7 Mistakes Many Realtors Make as Beginners

real estate agent mistakes
real estate agent mistakes
  • You were probably recruited into real estate with promises of riches and freedom. A world of commission (in millions), Car giveaways, international trips, and more. Many new agents join with lots of energy and enthusiasm – ready to hit the streets and start selling. But, only a very small percentage of people get to the promised land quickly. Some might take time, while others would get the short end of the stick.
 
What separates the highflyers from others might be simple errors when corrected, would make a big difference. Despite having the right mindset, training, and dedication, new agents can be at the risk of errors that can tarnish credibility with potential clients.
 
This article will guide you on how to avoid these rookie mistakes. We hope to empower you, giving you the stable foundation to start your career as a real estate agent. If you haven’t signed up you can click here on how to become a real estate agent with PWAN. Let’s dive in.
 

Unrealistic Expectations Without a Plan

 
We understand the fantasy of closing mega deals; especially after a few months of joining. The thrill of winning a brand-new car, going on all-expense paid international trips and other incentives PWAN MAX has to offer. In reality, it might take a few months or even years to get your first big break. We have witnessed many new agents quitting after a few months when reality didn’t match expectations.
 
The trick is to set a realistic target and an action plan to pursue it. Consistency is key in any business; new agents must learn to put in the work and have patience for the result to show.
 
Understand your strengths and weaknesses. Make plans to leverage your strengths and improve on your weaknesses. This will help you to fine-tune your expertise, to stay sharp, focused, and ahead of the competition.
 

Not Focusing their Marketing Efforts in the Most Effective Areas

 
Like any other business, real estate has its target audience. This audience has their pattern of behavior: what they like, what they don’t like, Hobbies, interests, where they hang out, etc.
 
New realtors often seem to ignore these kinds of behavior and interests. They employ efforts marketing in the wrong places due to ignorance, negligence, and low self-esteem.
 
For long and short-term results, realtors should identify the ideal target audience and where to hang out. Efforts and budget should focus on penetrating these networks and marketing to them
 
Pro Tip – When you consistently market yourself to your sphere of influence as the Real Estate Agent is supposed to go – then you will get more business. Most New realtors make their first sale from their already existing network.
 

Burning Bridges after Every Transaction

 
As discussed in the previous article, (how to maintain a strong relationship with clients) many realtors are too quick on moving onto the next client. Real estate is a world of referral. The easiest deal you could close is from a referral from an existing client.
 
Realtors should be able to put the needs of clients first and maintain a strong relationship with clients even after closing the deal. Creating such a bond could blossom into a much bigger connection and a bigger benefit for the realtor. So, one  real estate agent mistakes should avoid is burning ridges and missing out on long term relationship with clients
 

Not Giving Lead Generation Enough Time to Convert

 
Most new realtors give up on prospects after a few cold feats. There is no rule on how long a lead would say before converting. Some prospects convert immediately after the first contact, some convert after months while others might take years.
 
Customer journey is categorized into different stages: Awareness, consideration, and conversion stage. The ease of conversion depends on the buying stage the prospect is currently on. It is easier to convert prospects at the conversion stage than somebody at the awareness stage still making initial enquires.
 
Realtors should identify the level a prospect is at and formulate a follow-up system to keep in touch after the initial conversation. Most often, realtors start a lead-generation program or strategy and don’t see it through to the end. They keep it up for a month or two and then stop because the client is unresponsive.
 
Note that each time you abandon a client or don’t follow up, you are leaving money on the table. You need to be patient in pursuit of any deal and remain top of mind and ready for when the client is ready to commit. Most real estate agent mistakes comes from not having enough patience for leads to naturally convert into clients
 

Not Investing in Social Media and Brand Building

 
real estate agent mistakes
We surveyed about 30 realtors and found out that more than 90 % of them do not have their social media accounts like Instagram properly set up.
 
Social media, when used correctly can be another avenue to generate leads. More important is that social media is building a professional brand. Every prospect wants the assurance of doing business with a dedicated and trusted person. New realtors must develop the ability to sell themselves as real estate experts.
 
Prospects feel safer dealing with someone they perceive as trustworthy and professional. Personal branding cuts across different areas such as dress code, the way you talk, social media presence, etc. If your social media page does not communicate, or trust then you are probably missing out on big opportunities.
 
Social media is also a tool for staying top of mind. It helps remind your friends and family of what you do. It’s a good practice to post regularly about your business. The more content you post, the easier it is for prospects to find you.
 
Some types of content that realtors can be posting on social media include,
 
  • Property Videos: These videos can be used to showcase properties on sale, can be videos or images
  • Client Testimonials: This can help build confidence for new buyers. Testimonials can be screenshots, videos, or pictures.
  • Allocation/ home allotment pictures: This helps to communicate trust as well.
  • Awards: it won’t hurt to showcase your awards on your page. They show your competency and communicate trust.
  • Inspection: Most clients overseas would love a virtual inspection of you in a property of interest. The video format is advisable.
  • Industry and market news: No matter where you do business, the real estate market, at large, is constantly evolving. You need to update your followers etc.
 

Not Joining a Team

 
The journey to success in real estate can be a lonely one, especially when the success is not immediate. We have witnessed realtors quitting due to a lack of encouragement and motivation.
 
Joining a real estate team is a crucial step for any new agent. Teams act as our backbone; a source of inspiration and motivation to keep you going forward.
 
Joining a team also shortens your learning curve. Most teams are a mixture of new recruits and veterans. The experienced realtors often stir the rest of the team in the right direction.
 
This helps to avoid real estate agent mistakes and in achieving the desired results in a shorter time.
 
 

Not Enough Hunger for Success

 
Many realtors sign-up with the expectation of a tiger but put in the work of a fly. In any business, hard work would always equal success. You need to put effort into education and understanding of the business of real estate ( beginners guide to real estate investment in Nigeria )
 
Another portion of effort should be channeled into constant lead generation, Inspection and real estate videos. these are  important ingredients to be used in closing real estate deals. Realtors should invest in constant inspection and shooting professional real estate videos.
 

Conclusion

 
Starting a career as a realtor can be very exhilarating. However, over the years, we have witnessed this excitement turn to sadness and a change in profession. A real Estate career can also be a very competitive niche. However, if you avoid these real estate agent mistakes, you’ll be way ahead of the competition! this would help you develop habits that can guarantee success as a real estate agent.

7 MISTAKES REALTORS MAKE

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