Do you have what it takes to succeed in Dubai Real Estate Industry?
First, let’s acknowledge who Real Estate Brokers really are. Real Estate Brokers operate like small business owners. You do all the work from a – z, especially if there is no support provided by your sponsoring brokerage, you are the one to find properties, advertise, talk to leads, arrange and attend viewings, negotiate, prepare contracts and go for transfer etc.
So you manage everything – if you manage your business well, you will end up earning like a brain surgeon, if you don’t, you are the only one to blame. Although you are called a “salesperson” “advisor” broker’ etc. In reality, you are an Entrepreneur. This is why we think that the top skill set required to be a Real Estate Broker is:
1. Entrepreneurial Skills.
You are in charge of the business, so you need to think like an entrepreneur, take responsibility and hustle hustle hustle. If you are a new Broker, don’t worry, skills can be learned. Anything is possible as long you set your mind to do it.
Components Entrepreneurial Skills: Self Starter, Persistence, Goal setting, Commitment, Information seeking, Strategic planning, and achieving, Leadership, Networking, Resourcefulness, Risk-taking, Money management.
2. Communication and People Skills.
This job is all about communication and people skills. Your main product is you. You have to brand yourself, be professional, market yourself as a professional and network network network. If people like your personality and skills, they will ask you to find them a property even if you don’t have what they are looking for.
Components of Communication and People Skills: Listening, Attention, Positive body language, Being personable, Showing empathy, Confidence, Being open-minded, Respectfulness.
3. Time Management Skills.
You can only have a few hours in a day to do your work. If you don’t spend it wisely, days will pass with no results, then, months, then years… To be productive, you need to learn to manage your time. Plan, have a checklist and keep accomplishing daily tasks to reach your monthly target.
Components of Time Management Skills: Prioritizing, Decision-making, Limiting multitasking(Multitasking is not always a good thing), and working with Focus, Strategic thinking, Scheduling, Goal setting, Eliminating time-stealing Distractions (especially social media, which quickly distracts users away from their original purpose of visiting).
4. Negotiation and Problem-solving Skills.
Nail this, because you will need it from the beginning to the end of the deal cycle. You have to negotiate a listing price with Sellers/Landlords, then negotiate on behalf of your clients, and there is so much problem solving happens in between.
Components of Negotiation and Problem-solving Skills: Interest, Listening, Emotional Intelligence, Analytical skills, Innovative and creative thinking, Adaptability and Flexibility, Initiative, Resilience, Assertiveness, Legitimacy, Commitment.
5. Marketing Skills.
In the Digital era, it’s more about having good Digital Marketing Skills, Branding yourself and creating better exposure for your listings. Keep learning and keep educating yourself with new trends and tricks of Social Media. People search everything on the internet and good exposure can get you more leads and listings.
Components of Marketing Skills: Market research, Target market, Positioning, Creative thinking, Customer and Property Knowledge, Storytelling, Social Media Management, Competitive Analysis, Market strategy, Budget, Metrics.
That was of top 5 skills a Real Estate Broker needs and must learn. Now let’s look at personality traits.
Personality Traits of a Real Estate Agent
Brokerage companies pay more attention to personality and attitude than technical skills or industry background, so getting a job as a Real Estate Broker is quite easy as long as you meet the general requirement criteria. But getting started and doing the foundation work is hard. It takes a certain personality to overcome obstacles and succeed. Here are the essential personality traits you need to nurture within you.
Selling is hard, you have to face rejection and receive plenty of NOs to get to a few YESes. Optimism helps overcome rejection and difficulties. Even when things are at their darkest – optimists see the glass half full; “no is a step closer to yes”, “there is always next time”, “everything happens for better”. Optimists stay hopeful and face every challenge head-on – see their failures as opportunities to learn.
Successful Brokers vs. Underperforming Brokers all have the same 24 hours a day. It’s all about time management. By organizing your workflow and planning your day ahead, you can spend more time doing things and less time thinking about what to do. Your success depends on your sole efforts and there is just so much to do; find properties, list them, handle inquiries, viewings, negotiations, and contracts. If you don’t plan your day and get organized, you are at risk of getting distracted and waste your time. As Benjamin Franklin quoted: “For every minute spent in organizing an hour is earned,”
3) Honesty and Reliability
Long-lasting relationships are built on trust. Keep the promises you make, be honest toward yourself, your clients and fellow brokers, anyone, and everyone. Build your reputation as a reliable Broker with integrity. Respect yourself, dishonesty is always detrimental!
The most important aspect of sales is – follow-up. You need to be persistent and follow up with every lead because you never know where your next deal is coming from. Read more on the Follow-up training guide.
Most successful people are those who enjoy what they do for a living. If you are passionate about real estate and helping people you are more likely to succeed.
It takes time! Getting started, negotiating a deal, closing a deal. Practice patience.
Curiosity is critical to your success because it signals a hungry mind. If you’re inquisitive, you’re open to new experiences. You can generate more original ideas and produce simple solutions to complex problems.
A shy person cannot be a Broker or a Salesperson. Successful brokers grow their network and promote themselves everywhere they go.
9) Determination and Self Motivation
If you’re driven to win, no matter how many obstacles are thrown in your way, you’ll do well.
We are here to help you with every step of the process, so continue reading. If you can’t find the answer you are looking for, Ask HERE.