During my time abroad in Ireland, I will be primarily working in the real estate industry at Move Home Real Estate Agents in Drumcondra. I also expressed a heavy emphasis and interest in the finance operations portion of the company and am looking forward to learning about both sides of this particular company. During my time in real estate, I will be able to learn about the current ongoing housing crisis which is primarily due to short-term rentals causing supply to be very limited. Existing properties are also not in a decent enough state for repair and therefore are unable to be resided in. While the real estate industry is ever changing and not always in a positive way, I am grateful to have the opportunity to learn about it even during its hardships. 

In the real estate industry, there are varying key skills and strengths that are necessary to be successful. Communication skills are of utmost importance, clear verbal communication for persuasiveness is crucial for presenting properties, explaining terms, and negotiating deals. Written communication through crafting effective emails, marketing materials, and contracts ensures everyone involved in such processes are well-informed and engaged. Negotiation skills are another need for success, deal making through effective negotiation tactics helps in securing favorable terms for both clients and prospects as well as the real estate business and helps with efficiently closing deals. These also assist with conflict resolution as the ability to mediate disputes and discover mutually beneficial solutions is needed for customer satisfaction and to maintain a decent company reputation for future customers. Market knowledge is yet another successor in the real estate industry, local market trends and understanding neighborhood dynamics, property values, and buyer preferences help decipher what location is best for specific consumers. Knowledge of regulations and laws and staying updated on real estate laws, zoning regulations, and financing options are also crucial for success. Another huge component is customer service. Client relationships are established by building trust and rapport with clients to foster long-term relationships that will only bring in more business; responsiveness through addressing client inquiries and concerns in a prompt manner and professionally is also key. Customer service is also parallel with networking as building industry connections and relationships with other real estate professionals like agents, brokers, and developers can only drive more success and knowledge for the real estate company. Also through this, word-of-mouth recognition and high profile reviews of your company will only expand the client base through referrals and repeat business. Finally, analytical skills like data analysis are highly required to have even more knowledge of the industry. Evaluating market data, investment potential, and property performance are all part of the real estate industry, as is financial knowledge like understanding mortgage options, interest rates, and financial statements to advise clients accurately. Collectively, these prime skills are necessary and crucial for being successful in the real estate industry. 

There are numerous competencies that are necessary to be successful in the industry that may be unique to my specific host country, Ireland. To begin, cultural sensitivity could differ as in Ireland, appreciation of the cultural and historical context, including the significance of heritage and vintage properties is important to be knowledgeable about. In the United States, understanding the diverse cultural landscape and regional preferences, such as differences between urban, suburban, and rural markets is important to define the company’s target market and which location they may benefit the most. Adaptation to economic fluctuations is also vital to assist with success in the industry, in Ireland, understanding the impact of economic factors like Brexit and EU policies on the Irish market will allow me and the company to gauge a greater understanding for future success. In the States, navigating the effects of the national economy, including interest rate changes by the Federal Reserve, and regional economic drivers are more important to keep note of. In order to become more competent in these components of the real estate industry, I can actively get involved with local engagement. In Ireland, participation in community events and local activities will help me in becoming successful in my industry. In the United States however, engagement with community development initiatives and local real estate boards would be useful. Following along with this component of education through local events, I will be primarily seeking mentorship through my supervisor, Shauna, and through my other coworkers. Seeking guidance from these experienced professionals within the Irish real estate market will only educate me further in my host country as they have 20 plus years of experience within this company alone.

Becoming successful in the real estate industry requires numerous and varying skill, knowledge, and competencies especially considering I have not yet worked in the country of Ireland. The real estate industry is one that is ever changing and I am excited to learn more in the next couple of weeks!