The real estate sector is one of the ever-growing sectors of the Ghanaian economy. In fact, it has become one of the most profitable industries in the country. This could be attributed to the growth in the middle class and foreign visitors from neighbouring countries who usually have a long stay in the country.
With this ever-increasing demand, there is a high demand for real estate agents in the country. If you’ve ever thought of becoming a real estate agent in Ghana, then you’re at the right place.
Being a real estate agent can be rewarding, especially if you have the required knowledge and skill to do the business. In this guide, you’ll learn how to become a successful real estate agent in Ghana.
READ ALSO: How to Start a Real Estate Business in Ghana.
Who is a Real Estate Agent?
Real estate agents are licensed professionals who negotiate real estate sales. They often act as representatives in negotiations between a real estate owner and a seller. Real estate agents usually are compensated completely by a commission – a percentage of the property’s purchase price, so their income depends on their ability to get a deal closed.
What does a Real Estate Agent do?
Real estate agents are trained professionals who are knowledgeable about local laws on the buying and selling of properties. They have a vast knowledge of trends within the local property market as well as what competitive prices are for the various properties their clients want to buy or sell.
Real estate agents act as middlemen or broker, between two parties seeking to buy or sell a property. Real estate agents have the skill and expertise to either market the property and sell for the best possible price and conditions, or to look for property that suits a client’s needs and buy it at the best price possible with the most favourable terms.
Negotiation is a key part of the real estate agent’s work, as they act as the intermediary between buyer and seller and will often negotiate on their client’s behalf. Real estate agents will charge a percentage of the final sale price as their fee.
How to Become a Real Estate Agent in Ghana
Having said that, let’s take a look at the basic procedures needed to become a successful real estate agent in Ghana.
1. Get Trained
The importance of training in every profession cannot be overemphasized. However, you don’t need any specific degree or certification to gain entry into the business. On the other hand, if you want to join a big real estate firm, then you’ll need to obtain have a minimum education of Degree or HND in Estate Management.
If you’re keen on doing it big and becoming a real estate expert and consultant, then you may take a real estate management course. In most countries, Ghana inclusive, most real estate agents operate informally. But if you want to be a successful real estate agent, you need to get formal training related to estate management.
2. Obtain the Necessary License
There are so many unlicensed real estate agents in the industry. However, if you need to run a successful real estate agency business in Ghana, you’ll need to get the appropriate licenses.
To get started, you can register with the Ghana Real Estate Professional Association (GREPA). This gives you an edge over unlicensed estate agents in the country.
3. Get Attached to a Large Brokerage Firm
To get practical knowledge about the profession, it is recommended to get attached to a large brokerage firm. Go for a large brokerage firm with an indisputable track record of selling properties and making commissions.
Be prepared to provide your services for free and build a good relationship with the brokerage firm. This relationship will be necessary even in future endeavours. For instance, if you are facing challenges in selling a property, you can approach them for advice.
4. Get an Office Space
Since most real agents operate unofficially, they don’t necessarily need an office. But if you want to be exceptional in the business, you need to get an office space.
In fact, it gives your status as a real estate agent a big boost if you have a base of operation. This will make it easier for clients to trust you, due to the fact that they can access you at any point in time.
Also, there’s an air of professionalism that comes with having an office space, as it can help you with the right environment to negotiate lucrative deals. However, you can share quarters with other businesses by sharing the cost of rent if you don’t have enough cash to get an office space for yourself.
5. Know the Neighbourhood
One of the secrets of becoming a successful real estate agent is knowing the details about the property on sale. In fact, before you broker any deal with a client, you should learn much about the neighbourhood. You don’t want to be embarrassed by simple questions about the neighbourhood posed by potential buyers.
Make a thorough background check about the property on sale. Talk with the people who live and work there, learn the names of the streets, schools, hospitals and popular landmarks. The confidence you get from having all this knowledge at your disposal will get you buoyed for successful sales.
There’s also a greater chance that you’ll get more referrals from previous clients. Someone they know may be looking to buy or rent a house or office space, in the area you’ve shown yourself to be knowledgeable about. They will likely send that person your way.
Now that you’re in business, you need to get words out about your services via many platforms (online and offline). Put up information about the houses you’re seeking buyers for, accompanied by pictures and videos of those properties. You can also have such details published on online listing websites.
Inform your friends, family and acquaintances that you’re a real estate agent. Tell them to give you heads up whenever they find someone who wants to buy or sell a house. Who knows, you might get a good flow of orders from them, something you can start off with. In fact, this is probably your best bet for the first gig as an agent. Never take those close to you for granted in matters related to business.