Knowledge, work harder and a good agency is critical during a slowdown

A younger friend who’s a property agent told me that he could no longer continue as an agent. Market is too slow and he is earning way too little. Thus, he wants to look for a full-time employment (9-5) instead. I do not think this younger friend can survive in a full-time employment with a fixed income. I encouraged him to work harder instead. As at now, he is still a real estate agent in Penang and has yet to switch into a 9-5 job yet.

Just days ago, in a WhatsApp conversation, another friend who’s also a real estate agent told me that times are so slow that some of the agents in her agency are selling REITs. They are all trying to survive as deals are hard to come by. Buyers are just too cautious and most are adopting a wait-and-see attitude even if they need to buy a place to call their own. This friend of mine agrees though that regardless of profession / business, as long as we do well, then money would not be an issue.

Truth is, when we find ourselves in a tougher situation, have we ever thought perhaps it is due to us? Market is slow today, it has not stopped. Have we ever though of better equipping ourselves with knowledge? Instead of knowing nothing about the area that we are selling, why not understand the typical price per sq ft. When we know what’s the average price, we know what is considered undervalued and we can then provide better advice to the potential buyer instead of only opening the door to the house.

Did we increase our work-rate? Did we do MORE? Truth is, closure of any deal also depends on probabilities. If we do exactly the same number of viewings as last time, we must be dreaming. Times are slow now. DO MORE.

Did the agency you are attached to provide sufficient trainings? If it does not, why are you still staying there? Join one where training is given so that when you are successful, the agency is also successful.

Last month, I read many pages in Property Insight magazine about an agency where all it’s team leaders were earning a lot of money. Another close friend who is also a real estate agent told me that this particular agency is led by an extremely capable lady. She trains her people well. Bingo. If we are not knowledgeable enough, the time is now. Start reading more. We should strive to get more potential buyers to view. If you are not doing well today and your current agency tells you to work harder but does not provide any trainings, it’s time to think about your future. I have way too many friends who are successful as real estate agents. Many of them know a lot about the areas they serve, they are always very busy and most of the time, they are attached to good agencies. When the goings get tough, the tough gets going. If the tough does nothing, soon he/she will be nothing. Happy viewing!

written on 3 Dec 2015

Next suggested article: 7 reasons why real estate negotiator may be your career of choice

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