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Whether you’re interested in being an agent, broker, investor, or landlord, there’s a massive amount of potential in the real estate industry. Having said that, it’s not for everyone. To find success, it’s imperative that you possess a specific set of skills and traits.
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These Skills and Traits Will Come in Handy
While there are a variety of niches in the real estate world, you’ll find that almost every professional in this space shares a few common skills and traits. Let’s take a closer look at some of the ones you’ll need to find success.
1. Interpersonal Skills
There are some industries where you can find success without much human interaction. Real estate is not among them. Success in this niche typically requires healthy communication and interaction, which is why personable people thrive in real estate.
“You will need to deal with contractors, local authorities, clients and buyers all the time. Great interpersonal skills and the ability to handle people well are essential,” IncFile.com explains.
You don’t have to be super outgoing and gregarious, but you do need to be capable of carrying on conversations, rubbing shoulders with peers, and reading other people. Some of this is natural and some of it will come with time.
Ask any long-term real estate professional for one of the keys to their success, and they’ll most likely mention the importance of self-discipline. This is certainly true for Ethan Roberts who has been investing for more than 20 years.
“When the real estate market was becoming frothy back in 2005–2006, and it was increasingly obvious that we were close to the top of the market, I began unloading several of the nine rental properties I owned at the time,” Roberts explains. “By the time 2007 arrived, I had pared that number down to three. Over the next few years, as the market suffered a meltdown, the most difficult thing for me was to sit on my hands and not be tempted to jump back in too quickly. But I knew that until prices came down further, there was more risk than reward in the market.”
Self-discipline will keep you balanced and prevent your emotions from ruling the day – something that has sunk many otherwise successful real estate professionals.
3. Motivation and Drive
One of the most important factors in real estate success is steely determination and unwavering drive. While you could learn many of the skills and traits on this list, generally speaking, either you have them or you don’t.
In real estate, you’ll lose battles and get turned down. You might lose 10 in a row before ever tasting victory. Either you let those defeats push you away, or you allow them to draw you in and further motivate you to succeed.
It isn’t the first thing that comes to mind, but creativity is a quintessential trait of successful real estate professionals. Whether it’s putting together a unique deal, designing a compelling house, or launching an innovative venture, creativity plays a role in rising above the noise and standing out.
5. Ability to Negotiate
Regardless of which real estate niche you work in, you’ll need solid negotiation skills to stick around. And even if you aren’t a natural negotiator, there are things you can do to improve.
The most important rule of thumb is that you must always be willing to walk away. The moment you think you must have a deal is the moment you lose your leverage and make an emotional choice.
Give Real Estate a Try
Real estate isn’t for everyone. While it’s a fantastic wealth-building vehicle, some people simply aren’t cut out for it. However, as with most things in life, you won’t know until you give it a try.
Find a niche in the real estate industry that fits your fancy and give it a chance. Whether it’s brokering, investing, being a landlord, or managing properties, there’s a wide array of options. As you try out different options, work on sharpening the various skills discussed in this article. The more you hone them, the greater your chances of being successful.