By Paul Domeneche
Real estate often seems easy, especially when you hear statements such as, “I used my friend who is a real estate agent to help me sell my house.” This perspective can be quite intriguing, as it suggests that anyone can step into the role of a real estate agent with minimal effort. However, the reality is far more complex and nuanced.
In this article, I’ll outline a few key things that it truly takes to be a good real estate agent. While becoming a real estate agent might seem straightforward—requiring roughly $300, a 40-hour course, passing a test and a dream—the journey to becoming a proficient and effective agent involves mastering a multitude of skills and knowledge areas.
1. Dedication to Continuous Learning:
A good agent is dedicated to ongoing education, pays attention to detail, and can explain market complexities clearly to clients. Learning how to take complex information and communicate it simply is crucial.
2. Understanding Market Numbers:
Knowing the average days on market (DOM). The longer a home stays on the market, the more likely potential buyers will wonder, “What is wrong with the home?” which can drive offers down. Next, consider the absorption rate in the area. This measures how long it takes for the current inventory to be sold and replaced with new listings. Understanding this helps identify market trends. Are homes sitting on the market? If so, for how long, and at what price did they start versus what they actually sold for. Additionally, know the highest and lowest price per square foot in the area and how adjustments are made to ensure no money is left on the table. It’s not as simple as multiplying the square footage price of another home by the home being valued. Factors such as age, condition, location, current inventory, and features all play a role.
3. Product Marketing:
Photos, drone pictures, 360 tours, proper descriptions, social media, and videos are the tools used to market the property. Effective product marketing consists of a progressive campaign designed to increase visibility both continuously and aggressively to potential buyers. Learning how to progressively increase and maintain top-of-market visibility is another skill a good agent must master.
4. Institutional Marketing:
This is about how well an agent markets themselves and whether their marketing efforts focus on being known or inspiring consumers because they are worth knowing. A good agent is always learning and investing in their business knowledge to increase their value. They promote their values and execution rather than offering discounted rates, which often lead to discounted results. Effort and execution yield different outcomes—you get what you pay for. A good agent invests in being known through various avenues because they understand that if people don’t know they exist, they are not an option. And they are worth knowing.
These are just a few of the things to pay attention to when choosing a real estate agent. If you have a friend that has mastered these things or is working with a good team, you are in good hands.
If not, consider that it might not only be your money that gets burned but potentially a friendship. Real estate should not be an opportunity you give to a friend, but an opportunity you receive by working with a professional.
Check us out at Thedomenechgroup.com or feel free to contact me directly at 850-543-1418 or Paul@thedomenechgroup.com.
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