5 traits of a great Estate Agent
The ‘market is hard‘ is the word on ‘UK Property World‘. And it is true. It has changed since the post covid boom, for sure. But the real truth is that estate agency business is hard. The market is normal, in fact. Just another stage in the inevitable cycle.
What is essential is how estate agents respond to the market and how they prepare for inevitable swings.
This is what intelligent quality estate agents are doing right now to get ahead. And, of course, it is working for them. It’s just five actions that successful estate agents are taking. More than actions, really. ‘Values’ or ‘Beliefs’, almost. I have provided the key points that summarised each key ‘action’ successful agents take.
1: They Keep Positive Attitude and mindset
– Do not blame “the market”
– Complacency and hubris
– Coach-ability, Learning and growth
– Courage to do difficult things
– Belief in what estate agents do
– Estate Agency business is not a rocket science
– Agent Equity
– Consultative not transactional
– ‘Honest’ not ‘Dishonest’
– Resilience. Depower what you cannot control
– Activity and measurement is good
It all hinges on the mindset. And great estate agent and letting agents are a class apart in that regard. They never blame the market. They don’t talk about ‘luck’. They believe intrinsically in their value and can articulate exactly what it is. They are ‘honest’ and don’t live in a world of constant denial, self-pity, and blame. They have strong resilience which does not mean macho chest-beating, but rather the ability to bounce back and de-power that which cannot be controlled. They have credibility and work for ‘Agent Equity’ with clients and candidates.
2: Focus on quality activity
– Believe that consistent, quality behavior drives success
– Focus on activity more than the outcome
– Estate Agency business is a marriage between art and science
– Activity+Quality+ Smart Targeting = Success
– Lots of activity, done well, in a right direction.
– You can’t manage what you don’t measure. Not scared.
Activity drives success in Estate and Letting Agency business, and trust me on this. If you don’t do enough ‘stuff’, you will fail. And then leave the industry blaming the market and much else. It is a cop-out to deride KPIs and whinge about ‘micromanagement‘. If you are ‘micro-managed, have you ever considered that you might actually need it? And if you are not performing and are not micro-managed, that’s just poor leadership. Measuring what you do so you can actively focus on implementing change and measure improvement is a fundamental action for great estate agent. Indeed, what field can you name in which top performers don’t measure inputs and outcomes and shift tactics accordingly? You need high volumes of the right activity. You need to do those activities at an ever-increasing level of quality. And you must do that activity with the right candidates and vendors (your ‘target market’)
3: Hone your ‘influencing skills’
– Default to IRL (In Real Life)
– If you hide behind digital you will fail
– AI and automation will increase this!
– Building relationship, garnering trust and influencing outcomes
– Master the craft of “Estate Agency business”
– In Estate Agency business, It’s soft skills that are hard
– Engaging, Building trust and credibility and managing the process
– Become visible and valuable
Don’t ask, ‘Will AI and tech replace estate agent and letting agents?‘ Ask, ‘What parts of the estate agency’s jobs will be better done by tech?’ Then, relentlessly acquire and polish the skills and tools that will keep you relevant. AI will not destroy estate agency business. But it will take jobs of agents who didnt adapt to use it well. The real value of an agent is selling…advising…consulting… insights… influencing. Great agents do not default to hiding behind digital. They have mastered the ‘craft’ of selling and are skilled at engaging, building trust and credibility and creating outcomes. Pretty soon, that will be the only part of the job that AI will not do!
4: Run towards the Tech
Consider technology as what a hob, microwave, fridge, and tools like knives are to a chef. Don’t shy away from tech; embrace it and it will make your life easier, allowing you to deliver outstanding results. Don’t fear from the Tech, master your game with these tools.
Great agents understand that estate agency business is a marriage of art and science. The influencing skills are the art (or the craft). But clever use of tech, measurement and acting on data, plus nuanced human interaction, is the magic cocktail. Those agents do not try to debunk or deny the impact of tech. They master it, use it, manage it, and ensure that the tech creates an excellent experience for stakeholders (vendors, landlords, buyers and tenants) – but also frees up their time so they can engage in the craft.
5: Develop a sales ethos
– Sell when you ‘don’t need to’ (Because you need to)
– Selling is listening
– When the client is talking, you are selling
– Influencing, advising, consulting and creating excellent outcomes
– Current client penetration
– Online to offline is the magic
– Be in touch with every vendor you have worked in past 3 years
– Identify your top 25 vendors and love them to death
– Reignite dormant and second tier clients
– Every vendor you didn’t give results too is your potential future client
– Mingle IRL
– ‘Real Engagement’ is the goal
– Learn to sell differentiation
– A great Agent can sell exclusivity
Everyone is clamoring to do business development. This is like planting crops in the middle of a famine or trying to fix a hole in the roof when it’s raining; you need to sell when you don’t need to. Because that is when clients and prospects will talk to you. But a sales ethos is forever. Not just when jobs are tight. Always nurturing current clients, always re-igniting lapsed clients, always looking for prospects, chasing leads and opening doors
There is so much more, of course. But this is what I am seeing right now. It might be wise to jump on board.
