The 20 fatal Mistakes made in Real estate by agents
You can’t spend over half your life in an industry without picking up some tips, so here are some for my colleagues in the Real estate world. Note. some of these tips may be useful in other industries as well? you decide.
1. Talking too much and listening too little
We have two ears and one mouth for a reason.
2. Not asking enough questions
Sellers aren’t dishonest if the agent doesn’t ask the right question/s.
3. Too little pre-call planning
Failure to plan is planning to fail.
4. Inconsistent or insufficient prospecting
Plan – Plan -Plan
5. Quoting price too soon
Research the product extensively using trusted resources.
6. Not creating value
The more you do to add value, the greater the value you provide.
7. Presenting too many features
Stick to “Keywords” what are the best features.
8. Giving a presentation that doesn’t address the issues the prospect wanted to address.
Timeframe, cost and success rate.
9. Raising objections yourself by talking too much
learn to shut up, See point 1.
10. Failing to provide proof of other happy customers
11. Asking leading questions
Why are you selling? What is your time frame? What price do you need to achieve? How much are you willing to invest into a successful sale?
12. Using tie-down questions
For example - “If I could show you a way to save money you’d be interested, wouldn’t you?”
13. Memorizing canned closing techniques or ways to overcome objections
People want to deal with people not robots.
14. Not having a flexible personality
Master your emotions, you may not be able to relate to the prospects lifestyle but you can relate to them needing results.
15. Dropping your price too soon
If you can’t perceive the value in yourself, how can you see it in their home?
16. Making claims that can’t be backed up by facts
Stick to referring to trusted resources. You need to be in the industry and have experience of at least 15 years or some proven success before your clients want to know your opinions and only give it when asked. If you just feel the need to share “Write a blog”.
17. Not delivering on promises
Remember there is only one result in Real estate, “The Sale”, if another agent comes in and sells it ridiculously low, they still got “the Result”.
18. Not revealing all the facts
We all try to protect the people we like from bad news “Rip the band-aid off quickly”, let them heal and move on.
19. Failing to ask for the business.
You can’t sell it without the listing, so get the listing! Ask for it!
20. Ask for help!
The old saying “$1 dollar is better than none” is true. Create a referral network of trusted real estate agents, in and around your area. Sign up conjunction agreements. Don’t be greedy! Some years my greatest income source was from my conjunction agreements. The average in Australia is 20% of the comm, but If the Agent is a great seller and has given you proven results, or you trust them, go to 50% of the comm (after GST and after advertising fees).
I have been guilty of all the above at least once, and I am lucky to still be in the industry after over 20 years. However, once you make a mistake, learn and don't repeat it. I have seen these mistakes devastate many a career. Copy, share, paste or whatever. Just try not to make them!