Top 10 Biggest Mistakes Real Estate Agents Make
In today’s post, I share with you the top 10 biggest mistakes that real estate agents make. The only reason I know of these mistakes is that I’ve made them all first hand.
By sharing what I believe to be significant mistakes in real estate sales, I can speed up the time it takes for you to be a top-producing agent.
Without further ado, here’s what I believe are the biggest mistakes real estate agents make.
NOT SETTING UP A BUSINESS PLAN
Too many agents work harder and not smarter, especially early on. Instead of sitting down and sketching out a plan for what we want out of business, we start working. I’ve found that this jumping in will produce negative results long-term if the plan wasn’t established.
NOT GIVING LEAD GENERATION ACTIVITIES ENOUGH TIME TO WORK
So many times (especially when we don’t have a good business plan) we start a lead-generation program or strategy and don’t see it through. We get a month or two in and stop because it doesn’t produce the early results we so often desire. I’ve found that you can only judge the effectiveness of lead generation over six months to a year. I even put off working my sphere of influence and referral business early on because I didn’t see it produce results quick enough. Instead of spending my time on things like Zillow and Social Media because I saw how “fast” I could get leads from it. However, today, 90% of my business comes from my sphere of influence and referrals.
OVER ANALYZING/RESEARCHING / NOT TAKING ACTION
Often, real estate agents will consider options too long as if the choice is more significant than it is. You need to allow yourself the ability to fail or make corrections as you go. Nobody has it all figured out when they start, so just get started with as much information as you need to get going and continue to learn as you go.
Check out this video where I share more details about what I believe to be the biggest mistakes real estate agents make.
NOT PICKING UP THE PHONE
Not picking up the phone applies to both inbound and outbound calls. The best months I ever have in real estate are the months directly after I spend an absurd amount of time on the phone. Making outbound dials leads to callback and referrals calls. You should be on the phone as much as physically possible (especially when you are starting).
NOT TRACKING EFFORTS AND RESULTS DAILY
If you aren’t tracking your results daily and rolling up weekly, you will have no idea the effectiveness of your efforts. Also, it’s easy to get caught up thinking you are doing more than you are. It takes you a little more time to track what you are doing with regards to making outbound dials, setting appointments, sending hand-written cards, but make sure you follow it to have the most success.
NOT BEING CONSISTENT IN LEAD GENERATION AND PROSPECTING ACTIVITIES
No matter what lead generation strategy(s) you land on to conduct your real estate business, if you aren’t doing it consistently, it will not produce the results you desire. I would instead do one to two things always than a bunch of things haphazardly.
DISCOUNTING THEIR SERVICES TO FRIENDS AND FAMILY
So many new agents get caught in this trap early on. Typically your first clients are friends and family. If you discount early on you, don’t give your business the legs it needs to succeed. You also set a precedent for other friends and family down the road that you will NOT be able to break. Make up for not giving a discount by providing exceptional service and a meaningful closing gift. This excellent service and earning your full commission will go a long way for them and your growing business!
FOCUSING TOO MUCH TIME ON SOCIAL MEDIA
Social media is great, but when you focus all your efforts on it, it can backfire. I like to use social media to stay top-of-mind for clients, friends, and family. I don’t use it as my primary lead generation strategy or expect to pull all my business just by sending messages, commenting, and liking people’s posts. Limit yourself to less than an hour a day on social media and be sure to use the time wisely. Create a post, reach out to people you haven’t spoken with in a while, comment on other posts, then get off. Scrolling the feed is the worst distraction ever! Not only that, but The Verge writes how passively scrolling the news feed makes you feel worse about yourself.
TIME MANAGEMENT / NO ROUTINE
Be sure to manage your time effectively. Create a time blocked calendar. Too many agents don’t spend enough time managing their time, and that is something that in this business will make you feel like you never have enough time. When in reality, you are just not using your time as wisely as you could be.
TRYING TO DO TOO MANY THINGS
The more simple my business becomes the more sales I make. Identify what moves the needle in your business and focus your time and efforts there. Don’t get distracted by all the noise out there. Stay in your lane and stick to the plan!
HOW TO MAKE A CHANGE
Are you guilty of one or two of these mistakes? A career in real estate is a long-term process of finding out what works for you. Don’t stress if you have to make a few adjustments. Some of these mistakes can only be fixed after you experience them first-hand. At the end of the day, the simple fact that you are here reading this post, trying to improve your business says alot!
Share in the comments below which of these mistakes you need to work on. Are there any mistakes you currently feel you are making that I didn’t put in the list?