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5 Common Mistakes Real Estate Agents Make and How to Avoid Them

10 Jul, 2024

In today’s competitive real estate market, successful agents have to be on their A-game. However, even the most experienced agent can still make a mistake that can cost them business. Here are five of the most common mistakes real estate agents make and ways to avoid them.

Don’t Let Cracks Get in Your Foundation

Successful real estate agents start their business with a solid foundation of research and planning. You can’t just jump into helping clients without understanding the market you’re working in. You also have to ensure there’s a planned-out strategy to build your business.

When the market shifts, so can the foundation of your business. One common mistake real estate agents make is not taking the time to do their homework on a regular basis. The research and planning aren’t just for when you start your business. It must be ongoing. Be sure to regularly analyze the marketplace and how your business strategies align with change.

Your Network is Your Backbone

Your network and how you build it is the backbone of your real estate business. Expert real estate agents understand the importance of building their networks through colleagues, clients and other professionals in the industry. One common mistake real estate agents make is letting their network go stale. You don’t want to lose opportunities or become forgotten down the road.

The most successful real estate agents devote time in growing their network on a daily basis. Here are some ways to avoid networking issues:

  • Be social with social media—connect with other agents, lenders or industry professionals on social sites, and not just by following them. Comment on their posts, like their stories. Engage and build a repour. Real connections mean real potential for business growth.
  • Face-to face interactions matter—back in the day the only type of marketing real estate agents did was door to door. Things have changed, but the need for personal connection hasn’t. So, if you’re invited to a happy hour or lunch and learn be sure to say yes! Get out of your comfort zone and connect with others in the industry on a more personal level. This can help grow your network more than any other avenue.
  • Join forums or discussion groups—for those of us who are better at setting 15 minutes aside to connect each day via the Internet, there are a ton of local real estate forums and discussion groups that you can join!

It’s all About the Follow-Up

As real estate professionals, it’s easy for use to get bombarded with to-dos. Because of this, a common mistake real estate agents make is not following-up. One quick way to lose business opportunities to your competition is by failing to follow-up, or being inconsistent about it.

One way to avoid this is by following-up with your potential leads right after your initial contact, and continuing to do so until they become a new client or decide not to work with you.

Also, be sure to have a plan in place for your past clients. You never know when one of them may need additional real estate support. Having an email system with some automated messaging is a good idea, but even better is creating a calendar and planning what communications/content you want to share with them and when.

No Hating on Automating

Automation and real estate are now connected at the hip. That means in order to succeed in this industry, your business strategy has to align with the technology clients expect. One common mistake real estate agents make is not fully embracing automation.

Gone are the days where an email or text message service is all it takes. Now, many successful real estate agents have AI chatbots on their websites, interactive listings, virtual tours, automated email campaigns and much more. Whether it’s your direct marketing efforts to clients, or how your title company handles closings (remote online notarization is a huge real estate automation advantage) be sure you are using technology to make you and your clients lives easier!

Don’t Underestimate Your Competition

No matter what, there is always going to be someone who is willing to work a little bit harder to get the client you want. In this competitive real estate environment, don’t make the mistake of underestimating your competition.

You can stay one step ahead of those competing to earn your business by doing your research on them and seeing how they conduct their business. What does their website look like? How do they manage their marketing and open houses? Having this information and applying it to your business strategy can give you a leading edge. Don’t forget—you have a niche your competition doesn’t. Identify that and use it to your advantage. Also, as mentioned before, be sure to stay ahead of the curve with technology to advance your business.

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