5 Common Real Estate Business Mistakes to Avoid for Success
Whether you’re a newbie or a seasoned, top-producing real estate agent, sometimes we lose track of the basics. Things like creating a business plan, researching your client, studying your forms and staying optimistic can get lost in the craze of day-to-day tasks. Let’s jump back to the basics with some common mistakes real estate business and agents make and simple solutions on how to avoid them.
Mistake #1: Not putting together a real estate business plan
A lot of real estate agents don’t feel the need or make time to create a business plan. But, we’ve all heard the saying, “failing to plan is planning to fail.” No matter where you are in your real estate career, it’s important to take the time to sit down and develop a plan for your business. These plans help you identify where you are now,where you want to go and how you’ll get there.
Tip: Once you’ve established your real estate business plan, each and every year throughout your real estate career, you should assess your plan and goals and revisit the numbers. Make sure your goals are realistic and measurable.
Mistake #2: Not getting in the right mindset
As a professional real estate agent, remember that there is always a choice in how you look at real estate. If you have the outlook that the market is slow, then you have a lackluster, doom and gloom attitude; this type of mentality won’t attract many clients. Don’t wait for the deals to walk in your door, go out and get them.
Tip: Remain consistently optimistic and always be looking for innovative ways to do things. Develop a blueprint for success by writing down your goals. Always seek to do more personal development through real estate education, networking and other activities.
Mistake # 3: Not maintaining client relationships, even after the sale has closed
Research from the National Association of Realtors® reports that 89 percent of consumers say they’d use the same agent again, but in reality only 11 percent of those consumers actually use the same agent again. This is usually because the agent failed to maintain a relationship after the completion of the sale.
Tip: Employ a follow-up cycle of communication and maintain it to help keep yourself up-to-date with your sphere of influence.
Mistake #4: Not reading all forms yourself and/or not making your clients read them
Don’t take advantage of the auto-populate feature and forgo fully reading the entire contract, addendum, disclosure, etc. Since transitioning to paperless, agents email contracts for the clients to sign electronically, and in turn the client can fail to read through it in-depth.
Tip: No two contracts are the same-so read through them and when you’re done, re-read them again. Study every contract to make sure you fully grasp it and can convey the details to your clients.
Mistake #5: Not keeping up with the changing times
The real estate market changes every year, and so do the skills you need to be a top-not agent or broker. Avoiding trends, technology and hot topics won’t get you any closer to a closing.
Tip: Don’t rely on the same old continuing education or professional development courses from year to year-get out and learn something new so you can close more sales. Consider learning a new niche that could be valuable in your market. Embrace technology and digital media. Familiarize yourself with new gadgets and digital mediums. In the end, it will help you serve your clients better.
