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Real estate success is contingent on agents arming themselves with the necessary skills to facilitate successful deals, but which areas of their game can be improved?
The Your Future Network 2023 report takes the pulse of agents, property managers and agency owners, and fleshes out valuable insights from roughly 700 responses. The results shed light on their perspectives and ambitions, and unravel the self-assessed attributes that shape their personas.
According to the report’s findings, 90 per cent of Australian agents believe they’re skilled in handling negotiations, with this self-proclaimed negotiation proficiency only selected as a skill by 41 per cent of business manager respondents.
This divide is further exemplified by almost three times as many agents listing “closing sales” as a skill (69 per cent), as opposed to 26 per cent of business managers.
The report found the ability to build and maintain client relationships is universal amongst Australian agents, with over 80 per cent listing it as a skill. This declined to just under seven in 10 business managers.
While agents may believe they’re more skilled in client relations and negotiation than their business management partners, many found themselves lacking in areas where business builders excelled.
More than half the number of business managers (77 per cent) see themselves proficient in systems and processes, as opposed to just three in every 10 real estate agents. This gulf in skill set extends to matters related to technology, selected by just 8 per cent of agents as a skill set, as opposed to 57 per cent of business managers. Branding had a similar breakdown (16 per cent and 43 per cent respectively), as did payroll and accounting (8 per cent and 36 per cent).
The data paints a clear picture that agents feel they need significant improvement across the administrative and back-end tasks related to operating a successful business, with a core element of business operations, marketing, also logged as a skill set by just 42 per cent of agents.
The report found business managers, who comprised 46 per cent of the report’s respondents, are “more likely to be skilled in systems and processes, people management, mentoring, technology and marketing”.
Agents, who made up the remaining 54 per cent of respondents, are “more likely to be skilled in client relationships, negotiation, closing sales and prospecting”.
While much can be made about the report’s findings, what is clear is that each respondent group possesses a skill set unique to their role while leaving room for improvement in other areas where their counterparts excel.
Mindy Powell-Hodges, Head of Network Raine & Horne Group believes "the ability to provide exceptional service in today's digital world is becoming increasingly important for agents to maintain a reputation of skill and professionalism."
"Agency owners should focus on training their staff in all facets of the industry and providing them with the right resources to help them better improve their skills and competence. One of the key advantages of franchise networks is being able to access on-demand training and skill-improving education, as well as learning directly from colleagues in the wider group. This allows agency owners to focus on growing their business, and allows their staff to achieve greater success in their roles," she concluded.
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