Agents across the country are encountering a slower market than that which has existed for the last five years. This is particularly true for Sydney agents.
Those who have been in the industry long enough know this is a correcting market and are familiar with the tougher conditions. However, new agents – or those who began their career when the market was at its peak – might be struggling.
With an 80 per cent attrition rate, real estate is a tough career. Which makes choosing the right agency critical.
“The market is moving in a cyclical pattern that, on average, has occurred every 10 years or so,” says Virginia Brookes, Director at Resolver Recruitment.
“I firmly believe that this market makes many agents stop, think and potentially reconsider their careers within the industry. And it is when they do this they tend to move out of real estate – even if they have done well.”
Finding the right fit
Brookes says if agents are serious about their real estate careers they must find the right agency for them – one with which they can whether any market storms.
“When looking for your next office, or if you’re considering a change, ensure you thoroughly vet the agency’s reputation, check their standing in the marketplace is strong and that they behave ethically,” she says.
“The ties they have with their local community are also important. Now more than ever, community engagement is valued highly by vendors and buyers who want an agent and agency that is intimately acquainted with the local market.”
Brookes says many agencies will now market harder and smarter for the right agents.
“Agencies will take the time to employ good quality agents that they can put some serious effort into,” she says. “They will be working hard to maintain their position in their marketplace and will be incredibly active in their local community to ensure this position remains unchanged.”
Brookes says agents must ask questions of an agency before they commit.
“Ask whether the agency has retained their top performers and if they are still doing well,” she says.
“Also question whether training and mentoring is available, and how the agency is prepared to work with you to ensure your success.”
However, she reminds agents to remember that as much as they need to see what a new office can offer them, they must possess the attributes that will ensure they reach their full potential.
“An agency will be seeking news hires who have a strong work ethic and are prepared to go the extra mile to ensure long-term success,” she says.
“To land a position in a desired agency, you must demonstrate outstanding customer service skills. You need to know how to connect with vendors and buyers, and how to maximise networks and create solid plans to follow up leads.”
Brookes says real estate is still, and always will be, an exciting career that is rewarding both professionally and financially.
“But to ensure you get the most out of it, you have to invest in yourself,” she says. “Don’t expect your boss to hand everything to you – it’s your career and you are in charge of it.”