Business man playing chess

Knowledge Equals Power

The 18th century British poet, Alexander Pope, coined the phrase, “A little knowledge is a dangerous thing, “which is largely interpreted to mean that having just a bit of learning on a subject can lead to overconfidence.

In the highly competitive field of real estate, a little knowledge is indeed dangerous to those seeking success. With so many skilled professionals in the field, you must be at the top of your game to be competitive and one of the best ways to get there is to pursue as much education on the field as possible. Armed with knowledge, you’ll be able to venture forth with the confidence you’ve got what it takes to compete with the best agents in the country – and become one of the best.

As an agent or broker, you are required to take continuing education classes periodically to renew your license, but don’t wait until you are on deadline: build habits of knowledge that will serve you daily through our tips.

• Know your numbers. Some clients will expect you to have market statistics on the tip of your tongue and even for those that don’t, you are better off having armed yourself with local statistics. Familiarize yourself with what type of properties are selling and which ones aren’t. Be able to discuss what price ranges are selling best and how many new properties are coming on the market monthly.
• Practice makes perfect. Even veteran brokers and agents review notes before big presentations. Old school note cards are still effective for getting your spiel down and practice your listing presentation skills in front of other members of your team for their critique. This is a great way to tighten your approach and iron out nerves, for eventually, you should have you sales pitch down so well you can handle any objection. You might even record your own prospecting calls, so you can share them with team members or mentors and get feedback on your strengths and weaknesses: it’s tough to ask for criticism, but only by analysis do we improve.
• Analyze your strengths. If you aren’t confident in your strengths, you won’t be able to sell yourself to others. Make a list of your own skills and strengths. When potential clients asks why they should choose you over other agents, you’ll be able to reply with self-assurance as to why you are the right choice to sell their home or to find them the home of their dreams.
• Stay updated on industry trends. It’s important to understand your local market but it’s not enough: you must also possess an understanding of trends in the industry, from mortgage rates to legislation affecting Realtors. Read trade publications to stay up to date on current developments.

Finally, don’t hesitate to seek out agents or brokers with more experience and develop them as mentors: most people like to be asked for their advice and you can glean a wealth of information from industry veterans.

Learning is a lifelong process and as you increase your knowledge in the field, you’ll find you confidence grows, too.

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