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5 competencies to win at real estate
Building a thriving business as a real estate professional isn’t just about memorizing course material and passing the exam. A good real estate course will teach you competencies, not just rote facts. And those competencies will be the foundation of your success.
So what is a competency, exactly? Simply put, a competency is the ability to perform what you learn on the job. You don’t just memorize information from a textbook; you demonstrate that you can use or apply the knowledge, skills, and abilities in the real world.
Regionally, the Real Estate Council of Alberta (RECA) has shifted to a competency model for pre-licensing education. That means course providers (like us) design every element of the learning experience to develop the competencies that will help you win clients and build a thriving business. Here are the five competencies that we’ll focus on.
1. Professional relationships and conduct
In a business that’s built on relationships, your ability to create, nurture and maintain professional relationships with clients is paramount. But beyond those interpersonal skills, you also need to navigate professional conduct and obligations. Complying with legal duties, protecting the public, managing disclosure and mitigating risk are all key skills for success.
2. Communication and collaboration
Working with numerous different clients and diverse personalities means you’ll need exceptional communication skills. It’s not just about being a “people person” – it’s about improving your skills in advising, collaborating and partnering with clients. This extends to skills like using communications technology and fostering a respectful and inclusive environment.
3. Prospecting and marketing
Developing a client pipeline is a critical business skill that some had to learn on the job, rather than right out of the gate. But learning those marketing and promotion skills is an invaluable asset for your success – and the earlier you learn, the better. We recommend choosing pre-licensing courses that place a strong focus on the business development side of real estate.
4. Research and analysis
A successful real estate professional will develop a wealth of knowledge about their local market and property valuations that’s grounded in strong research. Learning to perform effective market analyses, financial analyses, and determining the quality and elements of a property will help you become knowledgeable and efficient when it’s time to strike those deals.
5. Negotiating and closing
Becoming a good negotiator is an art as well as a skill, but it is one that can be learned and cultivated. The most successful professionals will be those who can negotiate effectively and with integrity, manage offers and counter-offers seamlessly, handle contracts with ease, and close the deal with confidence.
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