Real estate is an emotional business, and it is also a place where “daring”, persistent and intelligent individuals gather. The following article will decode the different aspects of the real estate brokerage profession.
It is difficult to find a leader with both heart and vision.
The first difficulty of the real estate brokerage profession is that it is difficult to find a mentor. One experience that I have learned is that to start a real estate brokerage profession, having a teacher, a boss, a friend to guide us is a lucky thing for you. Having a teacher, a friend, a boss with a heart and vision will determine our career orientation.
A person who has a heart and a vision and understands the real estate industry will help you have an overall picture of the brokerage profession, help you orient your segment, your path and inspire your enthusiasm. So first you have to try to find such a person to lead you. When starting a real estate brokerage job at a new company, in a new environment, I advise you to find someone who is good at the profession and willing to share, be friendly... stick with them to learn and be taught.
Marketing costs to find customers are very high.
Difficulty in finding potential customers. The real estate brokerage industry forces itself to spend a lot of expensive marketing costs to find customers. There are two ways to find customers, one is to spend effort and time, this is a long-term strategy, the other is to spend money to quickly find customers.
Brokers who are new to advertising often spend 500k - 1 million VND at first, then when they get used to it, they increase it to 5 million - 10 million VND, and when they play bigger, they can play up to 30-50 million VND / month, and even more. Then they sit and wait for each lead, new customers leave their contact phone number, or send inbox messages. Every 5-10 customers send messages, then I can make an appointment to meet 1 customer, go see the real estate project, if I can sell, I will receive commission, if I can't sell, I will lose all the advertising costs. There are people who spend 50-70 million VND to get a lot of customers, but can't close the deal, it's quite frustrating. But good brokers will take care of customers and follow them, sometimes it takes 1-3 years to sell to that customer.
Furthermore, brokers are the free communication extension for investors, but many investors treat brokers very poorly, and then brokers also stop selling the investor's project. For project real estate, when sold, the fee is not returned immediately, some projects pay quickly within 1-3 months, projects pay late, up to 6 months - 1 year to pay the fee.
Solving the problem of finding customers is a very difficult problem, not only for young brokers who are new to the profession, but also for experienced brokers who have had difficulty finding new customers. Brokers need to nurture and care for relationships, maintain communication connections, build personal brands, so that when they have a need, they will remember you.
Work pressure
Being a real estate agent means being busy outside of work hours and even on holidays. When everyone else is off, you have to work because that’s when your clients have time to meet you.
The nature of this industry is that customers rarely come to you on their own initiative, so you have to take the initiative to approach and meet them. Therefore, when you have an appointment with a customer, no matter how far away, you have to try to go to meet them.
Lack of knowledge and skills
Lack of knowledge and skills is something that most newbies often encounter. This is considered the biggest difficulty of the real estate brokerage profession, making it easy for them to lose customers.
Once working, brokers often get caught up in finding customers, selling, closing deals... and forget to constantly update their knowledge and skills.
You need to improve your knowledge of your major, knowledge of feng shui... or some skills in communication, customer behavior, consulting skills, phone skills, customer approach... to be able to advise customers in a more engaging way.
Difficulty in customer persuasion skills
This can be considered one of the major difficulties in the real estate brokerage profession. You have spent a lot of money to run ads to find potential customers, but in the real estate consulting process, if you do not have a thorough investment in knowledge and skills, you will not accurately grasp the psychology of customers, leading to confusing, lengthy advice and difficulty closing the deal.
This is also considered a challenge for newcomers. If you can overcome it, you will continue to survive in this profession. To overcome these difficulties, Sales people must always be creative, hardworking and especially patient. Develop your own strengths to determine your own customer search channel.
Unstable job, unstable income
Many people think that brokerage is a lucrative profession, where you can eat well, dress well, and use expensive branded goods, but in reality, this is a profession that is under as much pressure as other professions. Many brokers say that the actual income of this profession is unstable. Although the commissions of the products are often quite high, in the tens or hundreds of millions, the competition rate in this profession is very high.
To sell a product, brokers have to struggle to find customers. As long as there are interested customers, brokers are willing to "drive" from East to West just to invite customers for coffee to consult about the product. However, consulting is only the initial form of meeting, to reach the final step of closing the product is a long and persistent process. There are even times when brokers meet up to 20 customers but in the end no one makes a deposit.
Here is another aspect that no one has told you. Any job has competition and fierceness, hopefully after this article you still keep the passion and enthusiasm for the real estate brokerage profession.
