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The boom in the real estate market in the last few years has compelled a big number of people to enter the industry. Partially fueled by the perception that it’s an easy job, partially due to their own, seemingly easy home-buying experience that didn’t include the behind-the-scenes wrangling, some new real estate agents have entered the market expecting easy deals — but often don’t make it past a year.
“The perception, I think, is that it’s a great time to get into the real estate market,” says Frank Wilson managing broker and partner with Windermere Real Estate/West Sound Inc., which has offices in Bremerton, Poulsbo and Silverdale. “Unfortunately, it sends the message to the public that real estate agents are flaky and don’t have a lot of stability.”
Those who think it’s all about showing homes and watching the Multiple Service Listings may be surprised to find out about the intricacies of making a home sale deal, and the many number of other professionals involved along the way.
“The process really involves 12 to 20 people, and the real estate agent coordinates those people,” Wilson says. “A good real estate agent is like a good conductor of an orchestra.”
Don Pennington, a 32-year industry veteran, who is known as the “Dean of Kitsap Real Estate,” recalls the boom when he became a Realtor in the 1970s. Plans were unfolding to build the Bangor submarine base and the Navy announced expansion of its workforce at the Bremerton shipyard — and “everybody was getting into real estate.” But interest rates went to 16 percent in 1979, and Pennington recalls that in January 1980 only one house was sold. The market didn’t improve much until the end of the ‘80s.
“For the people coming into the business now — it seems so easy. In a slow market, a lot of them will fall by the wayside,” says Pennington, who works with Windermere Real Estate/West Sound Inc. in Silverdale.
Pennington says his training and his disposition helped him survive the lean times. Even now, after three decades, he takes classes regularly (beyond the requirements for license renewal) and continues to educate himself about the industry, the market trends, laws and other aspects that affect real estate. He has even taken a course in linguistics and human relations — so he can better understand different types of people and “speak their language.”
“The thing that a new agent needs the most is training, training, training,” he says. That also means not going to work for the first company that offers a job, but checking out its reputation and training program first.
Wilson shares the same view about training, and says good education can set a professional agent apart. “There are a lot of newer agents coming into the market, and they jump in with the first real estate company, then find themselves without training and support,” he says.
Wilson says the profession can be attractive at any time, thanks to the flexibility it offers, and the ability to be in charge of one’s own destiny and build a business. But building a business requires certain skills — and real estate agents need to have that business savvy to succeed. Working on commission, especially, requires discipline and a constant search for new clients.
“It helps to have a sphere of influence when you come into the business,” says Joe Sullivan, who in May was in the process of opening his own brokerage, Sullivan Properties in Poulsbo, after working with RE/MAX Unlimited on Bainbridge.
Sullivan also emphasizes that, “What it takes to be a professional Realtor is the time to educate yourself so you have the knowledge base when you talk to clients.” He believes that the 60 hours of education required for the license are nearly not enough, and points out that a barber needs hundreds of hours and a beautician over 1,000.
“Here, the person selling you the most expensive thing you’ll probably ever buy only needs 60 hours of education,” he says.
The agents need to understand the difference between a good home and a bad one, demographics, county trends and so on, he says. For example, his generation — the baby boomers — are entering their 60s, and are the richest generation in the country. Often times, baby boomers are looking to downsize, and don’t find multiple-story homes with stairs very appealing. If a first-time homebuyer who doesn’t plan to keep the home for many years buys one of those homes that are attractive to baby boomers, the chances or reselling are much greater.
Sullivan entered the market in 1992, as it was just coming off another peak period after the 1990 World Fair in Vancouver, British Columbia. “A lot of people passed through here and the market jumped,” he says.
But when the lean times came in the mid-90s, many agents changed their profession. Sullivan says he made it by managing his business and planning.
All three veteran Realtors say that in addition to training, it’s the personality that makes it or breaks it for Realtors. They have to be people-oriented, good listeners, and resilient.
When recruiting new agents for his own agency, Wilson looks for those kinds of people as well as those who have a strong ego but not too strong, so they can handle rejection well. But most importantly, an agent needs to be enthusiastic about life in general and have a positive attitude. “They have to be excited about life and excited about being in business for themselves,” he says.
With interest rates on the rise, some people question whether the real estate bubble will soon burst, possibly setting off a mass exodus of agents. Pennington believes that may be true in other areas, but thinks Kitsap — and the entire Northwest area — will continue on “for some time.”
“We live in an area that’s continuously growing, and as long as we grow, the market will be good,” he says. |
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