Quite missed blogging for a while. Been busy working on my advocacy sites, improving and upgrading them. Then I thought of giving free lectures about Online Marketing which I observed very few licensed brokers are using or maximizing these new technologies available to make our practice easier and more effective. Here is a continuation of the series For Brokers.
To succeed in this industry, you need to have/learn/acquire certain qualities, traits or characters so you stay long in this industry. The six figure income doesn’t always come in silver platter. They do sometimes but you have to prepare for it for long then one day it will come regularly.
First, let’s differentiate between the Broker and the Agents or Salespersons. Strictly speaking, before one becomes a broker, he/she should have done agent’s or the salesperson’s job. An agents finds a client, make presentation or showing, negotiating or closing. The Broker supervises agents so the Broker should know the ins and outs of a transaction so he/she can better manage or assist the agent.
While there are licensed Brokers who took the REBLEX without selling experience, and there are many salespersons who have more experience, there should be no delineation of roles should they work together. The Broker should endeavor to learn and develop his/her skills and the salesperson must learn to submit to the broker as his/her superior to avoid conflicts. In this set up, unless the salesperson will have a chance to take up BS REM and passed brokers exam later, this will be the set up for broker-agent relationship. RA 9646 Sec 31 have differentiated this more lengthily
If you are a new broker without selling experience, I recommend not to hire agents yet until you are able to sell a real estate by yourself or with other fellow brokers and had enough experience to manage a group. You need to train yourself, get skilled in selling, marketing, documentation, all aspects of real estate transaction, because it will be hard to manage someone who haven’t done any selling or completing a real estate transaction.
I started as an agent myself way back when I started in real estate. As agents, we were trained and taught how to find clients or do prospecting. Our superiors trained us how to present the projects to our clients, how to close a sale, how to handle objections and documentation. After four years, when I thought I have learned the ropes, that’s when I took Brokers exams. The experience helped me passed the Brokers exam without attending the seminar. It was different back then. Now, having been under PRC, we are all supposed to be professional or have graduated in BS REM.
And to earn big time you need to sell big time too. You are lucky if you happen to be at the right place at the right time when a big time deal comes in. But we cannot be depending on luck all the time! We should all learn to find the buyers and meet them with the sellers so we can make money. Then we also need to be familiar with the legalities and technicalities of the transactions. Many of these are not taught in the seminar.
Without selling or closing any sale your purpose of making it big time is just a dream- then you get confronted in the real world that there are hundreds and hundreds of colorums to compete who can sell better than you do.
Then you try to find out where you can learn how to sell, but no one can guide you because in this industry, when you say you are already a broker, you are expected that you already know the system, the selling process- the qualified buyer, the closing, the paper works, etc. It’s so unfortunate that you call yourself a broker when you have not closed any sale!
There is indeed something wrong in the system and until it is corrected, since you have now a broker’s license, you just need to learn the ropes so you SURVIVE in the business.
What are the qualities you need to develop so that you survive in this business?
I believe many of us who came into this profession is for the opportunity to make money. This is one profession that you can get rich in one transaction. That we can get rich using just our ‘saliva’. For those who thinks ‘laway lang puhunan’ do not know what we, the legitimate professionals, went through to pass that Brokers exams, the rejections that we have to bear before we can get that client who finally brought us the big luck! And how many brokers and agents ventured, tried and failed and left the profession?
I have read a number of books about selling, but while they all speak about the qualities and characteristics to become a successful Broker/Agent, they have not touched on the most important product that we carry. Most of the time, it is not how good our sales talk or presentation that gives us the sale. It is not how good looking you are or how nice you dressed up.
Knowledge of what you are selling.
While there are other types of real estate properties to sell, most of us starts with selling houses and lots, condominium units among other types of residence. We usually deal with future homeowners, first time home buyers who need to be guided well with their first home purchases.
Remember that we are selling homes, which are sometimes the only purchase our buyers will buy in their lifetimes. The home/house they will buy from us represents their dreams, their lifelong dreams and their lifetime savings if not the amortization can take a lifetime to finish. As Brokers and Agents, we need to know all about the properties we are selling. Does it have clear title? Title holder/s is/are living? Is the seller who approached you, the title holder, if not, does he/she has SPA? We will discuss this more in next blogs.
Knowledge of the selling process.
Apart from our knowledge of the property we are selling, we need to know the documentation process. How the buyer will pay? It will be easier if the buyer pays in cash and the title is clean title, no encumbrance, no mortgage, the title holder is living or all alive and will be present during the closing or has valid and verified Special Power of Attorney if the seller or buyer are abroad. But if the buyer need to take out a loan or apply for bank loan, then you should know the requirements of the bank and if your buyer will be able to get a loan. These things are crucial in closing a sale. These are the things that we will discuss further in next blogs so you are equipped and will be able to close the sale and get paid of your commission.
Invests time and resources in Personal development.
To survive and succeed in this business, you need to continually develop and improve yourself. While we are required to submit 45 units of CPE/CPD units whenever we renew our license, for some, they just “buy” certificates just to comply and be able to renew. Whether it is a requirement or not, we should invest time and resources to our personal development, to know more ways of getting clients or getting referrals or prospecting. To improve closing skills, learn about documentation, about online marketing, how we can reach more prospects through internet. Learn about new technologies to automate some of our routine activities.