go far beyond money. It must incorporate your strong passion for serving society and advancing the good of your world. This way, your staying-power and capacity to endure hard times is greatly increased. The experiences of both good and bad times in the industry are part of what builds your overall tenacity and competence to counsel your clients more effectively.
Economic Factor
Since 2005 Real Estate professionals are facing foreclosures themselves and are now trying to keep their heads above water because business isn’t beating a path to their door steps anymore. A practitioner’s income, therefore often depends on economic conditions, the practitioner’s motivation, and the types of property available. Income usually increases as practitioners become better and more experienced with sales.
Earning can be irregular, especially for beginners, and sometimes they go weeks or months without a sale. Practitioners work more than 40 hours per week. They often work evenings and weekends to accommodate clients’ schedules. Many practitioners work part-time and may combine real estate activities with other careers.
Market Factor
The market has evolved in this 21st century. Employment of real estate practitioners is projected to grow 11% from 2012 to 2022, about as fast as the average for all occupations.
Both financial and non-financial factors spur demand for home sales, real is perceived as a good long term investment, and many people want own their homes.
Population growth and mobility also will continue to stimulate the need for new practitioners in the market place. First time home buyers will need skilled and trained practitioners when looking for a larger home, relocating for a new job and current transitional needs. In addition, an improving and rising consumer spending will drive the demand for practitioners to handle, commercial, retail and industrial real estate transactions.
The real estate market is sensitive to fluctuations in the economy and the demand for practitioners will vary accordingly. In periods of economic growth or stability, employment will grow to accommodate people looking to buy homes and business looking to expand offices and retail spaces. Alternatively, during periods of declining economic activity or rising interest rates, the amount of work for practitioners, the demand for practitioners may decline.
Solution Factor
As a practitioner myself I understand the need to win in the environment is critical. I personally experienced the ups and downs of the market and the result I experienced when principles were applied. In the matter of 90 days after entering the industry I became the number one agent in the office I worked from and was promoted to trainer and motivator of my office taking the office from two practitioners in the office to 14 practitioners in the office with a period of 9 months resulting in increase in revenues.
Our track record has increased revenues for offices and the practitioners for over 10 years.
How can we offer the solution for a change in the creditability for these practitioners?
How do we get practitioners that are entering into the market and those who are staying in to become high yielding achievers; the solution is “coaching and training.” Not all practitioners are realtors hence there is a gap in the industry. The life and death of practitioner’s business depends on the trait factors.
Having being involved in other industries a more radical approach must be applied. I believe a model system of coaching and training should be developed to reduce attrition to pave directions to produce self-motivated, high yielding achievers. The Nugent Group coach practitioners in becoming high yielding achievers, we have a team of experienced trained professionals to affectively get the job done. Coaching and training is our business.
Presented by
Esther Nugent-Human Resources Developer
The Nugent Institute
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