Real Estate Agent Mistakes: 10 Things a Real Estate Agent Shouldn't Do
Last year, construction began on over 1.19 million new homes in the US. When you factor in the existing homes, over 5.34 million homes were sold last year in the US alone. But how many more could have been sold if agents hadn’t made mistakes?
What real estate agent mistakes are you guilty of making? Better yet, are you making mistakes of which you’re unaware? And how much are those mistakes costing you?
Like you, real estate agents around the nation lose sales every day by committing simple mistakes. These are mistakes that are easily avoidable, and they’re affecting your bottom line. When you’re ready to stop senselessly throwing away your money and learn what the expert agents already know, read on.
Real Estate Agent Mistakes in These Modern Times
Before we get into the nitty-gritty, think what life was like before our technical revolution. Think back before the days of the internet, before social media and SMS texting. Things were different back then.
Marketing was a different beast back then. Some of you are still caught up the past, unwilling to take the leap to the digital age. You still deal only in print advertisements and business cards, spouting the importance of a handshake. Though many of us regret how the world has changed over the last 30 years, we need to face the current reality.
It has changed.
Did you know that over 44 percent of home buyers look for properties online first? If you haven’t caught up with modern times, you’re missing out on almost half your prospect. And it’s happening before you even know they exist.
Do your research. Catch up with the world. It’ll skyrocket your bottom line.
1. Plan to Pay for Marketing
Would it increase an agent’s likelihood of selling houses if she had more prospective home buyers? The answer is, of course, yes.
This is the reality. Unfortunately, you need to get a hold of those prospects first. The only way to do is through your marketing efforts. And that’s the place which burgeoning agents choose to skimp.
The landscape of marketing has seen monumental changes in the last ten years. Only experts who focus their efforts fulltime ever master the field. If you want more money and more prospects, pay those experts to work for you.
If you don’t, you’ll lose money. Remember, your prospects aren’t going to wait.
2. Stay Organized
Though it’s one of the most critical skills for agents, it’s also the most neglected. Excellent organization is one of the top 3 tenets of high-performing agents. It’s how they accomplish their goals and still have time for family on the weekends.
Start each week by identifying your goals. Make certain all your appointments are on your calendar. Keep your phone numbers and addresses current.
Each night take time to organize the next day. Plan everything from your wardrobe (including a spare for emergencies) to your kid’s soccer practice. Be an absolute stickler about your scheduling.
Sure, face-to-face networking still works. So does LinkedIn. You might be surprised just how well it works.
Other digital networking avenues also exist, and they’re often more effective and cost less money than traditional methods. Once again, a little bit of research goes a long way. Be sure you’re not wasting your energy on one method when you can accomplish the same thing for half the price elsewhere.
If you’re not networking, know that you may be losing out on your most profitable marketing channel. Did you know that the man who started BNI, Ivan Misner, was also a real estate agent? He said the key to his hundreds-of-millions of dollars of successful sales hinged on one thing.
4. Never Boast
People don’t like arrogance. When you boast, your prospective home buyers generally won’t like it. Unfortunately, they won’t tell you they don’t like it.
Why should they? Then they’ll have to deal with you trying to defend yourself or possibly attack them. Instead, they’ll just get another agent.
Also, when you boast, you’re more likely to make a common faux pas: claim something that isn’t in your job description. You might claim to understand something about the construction of the house or about a legal issue. Both can get you in hot water should authorities find out.
Be aware of your real estate job duties as well as your limitations. Never cross the line.
5. Never Waste People’s Time
You’re not the only one with a schedule. You’re not the only one with a busy life. When you waste people’s time, you run the risk of it coming back to bite you.
Remember when we talked about networking? People are hearing about you from your home buyers. And you may not like what those buyers are saying if you’ve wasted their time.
It might cost you more than one sale.
6. Never Fear Confrontation
We’re human. Part of living in this world together means accepting our differences, and we aredifferent.
If you have to work with other humans, you’re bound to get your feathers ruffled because of these differences. Rather than reacting, take a deep breath and ask some questions. There’s almost always an explanation.
If you can’t find an explanation, be the adult and walk away. It’s as simple as that.
7. Always Assume Less Than Perfect Circumstances
The world is far from perfect. You’ll never have the perfect property or the perfect buyer. You’ll never perfectly stage your home.
Instead, settle for using the latest tips for staging a home and call it a day. It doesn’t need to be perfect. It only needs to get done.
8. Never Forget It’s a Team Effort
Sit down for a minute and write a list of all the people you work with. Now recognize that every one of them is part of an integral team. Without them, there is no agency, no prospects, and no sales.
When you treat those people poorly or cut them out of the loop, they’ll return the favor. And that will affect your bottom line.
9. Never Lose Touch with Clients
How did you find your current barber or hairdresser? Was this person recommended by a friend? There’s a 10 to 1 chance she was.
Why? Because people rely on other people’s advice for things like hairdressers and restaurants.
Guess what? They also rely on opinions for real estate agents. If you keep contact with your successful buyers, you’re also keeping contact with their network.
10. Continue Your Education
Experts didn’t become experts overnight.
They did it through long years of education and practical experience. The took in all the real estate agent tips they could find. Then they used them.
Soon they were the ones offering advice for real estate agents. Then they were teaching the classes. It’s a long journey to master your career, but the compensation is well worth the effort.
Now that you know which real estate agent mistakes to avoid, plan out your month. Include time to improve on your weak points, including your education. Also make time to connect with former clients, your staff, and new networking channels.
P.S. If you’re a real estate agent tired of splitting your hard-earned commission, there’s an alternative. You can pick your own commission splits. Contact us today to learn more.