According to the Council for Estate Agencies, Singapore has about 34,427 real estate salespersons as of January 2023, with everyone competing to close sales. For some agents, they may have the opportunity to sell a unit every month. However, others may still look for one after close to a year. Most real estate salespersons, in fact, close a deal roughly once every four months.
There is still profit for new launches for real estate salespersons. But these days, affordable housing projects drive the real estate market and the demands for logistics and industrial properties. The HDB resale market, in particular, has gained increasing popularity despite the rising cost of renting HDBs. Though the resale of HDB flats can bring in many clients, some sellers have opted to perform various DIY transactions on the HDB resale portal. In some cases, sellers and buyers may even go through listings themselves and handle transactions directly instead of going through an agent as a mediator.
With more real estate information and technology available for potential buyers and sellers in Singapore, real estate salespersons must develop strategies that help maintain their longevity in the industry. Here are our tips on how you can achieve long-term success in your real estate career:
In real estate, relationship building is pivotal, and managing client interactions with finesse is non-negotiable. Establishing and nurturing strong client relationships ensures current success and lays the foundation for a lasting career. As such, regular communication, honesty, and integrity with your clients should be at the forefront of your client relationship management strategy.
One crucial aspect is understanding the unique needs of each client. Tailoring your approach to their preferences and priorities fosters trust and loyalty. Beyond the transaction, maintaining contact with past clients through newsletters and occasional check-ins can turn a one-time deal into a lifelong connection. In the long run, a network of satisfied clients becomes an invaluable source of referrals, creating a sustainable stream of business.
In the crowded real estate landscape, a strong personal brand is a differentiator. Branding is not just about logos or taglines; it’s your client’s perception of you and the value you bring. Establishing a memorable and trustworthy brand is a journey that involves consistency, authenticity, and a deep understanding of your target audience.
Start by identifying and defining your unique selling proposition (USP) or what makes you different from the competition. This could be your knowledge of a particular neighbourhood, excellent negotiation skills, or a commitment to personalised service. A strong, recognisable brand attracts clients and fosters trust and credibility, which is essential for a lasting career in real estate. Learn more about the power of personal branding in real estate.
A successful real estate career is not just about earning commissions; it’s about managing and growing your finances wisely. Establishing a robust financial plan early in your career can pave the way for long-term financial success.
While many real estate professionals focus on residential properties, consider diversifying your portfolio to include commercial or investment properties. With Singapore adding an Additional Buyer’s Stamp Duty (ABSD) on residential properties, property buyers may be looking into investing in commercial properties instead. Moreover, commercial properties have a rental yield of 5%, giving property owners more potential for leasing. As a real estate salesperson, a diverse portfolio can provide stability during market fluctuations and open up additional revenue streams.
Real estate can help with retirement planning. Having a know-how in real estate, strategically invest in properties that can serve as long-term assets. Rental profit from these properties can serve as a reliable source of income during retirement.
As the real estate industry continues to evolve, it’s always important to stay ahead of the curve. Investing in continuous education and skill development is a proactive strategy that can propel your career forward.
In the era of digital transformation, technological proficiency is a valuable asset. Equip yourself with the skills needed to leverage the latest tools and platforms in real estate. From virtual reality property tours to data analytics for market predictions, technology can be a game-changer. Check out our recommendations for real estate apps and software for agents.
Enrolling in real estate CPD courses can provide you with the latest insights, trends, and legal updates. Look for programmes offered by reputable institutions, like Real Centre Network, so you can gain insight from seasoned professionals in the industry. Courses on market analysis, negotiation techniques, and legal aspects of real estate transactions can enhance your knowledge base. If you want to take your career to the next level, you can even study to become a Key Executive Officer (KEO) by enrolling in a real estate agent course.
Check out Real Centre Network’s comprehensive real estate agency course in Singapore to learn more.