I’m taking a new direction in my career. I’ve decided to stay in the real estate industry; with over 12 years of experience I feel I hold a deep knowledge and experience that I can apply to the operational side of the industry.
So I am about to embark on the first steps to becoming a licensed real estate salesperson in my local market of Devonport, Auckland. I wanted to share the process so as to provide insight and potentially advice to others proposing to follow this path and to provide a wider audience with some insight as to the real estate industry and the operational processes within it.
I alluded to this new direction in my career a few weeks ago as I wrote a personal perspective on the real estate salespersons course which I have now completed. Now with my NZQA National Certificate in Real Estate (Salesperson) (level 4) in hand I am applying for my license to practice real estate. This needs to go through the Real Estate Authority and all the appropriate checks as to my suitability to hold a license as well as a public notification.
My focus will be residential real estate which has been my main focus whilst working through my roles at Realestate.co.nz and Trade Me as well as my prior roles in consumer marketing.
A key decision I have need to make was the choice of company to work for. My local suburb is well served by real estate companies of which there are 5 offices all within a local block, they are second only in number to cafes in Devonport.
According to their collective websites these 5 offices would appear to have 53 salespeople all competing for an annual sales of around 220 properties. It’s a competitive market! In just the past 6 months there have actually been 65 salespeople who have had their name on at least one listing, the reason being that salespeople and real estate companies outside of the suburb have had listings -it’s that competitive!
Having made the point that this is a competitive market, it will come as no surprise that of these 65 salespeople just 11 represented half of all listings, this is the Pareto principle of real estate – not 80/20 but 50/17.
I have decided to work with Bayleys, whilst not the largest operator in my local market I felt that the brand works well with my personal brand and the scale of their operation on the North Shore and their market aspirations fit well with mine. The other larger operations in the local area being Barfoot & Thompson and Harcourts equally have strong brand presence, however, having examined the positioning of the key top performing salespeople I saw a better opportunity with Bayleys.
As anyone with an understanding of the business model of real estate here in NZ and many other countries, the decision of who to work with as a company has few parallels with joining a company as an employee. I will be a self-employed contractor and the act of signing a contract to work with a real estate firm does nothing to benefit my bank balance, it merely ensures that I understand and agree to operate under certain policies and procedures. The rest is up to me, for in that regard I am the brand. I need to build my own presence; to prove that I can undertake the work required in a diligent and professional manner and gain the trust of my future clients whilst my fellow local salespeople challenge me with their years of experience and deep local connections, seeking to in many ways undermine me and my ambition. It is a competitive environment and I hold no allusions!
I propose over the coming weeks and months to share some observations on the role, the strategy and hopefully the success in my new career.