You’ve heard the statistic before, but have you really considered what it means? Less than 10% of real estate agents account for over 90% of the transactions. These realtors have mastered the science of success in their markets, and it starts with daily practice of a few simple strategies.
Separate yourself from the majority of real estate agents; it starts with avoiding these 8 common mistakes:
You Aren’t Communicating Enough.
It’s #1 on this list for a reason; poor communication is the most common complaint that clients make about their real estate agents after the deal is done. A client call lasting only a few minutes can mean the difference between a life-long client and a missed opportunity. Taking the time to communicate what you’re going to do, why you’re going to do it, and then providing concise updates doesn’t require a lot of effort, just a commitment. Even a text update once a week can build a loyal relationship… And that’s what this business is about!
You Aren’t Investing In Yourself.
Every expenditure should directly relate to growing your client portfolio. Money spent on things like an assistant or continuous education may seem like just another expenses, but they’re investments with major returns down the road.
Hiring an effective assistant, if done correctly, will increase your income. An assistant boosts your efficiency, productivity and allows you to complete more sales. If you refocus the hours you gain back on prospecting new clients, you can’t afford not to get an assistant.
Invest in your education and community engagement as well. Are you attending local networking events, country club tournaments, negotiation and marketing workshops? You should be. Keep up with your sales reading, too.
You Forget That You’re A Brand.
It enters this list behind “Investing In Yourself” for a reason. Your success depends on selling yourself and your company as experts in real estate, and it starts with defining what your personal brand is from the get-go.
Your “brand” mentality should seep into every aspect of your day-to-day existence, from social media usage to the way you dress, to the way you buy marketing and sales tools. Any time you’re engaging with your community, you’ve got an opportunity to grow your business. The way you present yourself leads to a perception of your expertise – – – so be the agent you want to be! Make sure you’ve perfected your elevator pitch, post on social media frequently as an industry expert, and always communicate with a tone that represents who you are. Enter transactions as a company, not an individual.
Every aspect of what your clients and community see and hear from you embodies your brand.
You’re Neglecting That “Personal Touch.”
Let’s face it; people do business with people whom they want to work with. Establishing a sincere relationship from the get-go is critical. Simple touches like saying “thank you” make all the difference… It doesn’t end with clients, however. When’s the last time you sent a personal card to a mortgage broker who referred business to you? Or genuinely thanked a client with something other than a cliche gift basket? Even better, how long has it been since you sincerely thanked your team?
These personal touches are the things that separate the 10% from the majority.
You’re Not Staying In Touch With Past Clients.
Every real estate transaction is an opportunity to create a lasting connection. When you take the time to develop a genuine relationship with the buyers and sellers that enter your world, you’ll make them feel special, and want to consider you when they need real estate services.
In every aspect of the industry, from brokers to clients, a cultivated relationship today will pay off tomorrow. Reaching out is as simple as email updates or the occasional client party! Perhaps a round of golf is more appropriate? Cater this to your particular clientele.
You’re Not Developing Genuine Relationships With Other Agents.
It’s easy to get sucked into an ultra-competitive, “dog-eat-dog” mentality that overwhelms the industry… But as you know by now, the world of real estate is all about relationships.
Building a sincere, strong relationship with your competitors leads to collaborative opportunities that you may not have considered. When you neglect to build these relationships, you miss out on referrals and lessen the likelihood of reaching a deal during tough negotiations. A fellow agent is more willing to frame a win-win deal when you have cultivated a relationship with them!
You’re Not Prepared For Dry Spells.
This is especially common for new real estate agents because they expect to get paid on time. In a perfect world, that would happen. But an error with the title order, inspection, or simple verification could cause a hiccup in the closing process, so you should expect it.
Set yourself up for success by establishing a financial cushion that can support at least 3-6 months of your personal and business expenses. A great way to sustain this is by maintaining a passive income from something like an investment or rental property. When you’re not desperate to close the detail to get a check right away, you’ll think more clearly and perform more effectively.
And when your commission does arrive, always put some aside in a rainy-day fund. Never rely on this fund to cover any day-to-day expenses.
You Aren’t Maintaining A Consistent Follow-Up Strategy.
When it comes to client development, it’s natural to spend the majority of your time and energy on initial contact. But when failing to establish a consistent follow-up system means you fail to nurture the leads you’ve worked so hard to capture.
When you’re unable to get the appointment after initial outreach, leverage an automated CRM system to help you maintain the appropriate follow-ups, then stick to them. Success in the real estate industry relies on constantly feeding and pushing leads through your sales funnel. Then after the deal, your follow-up strategy should include the occasional outreach required to maintain that sincere, lasting relationship and snag a few referrals in the process!
We hope you found this list of 8 Common Mistakes helpful. We know there is a lot to stay on top of to ensure success. If you’d rather focus on what you do best, closing deals, then give us a call to learn how IntelliList Pro can help you do all the rest and still avoid all the mistakes.