5 Reasons Why Property Agents Fail To Sell
Many property agents fail in their first year. Some common mistakes include is inadequate prospecting, failing to market properties in ways that lead to fast sales, and not following up with their contacts so that strong relationships result in returning clients.
Knowing and understanding the common pitfalls can help you take note and hopefully avoid committing these mistakes.
1) Failing to showcase listings well
Listings are often how property agents make their sale. These days with so man online portals and groups- most agents are finding their space disrupted. How then? Can you circumvent this? Through building relationships of course! One way we do this is by doing our weekly rounds.
2) Not having enough savings
Since your earnings are based on commissions, this could mean not having an income for some time. Having enough cash saved for a student loan, car loan, bills, groceries, and other expenses would be very important to ensure that your focus remains on closing. Your savings should also be enough to run your real estate business. As a general rule of thumb, be sure to have enough saved to sustain you for at least 6 months. You will be able to work more effectively knowing that your bills are taken care of.
3) Working part-time
Another common reason why real estate agents fail is that they try to work in real estate part-time. Succeeding as a part time agent is not uncommon, but chances of failure are much higher compared to full time agents. When looking for an agent, people tend to prefer someone that is readily available. As a result, they are more likely to hire a full time agent than a part-time agent. Not mentioning the many lead generation opportunity one will miss by being a part-time agent.
4.) Not Following Up Well
Leading agents develop lasting relationships with buyers and sellers by following up with them after a transaction and staying in contact. A long-term relationship is built on trust, and agents who engender trust will see clients return when they need the services of a real estate professional. If a real estate agent succeeds in building strong client relationships, they will also generate business through word of mouth.
5.) Not knowing how to generate real estate leads (or qualify them)
Generating leads is one of the most important skills of a good real estate agent. No leads = no sales. The first thing you need to do as a new agent is to decide how you will generate leads. Will you go around the neighbourhood knocking on doors? Will you create paid Facebook ads? Will you use online lead generation tools or even pay for qualified leads? Find a strategy that works for you and get aggressive about real estate lead generation.
Failure is not the end game. In fact, it teaches you where you went wrong, and chances are, you’ll bounce back wiser and stronger. Many of our agents have tasted failure but worked towards their goals-now they’re living comfortable lives. But hey, don’t just take our word for it.
Looking into pursuing a career in real estate? Not sure how to carry on from here? Drop us a line, we’ll have a chat! No strings attached.
