A real estate agent is a great career choice that can be accomplished either full-time or part-time. The thrill of matching a client to a perfect home is one that can only be found in real estate.
While any education in real estate is an advantage, becoming a realtor does not require real estate college knowledge. The most common duty of a realtor or real estate agent is to assist clients to sell, buy and lease properties.
The other duties of a realtor include;
- Analyzing the real estate market.
- Planning open houses programmes.
- Scheduling appointments of potential clients.
- Adjusting to the market trends.
- Listing properties on websites and marketing.
- Preparing documents like leases or sale offers.
- Constantly networking with other realtors.
- Estimating the value of properties.
In Kenya, there are certain guidelines and requirements for becoming a real estate agent. They include;
- MUST be a Kenyan citizen. The Kenyan government only grants the opportunity to become a realtor only to its citizens.
- MUST be of legal age, 18 years and above.
- The real estate agent must be operating under the real estate act cap 523 laws of Kenya. Realtors must understand some land laws and keep themselves updated on any changes exhibited.
- Application to Kenya’s Estates Agents Registration Board (EARB) is mandatory to have a valid practicing license.
- Some educational background is required. Any degree or diploma is acceptable.
- An experience of two years working under a real estate agent is required. The realtor will later give recommendations while getting a license from the EARB.
- Anyone who wants to become a realtor must stand in front of a board to receive a practicing license.
The EARB application costs about Ksh 1,000 and Ksh 15,000, which is a one-time payment, is paid to be admitted to the board. Registered real estate agents receive a unique identifier from the board.
Joining a Real Estate Company
After all the requirements have been met including acquiring a practicing license, the next step is to be recruited by a real estate brokerage company. These companies hire realtors to sell and lease properties as well as find clients. They may however require new recruits to serve under one of their best agents. The real estate company has to be recognized as well as have a reputation in the real estate market.
Handling paperwork and creating documents is mostly handled by the new employees. New employees don’t necessarily receive a salary rather, they receive a commission for a property they offload. This means that new employees earn based on their performance.
Most realtors are contented with this as the type of work to do, however, there are others that aim at starting their agency.
Creating A Real Estate Agency
Some realtors venture out on their own to start their real estate agencies. While it may be compared to any other business in that it requires hard work, dedication and discipline, it also requires the owners to go the extra mile to stay ahead of the competition. The venture involves clients trusting the company with their property and also expecting a profit in return.
A physical office is a great investment however for beginner agencies, the best way to go is online, which keeps costs down. Real estate agents do not require to own properties to sell them thus creating an opening for new agencies to search for clients and offer to sell their properties for them.
This involves looking for clients, there are several methods to find them, and listing their properties on platforms preferably the ones that have bigger audiences, for instance, Hauzisha which allows customers to search for properties in specific locations.
The method allows beginner agencies to monitor market trends and switch up their strategies accordingly.
Creating an agency is the easy part. Keeping up and maintaining the business to contend with the top real estate agents in the country is the hardest part.
How To Maintain A Successful Real Estate Agency
Here are some of the ways to maintain a real estate agency;
1. Marketing Plan
Creating and following a marketing strategy allows a newly established agency to stay on track and simply be disciplined. The agency has to have several strategies that can be switched up to keep up with the market trends.
Additionally, the agency should not rely on one medium to advertise their company rather several platforms are the best to reach a broader audience. At this point, efficiency is the key to being relevant and staying relevant as a company.
2. Set Goals
Every company has set several goals at least for the next 12 months with others setting a 10-year plan. It is an important part of every company as a reminder of what they are working towards as well as tracking its progress. The goals should be time-oriented, specific, realistic, and measurable.
3. Become an Expert
While it’s unrealistic to become an expert in a specific field, especially without a college degree, the internet provides information that keeps up with current trends. This information is well suited when clients inevitably ask questions expecting the company to have all the answers.
Clients will reach out and expect timely responses which will create an impression of the type of agency it is. Clients want to have proper and clear communication either by email, phone calls or text messages which require the agency to be available.
5. Don’t Turn Down Any Deal
Real estate is usually associated with huge profits that create an expectation of huge deals to be made. However, the reputation of an agency relies on how they handle its clients both selling and buying.
Turning down a client due to low amounts of profits is not great for the reputation of the agency.
6. Establish Partnerships
Business partners are a solid way of establishing an agency since it will be associated with other relatable and trusted companies.
The companies must complement each other for instance furniture, electronics, and financing companies will go hand in hand with real estate agencies.
This involves participating in joint ventures and events that showcase all the different products that the companies offer.
The world of real estate agents is filled with opportunities that can fit anyone.
The venture is depicted as a career to earn fortunes from, there are several processes, strategies, and hard work required not only to earn profits but to maintain the business.