The cut‐throat competition in the real estate industry and the introduction of new legislation makes it extremely important for modern real estate agents to differentiate themselves. It’s the need of the hour that today’s agents learn from the experience of their peers and competitors to be able to distinguish themselves. Here are 5 mistakes that new or established real estate agents must avoid:
1) Not being customer focused: This is one of the biggest mistakes that rookie agents make when they enter the industry. The agents usually focus on their listings and inventory more than the customer requirements. Rather than trying to drive the great things about your listing to customers, the agents should focus more on how the listing can help in fulfilling customers’ needs. While it is important to showcase your abilities and credentials, but that should not be the sole focus of the marketing and sales pitches.
2) Not following up enough: One of the basic rules of selling is – no amount of follow up can ever be enough. Most agents do not capture leads properly and don’t follow up with the customers on a regular basis. This makes the customers forget the agents, leading to bad conversion rates. Similarly, an agent must also try to touch base with past customers to check if they’re satisfied with their purchases. This can be extremely beneficial for referrals.
3) Not creating a personal network: Gone are the days when you could survive in business as a lone ranger. In today’s world, network and collaboration are the biggest tools that can help agents in achieving success. Fortunately, there are several tools and networks, such as Indian Realty Exchange (IRX), that make it easy for agents to expand and constantly stay in touch with their networks. WhatsApp and SMS are also extremely helpful tools for staying in touch with customers as well as other agents.
4) Not leveraging technology in business: Real Estate agents are still somewhat at war with technology, with most of them still sticking with age‐old methods of doing business. Some examples of how agent’s can leverage technology are: Using a specialized lead management software / mobile app, using presentations and video to showcase listings, using WhatsApp and SMS for networking, using an accounting system for record management, using an application like IRX for showcasing their profiles, etc.
5) Not spending enough time on Self Development: This is a common mistake typically made by experienced agents or those who have tasted early success. While sales come naturally to some, just having the ability to sell is not going to ensure success as a real estate agent. It is essential to constantly keep updating yourself with industry trends, legislations, laws as well as the latest in sales and marketing to sharpen the selling skills further. In modern times, this is a relatively easy task thanks to the easy availability of several blogs, podcasts and communities on real estate that contain lots of information, vital to real estate agents.
If you make sure that you don’t fall prey to some of these basic mistakes, chances are that you’ll make it big, and we will be there to congratulate you when you do!