Want to be a real estate agent? Here is what you need to know

Some career choices of late are quite frankly influenced by reality TV and being real estate agent or broker has been glamorised through many shows and series dedicated to the profession.

Netflix’s Selling Sunset, Million Dollar Listings franchise and Million Dollar Beach House have all portrayed a wealthy lifestyle that can be achieved through selling expensive homes.

Luxury real estate agents need to please their demanding clients, whom include well-known celebrities, royals, politicians and industry moguls.

Julia Torrente, a consultant for Amazing Spaces Lifestyle Investments, says the perception of real estate being cutthroat isn’t too far off from the truth. She said competition between agents could be fierce, especially when property prices begin to exceed the R10 million mark, particularly in South Africa’s most sought-after neighbourhoods.

Is real estate the career for you?

If you love servicing others, dealing with people and socialising, then you can look into being a real estate broker.

Real estate agents and real estate brokers are the same thing.

Torrente says clients will demand your attention and you would need to always be available.

“If you enjoy the thrill of closing a deal, then this is for you,” she says.

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Technology has influenced the workforce, with many jobs becoming automated. And the Covid-19 pandemic has made some jobs redundant so selling homes has also been made different.

People can view and buy homes online but nothing beats the feeling of a home and the connection one has to it when you walk through the front door.

Torrente says their job as agents is to not necessarily sell property.

“When a buyer walks into a home and they fall in love, we’re there to negotiate and facilitate the agreement.”

What do I need to qualify as a real estate agent?

You will need a real estate NQF 4 qualification, which can be studied at various institutions in South Africa.

However, an agent may operate as an intern, under supervision, until they have achieved this qualification. The qualification is a prerequisite for admission to the professional examination for estate agents, conducted by the Estate Agency Affairs Board.

Torrente says the skills one should have is a basic understanding of investing, valuing, and pricing of assets. The ability to take good pictures and write is also useful, as buyers are first interested in the attractiveness and description of a home.

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Real estate agent earnings:

Reality TV shows real estate agents earning high commissions, sometimes in the millions, from sales. The average commission agents earn in Cape Town is around 4%-5%, Torrent says.

“The agency then usually pays out about half to the agent that made the sale. The reason you won’t make money right away is that it firstly takes time to obtain a listing,” she explains.

Agents who earn large sums, into the 100,000s as seen in Selling Sunset, have taken the time and money to get into the multimillion-dollar sector.

“What you put in is what you get out,” she adds.

There are different areas available in property, which include commercial, industrial, or residential, going into property management, handling property portfolios, working in the home loan or bond origination sector.