Real estate agents must change their thinking
Simon Tweddle: „ Applicants for a job in the real estate industry need to understand, that it´s not just buy – sell. A agent should first and foremost do business.“
„Anyone can work as a real estate agent, it´s always the same. I´m not going to leave a mark on this world in this industry…“ This is how a lot of people applying for the job in real estate think and that´s a big mistake. With what expectations do the applicants come to the interview? Why is this industry lacking ambitious people that have the nose for investments and can make the most out of their clients? That´s why we decided to visit the Prague office of the real estate agency Sim Property founded by Simon Tweddle from the United Kingdom where they are currently hiring a new colleague to join the team.
We bring a report from an interview where we from Business Animals acted only as observers. Simon Tweddle is interested mainly in motivation and the inner set-up of a candidate. The applicant was a little startled by his approach but he recovered quickly. We recorded the interview with permission from both participants.
- What do you think a successful real estate agent should do?, Asks Simon
Applicant: He should be well informed about the market, be independent, have results with sales and rentals. Oh and he should be capable of passing his knowledge and experience to younger, less experienced colleagues.
Simon: That´s how everyone and the agents themselves perceive this job. In reality the work of a seller is much more than buy and sell, that should only be a certain part of your work. A agent has to understand the broader connections and maximum correlation between real estate, property management, finance and investments. All of these 4 pillars are very interconnected here in Sim Property. We run a real estate agency but help clients with financial advice, provide consultations with agents, property management and last but not least investments and connections with other investors.
- So tell me something about your experiences.
Applicant: I´ve been in real estate for 10 years and know all the issues connected with sales, rentals including new developer projects. If you provide good working conditions a lawyer and a good commission, everyone will be happy.
Simon: You don´t think like a businessman and can´t see all the business opportunities. What if a client bought another apartment as an investment? Can he put other properties that he is renting out under our management? Would he be glad to have a guaranteed rent from us? Does he need to refinance his loan? Does the client know someone that would also benefit from our services? Does the client know that he will get a commission if he provides a quality referral? You know today it´s not just about knowing the needs of the client to make a good sale, it´s important to find the whole potential of the client in relation to the full spectrum of our services – our own real estate agency is just a small part of what we do.
- What should a good agent do for his client?
Applicant: It´s important to price the property correctly so it´s possible to sell or rent it well, then to advertise it properly, bring a client, provide a possibility of a lawyer consultation, provide financing – if needed – and ensure a secure handing over of the property and satisfaction of the client.
Simon: What you just described is pretty much a routine real estate process which of course needs to have high standards but the most important thing is to see both sides of the trade as clients. Without finding out about the full business potential of a client most business opportunities just slips through your fingers. Thanks to our unique interconnection of real estate, property management, finance and investments it is possible for us to come up with the best fitting solutions for the real needs, problems or opportunities of our clients. It´s often the case that the biggest deals are not from the primary needs with which the client approaches us. A satisfied client with a business spirit often becomes our external partner that recommends our services – for a nice commission of course, he is a businessman after all!
- Is buying and selling the most important part for you?
Applicant: Of course, though I must say I prefer sales.
Simon: I´m glad to hear that although we are not looking for an expert in sales and rentals. We are looking for colleagues that understand the huge potential of our business philosophy and that want to fully utilize it. Even a real estate expert must be able to change his core business beliefs to succeed with us.
- Is there still a lot for you to learn in the real estate industry?
Applicant: Well I didn´t think so but I will have to change my point of view after listening to you.
Simon: There you go, that´s the first sign that you started thinking about real estate not from one but multiple different angles.
- Do you feel that you are stagnating after 10 years in the real estate business?
Applicant: It´s exactly how you say it. I have a lot to offer but I have to enjoy the work and have a sense of fulfillment. To be honest, that is something I haven´t felt for a while.
Simon: That is a very common situation that usually ends in a change of the employer, switching to management, opening your own real estate agency or switching to a different industry altogether. Our team isn’t stagnating, we are in permanent contact with Czech and foreign investors and we are consistently on the lookout for new investment opportunities for our investors as well as ourselves. We take part in oversees trade fairs focused on investments and real estate and we conduct market analysis on a European scale.
- How much money are you able to make at the moment?
Applicant (springs to attention): To be truly satisfied I would like to reach a 6 digit income, that is not always the case.
Simon (nods): It sounds like you have a goal. After a couple of years of working with us you can easily reach a 6 digit income when you combine all the commissions and passive income.
And what about you, agents, that are reading this? Would you be able to change the way you think? Is our business philosophy a proffessional challenge for you?
Send in your CV in English and Czech via our Careers page and make an appointment for an interview!