Property Agent - A Guide on How to Be a Property Agent

12/09/2018 17:00 | Start a business

Property agent

There are dozens of real estate franchising opportunities available to those considering starting their own property business. However, choosing between different franchises, making sure that youre fully prepared for the road ahead, and developing the skills necessary to excel in the role is no easy task. Here, we take a look at how you can ensure that your dream of becoming a property agent and successful franchisee is fully realised.

Property agent jobs

If youre going to be the best property agent you can be, its vital that you know your local market inside out. You need to understand the history of real estate, know which other businesses are operating in your area, and ensure that youve got a firm grasp on pricing and current trends. Which area is up and coming? Which neighbourhood is well suited to families with young children they want to get into a good school? Where should a young couple hoping to get on the property ladder look to buy? A good property agent knows everything about their local real estate market and understands how to leverage this information to increase sales.

Know your industry

As well as knowing your local market, it's essential to have a good understanding of the real estate industry as a whole. This means learning all the tricks and tips of the trade, as well keeping an eye out for changes in legislation or governmental policy. Property is often subject to drastic changes in legislation, and a property agent that can see what's coming over the horizon is likely to gain the trust of their clients and develop a reputation for getting the best deal possible.

Consider what type of franchise you want

There is a diverse range of franchise opportunities in the property sector. Many businesses will also be able to offer franchisees flexible working arrangements. Though the vast majority of positions are full-time, there are a substantial number of part-time or flexible remote working opportunities on the market. If you don't mind earning a little less or want to fit your job in around a busy personal life, they could be the best option available.

However, franchisees need to ensure that theyve got a realistic picture of what hours they can expect to work and what they can expect to earn from that work before they sign any agreement.

Research the big name brands

If youre looking to benefit from a big-name property franchises brand, youre in luck there are loads of businesses to choose from. Whether its Platinum Property Partners, Century 21, Northwood, Nicholas Humphreys, or Redstones, youll find that theres a large number of reputable estate agents offering franchise opportunities.

That said, it's still vital that you research every franchise and ensure that you understand both what they offer and what they expect from you. Franchise packages come in all shapes and sizes and will contain various incentives, support systems, and bonuses. Dont settle for a brief overview of the assistance provided by the franchisor you need to dig deep and find out exactly what you'll receive.

Discuss the matter with a franchise consultant

Franchise consultants can provide a fantastic insight into which franchises are considered safe investments and which may have a reputation for leaving their franchisees in the lurch. Talking to an organisation that has a great deal of experience in the franchising sector can help you discard potential franchises and narrow down your choices. Theyll also be able to highlight similar franchising opportunities that you may have missed.

Research the franchisors

Besides researching the franchise as a whole, you also need to look into the franchisor's history. Once you've spoken over the phone or met in person, it's time to do a little digging. Take a look at their previous experience and financial past. Is there anything that makes you think twice about partnering with this individual? The franchisee/franchisor relationship requires close collaboration, and you need to be sure that they're trustworthy and you'll be able to work with them for the foreseeable future.

Talk to existing franchisees

It's also a good idea to talk to property agents who already work in the franchising sector. Before you sign any franchise agreement, you should discuss the opportunity with franchisees already working in the business. They should be able to give you some insight into what life is like as a franchising property agent, how much money you can expect to make, and whether the franchisor is as trustworthy as they seem.

Hone your skills

A good property agent never stops improving their fundamental skills. This means working tirelessly to hone your sales pitch and communication skills, while also ensuring that your local area expertise is up to date and relevant. One of the best ways to do this is by keeping on top of industry news, reading trade publications, and seeking out new learning opportunities.

Attend educational opportunities wherever possible

With the property industry, there are educational opportunities everywhere you look. While your franchise will provide you with some essential training, you still need to take responsibility for your own education, too. Attend lectures, keep an eye out for new books and magazines on business management or the property sector, or enrol yourself on a course, if necessary.

Sign the franchise agreement

Finally, to become a fully-fledged property franchisee, youll need to sign the franchise agreement. Before you do so, make sure its been read over by your legal advisor and that youre comfortable with everything the document contains. Once youve signed on the dotted line, theres no going back, so dont rush into any decision that you may later regret.

Becoming a property agent is not an easy journey. However, with the help of a supportive franchisor and the drive and determination required to succeed, nothing is stopping you from launching your new real estate business and becoming the owner of a profitable property business.

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