When you’re new to the real estate business – or even if you’ve been an agent for a while – it can be easy to run into certain pitfalls. In fact, some of the most common errors can actually have the most detrimental impact on your career.
The best way to avoid some of the biggest errors that real estate agents make is to remain aware of them. If you know which mistakes to steer clear of, it’s possible to make decisions that benefit your business, rather than impair it.
1. Agreeing to Unrealistic Asking Prices
Sometimes, your client may be dead-set on a high price – even if they’re expecting far more than they will actually receive, realistically. However, if your research (as well as your gut instinct) is telling you that a property is overpriced, it’s best to be upfront with your client. Patiently explain to them why you believe a lower asking price would be best. Make sure they understand that in the long run, this will make the sale of their property a much smoother process.
2. Not Knowing When to Say “No”
This pitfall is especially common for newer real estate agents. At the start, it can be tempting to jump at any chance to make a sale. Before you become too eager, try to take a step back and examine what you’re agreeing to. Maybe you’ll need to turn down a client who isn’t a good fit. Perhaps maybe someone will request that you cut your commission in order to work with them. Sometimes, saying “no” will stop you from wasting energy, time, and effort.
3. Failing to Keep an Open Line of Communication
As a realtor, you need to ensure that clients have a quick and easy line of communication, should they ever want to get in touch with you. Of course, this doesn’t mean that you should be available every hour of the day, no matter when your client needs you. But the process of contacting you should be straightforward, and you should be able to get back to your clients in a timely manner.
The world of real estate is fast-paced, and the last thing your clients want is to miss out on a home they had their eye on.
Even when nothing exciting is happening, make sure you’re still checking in with your client once or twice a week. Give them a call to provide small updates and see if they have any questions or concerns for you. This will reassure them that you care about the success of their home-buying journey, helping to build trust.
Contact us today for more advice on running a successful real estate business.