Real Estate Entries: Becoming A Property Agent, what it took and what’s next?
My Journey In Real Estate: Benson Chow
In this series of Amazing Agents, we want to interview people who have made it and can offer advice to anyone that is looking to break into this industry. While we understand that success stories are well, stories- we cannot underestimate the power of them.
For the first edition of this series, I want to share my story with you.
I do not believe in baiting you with fancy cars or big money, because while those are the perks, I want to document the process and the hard work that went into this.
Why did I enter this industry?
I did not do well in school and I did not come from a well-off background. I entered this industry because it was a way out. I always knew that I somewhat had a knack for sales. I went to ITE, and while that was something that certain members of my family looked down on me for, I was not fazed. I knew that I had it in me and wanted to do more. I like cars and was keen on pursuing a career in car sales. However, to my dismay, a car salesman required a local diploma.
Interestingly enough, real estate did not. To a certain extent, the barrier to entry is lower, but that is not to say it was easier. I struggled to study for the RES Exams. So yeah, becoming a property agent was difficult, but I am glad I stayed on.
What was my breakthrough point thus far in my property career?
In the initial stages, (6 months) I didn’t close any deals. That was difficult because as a SEP (Self-employed person), it meant that I did not have income. It was stress-inducing, but the thought of being able to help someone plus fulfil my dreams was something that pushed me to stay on.
Soon enough I was hitting 5x my old pay and was looking forward to sharing my knowledge with others. 2 years later I fell in love with coaching and mentoring. It brings me immense joy to see my agents grow. I understand and felt the impact of the struggle, knowing that I can help someone else achieve their dreams without as much of a struggle is something that brings me great satisfaction.
How has my strategy changed since I started?
Honestly, people always talk about “strategies” and sales hacks, but my philosophy is really simple- be genuine.
In the past, I would try hard, but over time I realised that the key skills needed were:
Listening
Adding a personal touch
Having strong bonds with clients
To put it simply, it really is about understanding the needs, wants and finding a solution that works for the client. The thing about any business, the strongest selling point would be how well the product or service solves a problem. In that regard, it would only make sense to best understand the pain points and offering a solution that solves those pain points.
Houses are very personal, something that someone does not care about could be the very thing that would be a deal-breaker for another.
It is important to understand the needs of the client, are high ceilings important to them? What about where the kitchen is situated?
Perhaps the most important thing that people consider is the price. In that case, having an understanding of the client’s financial situation would be an effective way to close a deal too.
Remember that you’re a consultant/friend. Your job is to make sure that the house but is a worthwhile investment.
How would I “teach” this approach?
For one thing, clients are much savvier now, it is important to get their trust. To do so, it would be best to “predict” what they’ll ask you and think of answers based on the scenario. Make sure that you understand what the client wants and needs before recommending them anything.
What kind of training and support do you provide to agents under you?
PropNex is a well-resourced company. I do leverage on the company’s training, but I also
conduct personalised training where I allow my agents to shadow me, earning a percentage of what I make.
What areas would I advise new agents to focus on?
I would advise new agents to get the fundamentals right and not think about becoming a manager first. Every step is crucial towards your growth and a focus on sales is paramount to your success.
Advice for new agents: Where would you place money on your ads?
Prepare to have 6 months of no income. It is important to assess your financial situation.
Depending on which category you fall under:
Brand new agents: Do not spend on ads, shadow a mentor and learn from them.
New agents with financial capability:
Spend moderately
Ads on social media
New launches
Listings
Veterans:
Those with considerably more life experience, tap onto your wide network, LinkedIn is an excellent platform because you can connect with professionals.
If you are looking for someone to guide you and has a passion for helping you become the best agent you can be, BCD is the place to be. Reach out to us here if you’re looking to advance your career.
