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What Does a Career in Real Estate Involve?
Becoming a real estate agent is an exciting and rewarding career path. Real estate agents sell, lease, manage and buy properties on behalf of clients. Their job also involves offering advice to clients to guide them in finding a property that suits their needs best, whether they’re buying, selling, renting or owning property.
Real estate industry breakdown
The Australian real estate industry is a dynamic, fluid and complex environment that is constantly changing. The industry is affected by external factors including fluctuations in the economy, interest rates, demographics and unemployment rates.
These factors influence supply and demand of the housing market, as well as consumer confidence. A career in real estate involves understanding the nuances of the industry and crossing this constantly shifting landscape with confidence and authority on behalf of a client.
Careers in real estate are on the rise, and the industry is projected to have strong growth over the next five years.
Types of real estate careers
A successful agent is goal-focused, performance driven, committed, autonomous and people-oriented. Qualified real estate agents operate across a range of roles and speciality areas. Within the scope of real estate, agents can specialise in:
- Residential Sales
- Commercial Sales
- Property Management (residential or commercial)
- Buyer or vendor advocacy
- Business Broking
Daily responsibilities of a real estate agent
Every sector requires a solid and comprehensive understanding of property and an in-depth knowledge regarding all laws and legislations that apply to real estate agents. Agents legally act on behalf of their clients, a role which carries a weighty responsibility.
A large part of an agent’s job involves drawing up contracts, informing clients of their legal obligations and rights, and overseeing large financial transactions. Agents trade on assets worth millions of dollars on behalf of others. As such, there are several Acts that specify agents’ fiduciary duties and set out appropriate agent codes of conduct and best practices.
Carrying out these duties with diligence and care is essential to maintaining a high ethical standard and client approval.
Real estate agents undertake a variety of tasks day-to-day. These can include:
Evaluating buyers’ needs and finding properties/businesses for them to consider
Preparing listings for properties and businesses for sale and lease
Offering valuations and advice
Instructing vendors of sales and marketing options such as sale by auction and open house inspections
Liaising with tenants
Creating and executing business plans, budgets and practices for the real estate group
Arranging terms of settlement
Average salary for different real estate careers in Australia
REAL ESTATE ASSISTANT
REAL ESTATE AGENT
SENIOR PROPERTY MANAGER
Working in real estate: the potential
Almost every person who owns property will enlist an agent to manage it at some point, so real estate is a profitable and highly competitive business. With uncapped income potential per property, real estate agents need to capture client attention by setting themselves apart from their peers.
Since the deregulation of commission rates, agents now operate in an open market which allows them to set their worth based on expertise, experience and the services they provide. Such a competitive market requires real estate agents to distinguish themselves from their peers by trading on their greatest asset: themselves.
In an industry so heavily entrenched in customer service, an agent’s fees, service, knowledge, and experience are neatly packaged within their ability to engage, communicate and influence people.
Personality, charm, and charisma are all part and parcel with being a real estate agent. Gaining client trust, and making them feel comfortable with, and prioritised by an agent are crucial to securing listings. Qualities like this are highly regarded in the industry, and if you have them, you’re already on your way to success.
Agents spend most of their workday talking with people, so being able to connect easily and effectively with people is essential. Whether it’s meeting with potential clients, conducting open houses or negotiating with buyers and sellers, agents are required to consistently engage and impress people.
Agents are not only representing their clients; they represent themselves and their agency for review. Because agents work on commission rather than salary, their income is performance driven, and their business is largely dependent on exceptional customer service and satisfaction.
The independent nature of real estate requires agents to be self-motivated and goal-oriented. The harder an agent works, the greater reward they are sure to receive.
Effort and an honest enthusiasm for helping people are key to succeeding in real estate. Readily accepting the odd hours and flexibility of the job, forging trusted relationships with clients and network building through positive referrals go a long way in a service industry.
Possessing a comprehensive understanding of the broader property market and keeping up to date with market trends and property prices is a basic requirement. Having a thorough knowledge of local markets, understanding community benefits and the more nuanced selling points of a neighbourhood, as well as understanding selling trends and boasting tailored marketing strategies based on demographic and location are what sets great agents apart.
To attract client interests, agents need to put their best foot forward. Creating an adaptable and effective marketing strategy that integrates new and old media, tailoring campaigns to meet client needs and utilising various mediums to connect with potential clients helps agents stand apart.
The Age of Digital Disruption: Real Estate Agent Resource Hub
In the competitive landscape of real estate, agents are working harder than ever to place themselves above their competition.
If you’re interested in learning how to thrive in this challenging, yet lively industry, explore our complete collection of real estate resources to kick-start your journey, no matter where you’re at.
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