Working as a real estate agent gives you the opportunity for unlimited income while you make your own work schedule. But it’s easy to make mistakes that cost money and time.
You can become a better agent if you can avoid the seven mistakes we highlight below.
Saying Yes to Everyone
After you study for your real estate agent examination online and pass it, you’re probably excited to go to work. Unfortunately, this can lead you to say “yes” too many times, and that may get you in trouble.
For example, a new agent obviously wants to generate as many listings as possible. But what if it’s clear the homeowner turns out to be challenging and demanding?
What if the demands he or she makes cause you to spend far too much time on the case, so you neglect all the others? And what if the owner expects you to take a lower commission?
This is a situation where saying “yes” will cost you money. Sooner or later, you’ll encounter people to whom you’ll know you need to say “no.”
Failing to Communicate
The most common complaint among home buyers and sellers is their agent doesn’t communicate enough. This is an area where you can make rapid improvements and stand out from your fellow professionals.
Pick a day in the middle of the week, such as Wednesday, to communicate with every buyer and seller on your list. Send a text to each party about what you have done with regard to his or her situation that week.
Keeping in regular contact with your clients will make you look great. And those people will be more likely to refer you to other prospects they know.
Not Saving Money
Real estate markets go up and down. You will experience months when business is off the charts (we hope) and others when buyers and sellers seem to have vanished into the air.
The time will come when you will have to live off of savings for a few weeks, or possibly months. Putting money aside from each commission check will ensure you have enough to survive during lean periods.
Agreeing to an Unrealistic Price
You may do business with a homeowner who wants to list the property far above what you think is practical. The seller’s attitude may be, “well, we can always drop the price if necessary.”
But you shouldn’t allow your name to become associated with listings that are beyond those of your competition. Also, you will probably find yourself wasting time discussing offers on the home the owner won’t accept.
So if a homeowner insists on an unrealistic price, this is when you should exercise your option to say no.
Not Educating Clients
You probably have several different clients who want action at the same time. So you’ll have to educate them about the buying and selling process.
This is especially the case when the buyer or seller thinks he knows everything. If you walk each client through the process and answer all the questions that come up, the process is more likely to be smoother.
Analyzing Too Much
You can take many potential directions when you’re a real estate agent, from the type of buyers and sellers you tackle to how you market properties. In fact, there can be so many variables that spend too long analyzing them and failing to take action.
Remember: The most important thing is to move forward, even if the prospects don’t work out. Because you will learn from your errors and get better.
So if you aren’t sure whether you should spend your advertising dollars on mailers or Facebook ads, run the numbers. Then make a decision and make your move.
Failing to Make Phone Calls
Most agents don’t want to make cold calls. But this method still works; in fact, some agents say they get the most listings and sales when they are on the phone the most!
It’s also crucial to make sure you handle inbound calls from clients and potential buyers and sellers. If you don’t return their messages right away, you risk losing them. You can set up an automatic text response on your cell phone that tells people you’ll get back to callers the same day. This makes them feel more like they aren’t being ignored.
Keep these real estate agent mistakes in mind and you’ll ensure you stay on track and make as much as you can.