Choosing a specialisation in real estate? Here are five things to keep in mind.

In Australia, the real estate industry is huge, and it’s only getting bigger. With new Agents coming in every day, it’s important to consider where in the industry you fit, and what you can do to make a success of the career you’ve worked so hard to build. In this blog post, we will break down five things to keep in mind when looking for a specialisation in the real estate industry.

1. Specialisation has both upsides and downsides.

There are both upsides and downsides to specialising in a specific real estate field. The biggest upside is that in an ever increasingly competitive industry, you can carve out a specific place for yourself. However, you want to avoid the downside of limiting yourself. A boutique agency with a small portfolio may like to broaden the number of properties they take on, meaning that an agent is required to be more flexible in the properties they are looking after. However, on the flip side, it can be great to be the subject matter expert of a corner of the industry that’s less served.

If you are a Class 1 agent, meaning you can work as a sole trader, having a speciality means you can really find a corner of the market to make your own. If you are a Class 2 agent, or an Assistant Agent trying to see what is out there, finding a speciality may prove to be limiting early in your career. Keep in mind that your ability to specialise may be influenced by the agency you work for or may impact what agencies you can join in the future.

2. Your skills

When looking for a specialisation, take the time to do a self-assessment. It might even be worthwhile speaking to a superior or colleague and seeing if they can offer insight into your strengths. Once you have identified your skillset, you can narrow down the options. Are you good at negotiating? Commercial real estate might work best for you! Are you good at building organic connections with individuals and understanding their unique needs? Residential sales sounds like it would suit you well!

3. Personal interest

It’s important to specialise in something you feel passionate about, and where you can flex the skills you identified above. You might find that your specialisation arises organically through on-the-job experience rather than being something you chase. Further, the more experience you get, the more networking connections you will make on the way which can influence where your career will take you in the future. Consider what your goals are for your career. Do you want to be a licensee in charge? If so, you might find it worthwhile carving out a space for yourself in the industry to give your agency a unique selling point. Do you want to be part of a big and vibrant team in a well-established business? It may not be worth specialising beyond sales or property management.

4. Broad specialisations or specific

A specialisation doesn’t need to be entirely specific: for some people it can just be the difference between Property Management and Sales, or Residential and Commercial. However, a specialisation can also be a sub-category of one of the above, such as a commercial agent who focuses on office leasing, or a salesperson who specialises in new developments off the plan. The number of specialisations available is broad, they include retail leasing, development, buyer’s agents and property appraisal just to name a few.

5. Additional licence requirements

It’s important to remember when looking to specialise that certain parts of the industry require additional qualifications. If you are interested in sales in regional areas, or specifically want to work in farms or livestock, you will need to obtain a Stock and Station licence. This licence class allows you to sell properties over 20 Hectares, as well as be involved in the sale of livestock – whether it be one cow, or a thousand sheep. If you hold a certificate IV in Real Estate Practice, you will need to complete five additional units to become a Class 2 stock and station agent, this can then be upgraded to a Class 1 with additional study. Similarly, if you would like to expand your skills to include Auctioneering, you will need to obtain your Auctioneer’s Accreditation. Although the extra study can be a deterrent, these additional skills can make all the difference to your career. For agencies it is an attractive trait to be licenced to undertake Auctions, or the sale of large properties, even if it isn’t your main focus in a role.