As a professional, there is no room for you to make real estate agent mistakes. You are expected to guide help property owners, potential buyers and those looking to rent apartments in their quest to find what they need. The level of trust reposed in you is huge and as you work towards delivering on their expectations, you should avoid the following avoidable mistakes.
Failing to Evolve
The real estate industry and the business of selling and buying property and apartments will continue to evolve. Failure to keep up with the changes means you will not be able to keep up with industry trends, the needs of your target audience as well as how to help them fulfil these needs.
To remain relevant in the real estate circle, you cannot stop learning. The more you earn, the more value you will be able to provide for property owners, potential buyers as well as those looking to rent apartments and the more you will earn at the end of the day.
Disregarding the Reality of a Fluctuating Market
No matter how many great seasons you repeatedly enjoy as a real estate agent, the reality of the fluctuating property market will catch up with you at some point. In other words, sometimes, business in the real estate market will be really good but there are other times when things become really challenging.
If you expect the market to be great at all times, you are making a grave mistake and will eventually get driven to the point of frustration. What you should do is to run tests, measure results and find out what works and optimise them. You have no control over the market so you shouldn’t push it.
Saying ‘Yes’ to Everyone
You can’t keep saying yes to all requests that come your way and not end up having problems along the line. For instance, if a property owner approaches you with a property that is clearly overpriced and asks you to find a seller for this, you should not say ‘yes’ to such a request. It is your responsibility as a real estate agent to educate the property owner that his/her property is overpriced and will be harder to sell than if the selling price is competitive.
One of the biggest real estate agent mistakes you can make is saying no if you are ever asked to reduce your commission for any property deal. Learn to handle expectations realistically.
Working Like a Clock
You are not a clock so you should never make the mistake of working like one. Clocks simply have batteries slotted into them and work till the battery gets depleted and is instantly replaced. You do not have another life, which makes your health supremely important.
Learn to unplug yourself from work from time to time. Embrace work-life balance and you will be the better for it. It’s tempting to get stuck in the loop of workaholics who always have a reason to keep working but you must fight this temptation.
When you get proper rest, it is a way of sharpening your mind in order to optimise your performance. Overworking yourself could lead to depression and an unhealthy lifestyle. If your health collapses, your business will grind to a halt and this clearly isn’t what you want. If you take good care of your body, it will take care of you in return.
Trying to Do Everything Yourself
When your property business gets to a point where you need an assistant, you will know. Hiring someone to assist you should not be considered a waste of resources. Rather, it is an investment that will yield dividends in due time.
There is a limit to how much you can do all by yourself. You can have your assistant focus on repetitive tasks like responding to enquiries and following up on leads while you channel your energy into looking for new business opportunities and closing property deals.
The idea behind having an assistant is to create a structure that helps you have increased business as well as helping you create more time to dedicate to other important things in your life. This would include things like your family, friends, hobbies and emotional balance.
Not Showing Appreciation
If you look back on the people you interact with within the real estate space, there are several people who make your work easier and more rewarding. These people include your team, clients who refer you to friends, family and associates.
You should never forget those who help you achieve success as a property agent. Neglecting them is a huge real estate agent mistake you should avoid.
Something as simple as a ‘Thank You’ note, a hamper at the end of the year, a cake and bottle of wine biannually will carve a line of loyalty and appreciation in the hearts of its recipient.
Remember that people will probably forget the things you say but they will never forget how you made them feel.
No matter how efficient you are as a real estate agent, if you do not communicate effectively with your clients, you are heading towards a pile of trouble.
The lack of communication is one of the biggest headaches people make about real estate agents in general and this is not where you want to be as a professional.
Always keep your clients in the loop. You don’t need to do anything complicated to achieve this. Something as simple as an SMS, an email or an update via WhatsApp goes a long way. These are easy ways to communicate and they are not time-consuming.
A consistent thread of communication will help you build a foundation of trust and genuine loyalty in the hearts of your clients and prospects. Building relationships is an integral part of your job as a real estate agent.
Final Thoughts on Real Estate Agent Mistakes
How you present your brand as a real estate agent is crucial to how you would be perceived by prospects. Your dressing, goals and marketing strategies are all bits and pieces of how you intend to become and remain a successful real estate agent.
It’s important to integrate time-saving strategies into your routines. Below are some ideas to help you run your business successfully while saving time:
- Smartphones and Tabs: Tabs and smartphones are quite handy and easy to carry around. They help you store and share data you need when interacting with prospects and clients.
- Assistants: Hire an assistant to take care of tasks that are not sales-focused. This would increase your efficiency in the long run
- Social Media: Social media platforms offer you a free/affordable channel to inform and engage your target audience. This helps you reach both existing clients as well as prospects
- Online Training: Rather than putting your work on hold to attend a training to upgrade your skills and efficiency, you can opt for online options and webinars to keep up with any knowledge or skill gap you might have.
Becoming a successful real estate agent might take time but you should avoid the mistakes we have highlighted, look out for opportunities and rise up to the challenge of keeping up with changes in the real estate market.