Next 4 Reasons Why Real Estate Agents Fail
According to the National Association of Realtors, 82% of home buyers begin their search online. That means if you don’t have an online presence you’re invisible to 82% of buyers.
Here are 4 More Reasons Why Some Real Estate Agents Fail
- Didn't Anticipate Operating/Marketing Costs. Are you working with Social Media Marketing. Did you set a budget for that? Did you set enough aside in your budget for that? Every year you should increase your Social Media Marketing budget. Every year. We are three months into 2017 and I have clients who are telling me they wished they would have set more aside. There are new tools and services every day. If you hadn't set enough money aside before you started your business, then it may be likely that you will run out of money before you get the chance to impress clients. If you are operating as a part-time agent, you can just about throw in the towel now. If potential clients can only reach you after 5 pm and after the kid's soccer and baseball games, you are not likely to connect with too many people.
- Going it alone. One of the hardest things to do in life is to start a new job. This is especially true if you have never done that job before and are unfamiliar with what has to happen every day to make the business successful. Very few people can walk into the operating room and perform surgery after they have been a truck driver for 20 years. The old saying goes, "you gotta walk before you run." It means don't be afraid to ask for help and get additional training. Shadow several agents for a little while and see if it looks like something you can do. Just because "you're good with people" doesn't make you a Real Estate Agent.
- Not Listening to their clients. Many a client has parted ways with their Agent because they feel that their agent just doesn't listen to what they are saying. If they are looking for a 3 bedroom home in the burbs and the agent is showing them homes downtown, they are not listening to their client. Of course we all know that there are times when you can and should make a recommendation to your clients based on the fact that you WERE listening.
- Working With the Wrong Broker. Don't judge a broker by their fees. When an agent first starts with a company, they are looking at everything the broker offers. Many times decisions on which firm they start with is based on money. Choosing a broker because they have the lowest fees and the highest commission split with the agent is not a good way to start. You are going to need all the training and support of a qualified broker who understands what you are going through as a newbie and tries to make things work for you. This is a person who understands and empathizes with you. That's when you can count on the additional training if you screw up or the atta boy if you get the contract!
- Finally, a BONUS!!!! Many agents just starting out are willing to negotiate a lower fee to get the client. That's just not a good habit to start. As agents are required to look out for their clients, they cannot negotiate a better deal for the other side so the deal goes through. If you do what's best for you to be able to close the deal, word gets around. However, if you do what is in your client's best interest and get the deal, you are looking at referrals.
Here are a few tips to Start Off on the Right Foot.
- Be ready the night before.
- Buy donuts for the office.
- Be on time.
- Interact with everyone to gain perspective and come out of your shell.
- Be sure your training has prepared you well.
- Keep your eyes and ears open. You never know who might be dating whom; and who you should watch out for!
- Hang out with the popular crowd. These are normally the Top Producers in the office and you can learn a lot from them. Take them out for coffee or donuts one day to get comfortable and ask pertinent questions. But, never, ever waste their time.