Common Real Estate Agent Mistakes
Real estate is a multi-billion industry and that is probably why it keeps getting attention from everyone around the country. Every day there is someone who is thinking of either purchasing or selling a home. If you have been in the real estate business for several years, or if you’re thinking of venturing into it, there are several things that you should consider as a Realtor. Many people have tried to break into a real estate career, but give up after a short time, or after an early failure. Where could the problem be? Most people enter this kind of business without a proper understanding of what it entails.
After getting a real estate license, many new Realtors struggle making a living. The success or failure of a Realtor is often determined by how he or she conducts a business. Read our article on What Makes a Top Real Estate Agent. There are some mistakes which are often overlooked but end up causing a lot of damage in terms of loses to a business. Avoiding such mistakes will be one great step towards achieving your goals.
Lack of Communication with Clients
Communication is a very key thing when it comes to any type of business. The moment a communication vacuum is created between a client and the agent, trouble sets in. Some clients are very sensitive to communication matters and once they realize that an agent is not responsive enough, they begin to cast doubts on their relationship. Many real estate buyers and sellers spend an enormous amount to time finding the right Realtor to sell their home. The agent should always be the one keeping the client up to date about the status of the house or any other relevant information regarding the deal that is underway.
You need to communicate how your client wants to communicate. For instance, if the home buyer wants to contact you via Facebook Messenger – you need to respond to them on Facebook Messenger, regardless of what YOUR preference for communication is.
It is important that you send text messages to your clients and return back their calls promptly. That is the best way to gain trust from customers.
Not Having a Business Plan
Most new Realtors, right out of even the best real estate school, often make the mistake of overlooking this step when venturing into the property business. Consequently they end up facing difficulties in managing their expectations. When getting started it is important to have a proper business plan that will help you identify short-term and long-term goals as well as a timeline and rubric for achieving them. Your business plan should include the amount you have allocated towards personal brand building as well as direct lead generation and some allocation for long term marketing channels such as search engine optimization of your real estate website.
Not Being Able to Say “NO”
It is not always appropriate to try and please every client. Have enough courage to reject an overpriced listing that will only end up wasting your valuable time. There is often a class of clients difficult to deal with, and when you meet with such people, it’s best to quickly evaluate your ability and potential to serve them, or to refer them to a fellow Realtor who may be more suited for the task. Most importantly, however, you always want to be honest and open with your clients.
Not Building Strong Relationships with Fellow Realtors
One way of succeeding in this the real estate industry is to build strong professional relationships with the top real estate agents in your area. By doing this you will easily understand how the industry operates, as well as connect with buyers from different corners of the country. Operating alone will definitely reduce your network scope, but it also brings with it limited resources and the opportunity to miss out on bigger deals. It is therefore important to connect with Realtors from different locations across the country.
Bad Choice of a Real Estate Broker
The choice of your real estate broker is one of the most important choices you can make as a new agent. Don’t get too caught up with your “commission split” focus more on the value proposition of the top real estate brokers in your area. Some full service real estate brokers may take more of your commission when you do sell a home but that is only due upon your personal success. If you have chosen a real estate broker that has desk fees or other consistent charges, regardless if you sell something or not, can be a killer for a new agent. There are many aspects of the commissions paid to real estate agents, don’t get too caught up in simply the “split”.
Not Hiring Help
Some agents also make the mistake of trying to perform all the hard labor work. If you are busy printing flyers, you are the most over-paid “flyer printer” in the business. Know your own worth and consider hiring an assistant or a taskmaster when your growth exceeds your pace. You should focus your time on creating a quality experience for your existing clients and brand building to acquire new customers. You should hire hep whether you hire someone to do the manual aspects of your operation such as data entry or you are busy enough to have a licensed assistant to show homes. One good assistant can help you double or triple your ability to serve multiple clients. Ultimately, the name of the game is closing deals, and a great assistant can be worth his or her weight in gold.
Not Using Professional Real Estate Photography
This is also a mistake that many real estate agents make. Just because you are a licensed Realtor does not make you a great photographer. Not having professional real photography for your listings can negatively their ability to sell. It is important to post pictures of the property that give a true representation of the buyer will see when they arrive. Touching up photos is great, and even recommended, but don’t go overboard with it. If the home doesn’t reflect itself true-to-life in the photos, all you’ll be doing is frustrating your audience of home buyers. High quality edited photos are a must when trying to sell a home.
In a nutshell, succeeding in the real estate business is a matter of knowing how to deal with current issues facing the industry, having a strong reputation as an honest person. Don’t underestimate the skill to handle anything that gets thrown at you during the days before a closing. Avoiding some of the mistakes as mentioned above will go a long way in ensuring that you meet the home buyer’s or seller’s expectations and improve your business at the same time.