There has never been a better time to enter the real estate market. Due to widespread access to study guides, tools and resources, it’s easier than ever to learn more and pass your real estate exam. Plus, there are plenty of opportunities for networking and building a client base.
While new real estate agents are very eager to get into the industry and be profitable, like any new person trying something different for the first time, new real estate agents will make some common mistakes. In this article, we will dive into these common mistakes and how to solve them to help guide you through your new career.
Waiting on Past Clients
New business can come from anywhere. Ensure that you don’t wait for old contacts to reach out to you for your leads strategy. Buying and selling property is an event that happens few times in most peoples lives, so rather than relying on others to reach out- make the first move, It just takes a quick phone call.
A past contact is already a warm lead, and that contact, whether it’s a classmate, mentor, or real estate influencer, already serves as a potential client, but tapping into their network and referrals is just as important as nurturing your past clients.
Inconsistency In Pursuing Leads
Never stop trying to get leads, even in the slower seasons. It’s a daily task in real estate because you never know who will put you in contact with your next sale or opportunity. “If you’ve got time to lean, you’ve got time to clean.” and you’ve got chores to do!
If you’re not networking, showing houses, or preparing for open houses you have an opportunity to further your career and seek new prospects. Once you have acquired leads, it is crucial that you are responsive, informative, and helpful. Just because an individual, couple, or group of people have trusted you to help them does not mean that they will hold loyalty to you if left in the dark.
Not Asking Qualifying Questions
You don’t want to waste your time on someone who isn’t willing to buy or sell soon. Ask questions about timing, prices, and willingness to buy or sell at the first opportunity. Asking these questions will ensure you save yourself time and effort that would otherwise go to waste. You’re a real estate agent, not a tour guide!
Yes, it is true that you have little control over what your clients set as an asking price. However, you can advise them on what is realistic based on your own knowledge and the state of the market. A higher sale price may mean a higher commission, but if the property never sells you won’t see a dime for your efforts.
24% of all listings expire because they are overpriced. Overpricing is in no one’s best interest, and it is your job to steer your clients in the right direction. One thing that you can do to justify a higher listing price is upsell the home to a buyer. This can include noting the newer features on a property, the unique attributes, ideal location, or any other points that make it more appealing.
Not Tracking Numbers
Do you understand where your leads and prospects come from? How many times does it take before a contact turns into an appointment? How many contacts do you talk to until they sit down with you at an appointment? How many contacts end up closing?
In other words, measure your sales funnel. Consider using a CRM system to do this. With a CRM system, you can track what works and what doesn’t from start to finish
Everyone needs an accountability buddy.
It can be beneficial when playing sports, trying to start new habits, and especially when quitting bad habits. It is key to have an accountability buddy or good mentor when you first enter the real estate market.
Find a mentor or trusted individual who can keep you on track and assist you in meeting your goals. It is great to be an independent contractor, but you still need someone who can hold your hand and guide you through the ups and downs of this complex career! Reach out to your mentor at least once every couple of weeks to update them on your progress, and seek advice.
Stay On Top Of Your Learning
It’s easy to get lost and lead astray in your real estate career. Try to avoid making these six mistakes as you navigate your way through the real estate industry and you’ll be in a better position than many!
Are you interested in furthering your learning and staying on top of the changing real estate landscape? Take a look at our continuing education classes to see how we can help you grow!