10 Absurd Ways Realtors Lose Money (And How to Avoid Doing Them)
There are numerous appointments to keep in mind, contracts to negotiate, and a variety of other people to deal with.
Then there are the activities that need to be done in order to get more sales after your current one, such as prospecting, marketing, setting appointments, etc.
The abundance of tasks that constantly need attention can leave your mind a little scattered. Therefore, we put together this list of things that realtors often neglect that can take business away from them.
Are you losing money?
Chances are, if you’re too busy to pay attention to the following 10 things, you probably are. Here are 10 ways realtors can lose money, and how to avoid doing them.
1. Neglected Personal Appearance
This should be a no-brainer, but it’s a commonly abused concept that needs to be addressed. Always dress professionally while on the job. Maintain an organized appearance towards your clients, even if your personal desk is a mess. Stay groomed and keep your car clean. As the old saying goes, “look good, feel good.”
2. Rushing to Negotiate
Don’t be too quick to jump to negotiations. Rather, focus on creating value in your client’s mind first. It’s important that they understand the whole value of the property so that they are better prepared to negotiate.
3. Over Promising and Under Delivering
This is exactly the opposite of what you should be doing. It’s also the quickest way to lose a sale and a client. Never say something you aren’t willing to do, and when you do it, do it well! Under promise and over deliver, all the time.
4. Not Following Up
Following up is a great way to build rapport and gain the trust of clients. It shows that you care and are willing to go the extra mile to take care of your clients’ needs. By following up, you’re not bothering them, you’re continuing to help them.
5. Not Listening
Not listening is disrespectful, unprofessional, and flat out rude. Always listen to your client to find out their needs and wants. Listening will ensure you that you have the correct information that you may need later with the sale.
6. Lack of Enthusiasm
Having a lack of enthusiasm can make your clients question your commitment to them. They may think that you lack enthusiasm because you don’t want to work with them. It leads to dull conversations, and very few sales. If you feel yourself losing enthusiasm, try to regain it by remembering that you are helping people with a very important aspect of their lives, and you’re getting paid to do it!
7. Lack of Confidence
Buying a home is one of the most important events in people’s lives. They need to have confidence in the agent they decide to work with. But how can they have confidence in you if you don’t have confidence in yourself? They won’t. Read this article to understand the importance of confidence.
8. Belittling Your Competition
Resorting to this tactic will only hurt you. If you look down on your competitors, you will seem desperate and unprofessional. Not to mention it’s also unethical. How do you avoid this? Don’t mention the competition at all! Keep the focus on you, stay positive, and be the expert!
9. Not Knowing the Market
Knowing your local market is crucial if you want to succeed as a real estate agent. If you are unaware of the constantly changing market around you, you will give out false information, lose leads, and ultimately lose deals. Spend time learning comparable properties, market trends, and local real estate news.
10. Lack of Technical Knowledge
You may have great knowledge of the market, but if you can’t answer basic technical questions, you will lose your credibility. Familiarize yourself with simple construction techniques and what makes up a house between the walls. Find a veteran agent for help or pick the brains of your favorite contractor or inspector.
Remember that no matter how hectic a sale may seem, always keep one eye on your lead generating activities so that your sales pipeline never dries up.
To your success!