by Leslie Schwab

Created on: September 27, 2009   Last Updated: September 28, 2009

Many people enter the field of real estate sales during the housing boom from 2002 to 2006. When housing prices began to drop as the economy worsened, the real estate market underwent a sharp downturn. Property values have dropped by over fifty percent in some neighborhoods. As a result, many licensed real estate brokers either saw their commissions decrease, or dry up, altogether. Many have had to find other employment. A few, however, have been able to weather this changing market and have continued success. Those brokers who have been able to prosper in our current economic environment have done so because they possess the following qualities: knowledge of the communities that comprise their sales territories; understanding the needs of their clients, and; being available to their clients at all times.

Successful real estate brokers have complete knowledge of the communities in which they sell. They must know the locations of public and private schools, colleges and universities, shopping centers, houses of worship, hospitals, and the locations of major roads and highways. They also need to know the status of the local job market. They will need this information to answer the questions asked by prospective home buyers in helping them locate homes that best meet their needs.

Understanding the housing needs of their clients is another essential trait of a successful real estate broker. Of course, affordability is a key component. In this current real estate market, buyers must be pre-qualified for a home mortgage. Banks no longer provide easy access to mortgage loans. Income and credit are more closely scrutinized than ever. Much time and effort would be wasted on prospective buyers who would be unable to secure a mortgage. There are also the buyer's home preferences to consider: the number of bedrooms and bathrooms; overall square footage of living area; the style of the home, and; the types of amenities available. Some buyers want homes that are clean and ready to move into, while others prefer "fixer-uppers", so they can alter them to meet the buyer's own tastes, and requirements.

Successful brokers also must sign up people trying to sell their homes. The most difficult part of this job is to arrive at a sales price that is acceptable to the seller. In today's real estate market, the seller's expectations are often unrealistic. Many sellers have developed emotional attachments to their homes, and may believe their property values to be higher than the market would indicate. Communicating market conditions, and deciding on a price that would facilitate the selling of the home that would be acceptable to the seller is the trait that ensures a profitable sales career in real estate.

The final trait found in the best real estate brokers is availability. It is not a nine-to-five career with weekends off! Many buyers are only able to view homes on weekends, or after five o'clock in the afternoon, because THEY have to work to make the mortgage payments. There are times buyers will call to see a home on short notice, because they have a sudden break in their schedule. The broker needs to attend to that client on the client's schedule; not the broker's!

Selling real estate is a tough job, particularly in today's economic climate. Long hours are required to deal with clients that may be extremely difficult to please, while others may buy the first home they are shown. Those who can endure these working conditions can make it to the top of the real estate profession.

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