5 Mistakes To Avoid
As a real estate agent, you’ve likely committed one or all of these mistakes, maybe you still are. This blog was written to help you observe and understand the blind spots hindering your path to success.
Don’t just read this blog and do nothing. That would be mistake #6. Instead, commit to overcoming these mistakes one by one. We recommend starting at #1 and moving your way down the list!
Mistake #1: Setting Goals Without a Strategic Plan
The most common mistake real estate agents should avoid is having a well-thought out plan to boost them toward their goals. Answer these questions. Would you plan a trip across the ocean without a plan? If your goal was to ride 5 roller coasters at a busy amusement park, wouldn’t you consider the timing of lines, consult that map you got at the park entry gate, and maybe even purchase one of those fast passes? If you didn’t sit down to plan a solid course of action, albeit sailing across the ocean or visiting an amusement park, than the likelihood of accomplishing your goals unlikely.
The reality is, when we subtract a strategic a plan from our goals, we are left with nothing more than an idea. Real Estate agents like to set audacious goals, like, “I’m going to do 50 transactions this year.” How? If you’ve mined your database and got 10 deals last year, how will you grow your business by 500% without a thoughtful and well executed course of action?
Pro tip: We advise real estate agents to start with a modest goal. Once you learn how to apply discipline and hard work to achieve those goals, raise the bar higher.
Mistake #2: Shiny Coin Syndrome
A next mistake real estate agents should avoid is Shiny Coin Syndrome. You know it. You maybe even suffer from it. If you find yourself making comparative statements about the agent you know who did this, has this, tried this, got 500 likes on Facebook, sent out this postcard, that guidebook, started their YouTube channel, discovered the magic formula for becoming a real estate mogul, and the very next week the formula for getting 300 leads at 1$ a piece, etc. Trust us when we tell you, this is not the comparative analysis you should be spending your time on! If your plan to get to your goals doesn’t already include these items, let them go.
Stay away from the shiny coins! They are traps set out to derail your success. At the end of the day, there is no magic formula. Stick to what you know works. Connect with your database 24 to 36 times per year! Make your quarterly calls. Send thank you cards, birthday cards, and holiday cards. Do not sign up for any and every lead generation tool you can. At the end of the day, your deals will come when you focus on genuine database interaction which should be in your strategic plan.
Mistake #3: Leveraging the Wrong Things
Why is leverage sitting at #4 on the mistakes real estate agents should avoid? Here’s why. You are a real estate agent which likely means you are good with people, listening, negotiating, and networking. It makes sense for you to complete the day-to-day tasks associated with these things. A regular mistake agents make is when you try to do a job you are not trained to do, nor have the time for. You are not a graphic designer, database manager, listing manager, transaction manger, or a marketing professional. You would not try to fix the electricity in your home if it were on the fritz. Instead, you would call in the expert. Just because you like putting together a flyer and dislike making lead follow-up calls, does not mean you should make the flyer and leverage out your lead-follow up.
We recommend leveraging out these things:
- transaction management
- listing management
- database management
- graphic design
- web design
We recommend you doing these things:
- quarterly calls
- client follow-up
- lead follow-up
- database growth
Mistake #4: Not Sticking To Your Value
As for the list of mistakes agents make, even the most successful agents fall prey to this one. In our blog Know Your Value, Stick To It, Get The Client You Want, we talked about knowing your your worth and standing by it. If you haven’t read it, go here! The short of it is we commonly see real estate agents undersell their value. You lower your commission, overprice a home, and take on clients you know are going to be a chronic thorn in your side. If you are good at what you do and believe in the value you bring to your clients, why undervalue yourself and your team? By sticking to your value, you will get more of the clients you want because they too will believe in the value you provide.
Mistake #5: Not Committing To Hard Work
Many people get into real estate or sales in general because they think it’s easy work. It isn’t. If you want to be successful there are some things you have to do yourself! At the bare minimum you need to have a tidy database and connect to your database 24-36 times per year. That means making those dreaded quarterly calls, checking in with clients, and intentionally growing your database.
Wherever you are on your path to success, work smarter not harder. For example, are you spending time making a flyer when you could be calling open house leads?Are you calling open house leads one week after the open house or a day later? Calling them sooner rather than later is a smarter way to increase your conversion rates.
The Good News Is There Are 5 Ways to Improve
If you read this and identify yourself with any of these common mistakes, don’t me dismayed. Here are 5 easy fixes to get you on track to having the best year of your real estate career!
Step 1. Set modest goals and craft a strategic plan of how to get there.
Step 2. Avoid the shiny coins trying to divert you from your strategic plan.
Step 3. Be real about what should and should not be leveraged out to others.
Step 4. Know your value and stick to it, no matter what!
Step 5. Commit to doing the hard work, smartly and efficiently.