Real estate has been one of the more challenging industries in the US during the last few decades. While the market have showcased its potential to grow or bounce back from its struggles over numerous occasions, realtors have also seen quite a fair share of adversities within that same period. Some of which are recurring. To touch on that, here’s three common challenges that all RE professionals face in their real estate career:
Compliance, compliance, and compliance. As our lives change, so do the policies and procedures, including their legislation and trends. In fact, this is true for almost any industry. Therefore, one must always be ready to adapt new laws, as well as new technologies in order to provide an industry-class service to his clients. Additionally, not following newly minted policies may not only result in losing your prospective or current customers, it can also cost you your license. Bureaus and commissions can be stricter and more rigid now than they are years ago.
Market Conditions. While this is something that you have no control on, you can at least manage how you deal your local market and clients. General market conditions can play a significant role in whether a property sells or not, so you must be aware of the current rates in your area at all times, whether you’re buying or selling properties. Having a good grasp of your market will help you better connect with your clients and increase their confidence in your work.
Emotional Sellers. Selling a home can draw a conflicting emotions from anyone. Sellers can get nervous, stressed, sentimental, or even depressed leading into the deal. Those behaviors can create additional roadblocks and exhaust everyone involved. You might find yourself with very little option early on, but with experience, you’ll eventually become much better in facilitating deals for all sort of customers.
As a general rule, keep your emotions in check, but don’t hold them back to a point that you might lose credibility by sounding like you’re just faking sympathy. Be calm and listen to your seller’s concerns. Understand where they are coming from, so that you can frame a deal that will genuinely earn their assurance and trust. Your relationship with your past clients can go a long way and ultimately, these are the challenges that will help you become a better realtor in the future.