The 7 Biggest Mistakes Agents Make
We would all like to imagine that we are the perfect real estate operators and the type of agent who creates raving fans.
The reality is that even great agents make mistakes, and some of them can be costly when it comes to your future ad and sales pipeline.
Most of these mistakes are also easily avoided with a little discipline, good time management, and the constant awareness that the actions you take now have a direct impact on your bottom line in the months to come.
Here are the seven biggest mistakes agents make (and how to avoid them).
Not having an effective client care program
Real estate is a people business where the reputations of agents are built on trust and familiarity.
This is where an effective client care program is imperative, and it is something that is too often overlooked.
I would say that customer care should actually be called âclient-agent attachment,â where you are constantly wondering how you can stay committed and useful to the customer.
Customer service is a fine art, where it’s about staying at the top of the list without being boring, and that means delivering consistent, real value to your customer.
The customer must always be presented with useful, short and precise information, adapted to his stage of the buying or selling journey.
They should also receive subliminal messages that continually show the agent who is selling houses successfully.
Agents often assume that they will always be memorable.
This is not the case and it is worth it to consider yourself a bit like Coca Cola, Nike or even Apple. Although they are all famous brands, they always advertise and connect with their customers to stay in the foreground.
Maintain and feed a quality CRM system
A well-maintained CRM is pure gold for any agent worth their salt. But as far as we all know, maintaining and nurturing this CRM has been a classic historical challenge for many agents.
This mistake boils down to discipline, and it impacts every element of your pipeline. When you don’t take care of your CRM or use it effectively, customer care becomes ad hoc and often impersonal.
And because agents don’t have a follow-up strategy, it gives the industry a bad reputation for not returning calls or responding to inquiries.
Not only is it important to regularly maintain your CRM and update the data it contains, but it is also essential that you understand your CRM and the tools available.
The reality is that most agents have a CRM, but the majority only use about 20% of its functionality.
Do not hire a support team
It can be difficult to recognize when an agent needs to join a support team, but one of the biggest mistakes agents make is not doing it early enough.
The best time to start building your team is before you are too busy to get on board and assist and give them the training they need.
In other words, it’s important to have a head start. And, while hiring staff or building a team is an expense, it’s an investment that can really pay off.
Why? Because like I have said time and time again, you cannot reduce yourself to greatness.
Do not budget for personal promotion
Good agents know that sellers need to spend money and advertise in order to attract the largest pool of potential buyers for their home.
Ironically, these same agents often don’t appreciate the importance of advertising themselves in order to attract a large pool of potential customers.
Ideally, a minimum of 5 percent of your annual GCI should be spent on personal promotion.
Don’t embrace lifelong learning
No matter what experience or skills an agent has, there is always room for learning and personal growth.
After all, real estate is constantly changing, and so are your client’s expectations.
Training and continuing education allows you to ‘sharpen the saw’ and, as the old saying goes, ‘the more you sweat in training, the less you bleed in combat’.
Don’t know your numbers
Numbers are not measures of vanity. They offer a plethora of clues to your past and future success.
If you don’t use KPIs or know your own numbers intimately, you can’t identify areas for improvement that lead to better results.
At a minimum, every great agent should be able to instantly remember:
â Their average selling price and selling costs
â Their evaluation / list ratio
How many houses are selling in their market
The value of their database
â Their best source of leads for ads
Not having an effective prospecting plan
Successful prospecting is a matter of patience, consistency and discipline. You need to persevere, understand what is working, and make a commitment to doing this activity on a regular basis.
If you don’t create an effective, results-driven prospecting plan that harnesses this consistency, you can’t expect to see consistent results.
Too often agents try something and expect instant result, or they turn to the latest shiny tech toy that promises to deliver leads.
This is not the way prospecting works. You can’t expect to send out a direct email campaign and enjoy a flood of signup requests the next day, or that there is a quick fix tech tool that replaces the right one. old fashioned leg work.
Instead, it’s about using multiple channels to reach potential customers, including phone, text, email, direct mail, door-to-door, and social media, and then go. be regular and consistent in your approach.
Chances are, some of these mistakes will sound familiar to you, and they’re mistakes even great agents can inadvertently make, especially in a busy marketplace.
However, if you can identify and correct them, you will quickly appreciate the results.