5 Murdering Challenges that Every Real Estate Agent Faces When Selling a Property.
Everything in real estate makes sense except for selling. 68% of agents are afraid of selling and that’s why only a few real estate agents succeed in the business.
I want to make a big disclaimer…
Everything listed in this article is what I’ve observed, researched, read, and learned about from other successful real estate agents in Nigeria…
…and I decided to compile them to help other agents just like you avoid those challenges and close more deals like never before.
So, there’s no guarantee that what is spelled out as solutions in this blog post will work for you.
But this is what I like…
Learn and take action on whatsoever tip or trick is discussed in this article and take this as an experiment to see what works and what doesn’t.
Having said that, let’s move on.
Since the economy fluctuates and trends are on the rise, the real estate industry has had its fair share of challenges.
Regardless of your opinion, the challenges listed here are relevant to both solo agents and brokerages.
A few of them are unique to the real estate industry, whereas others apply to many industries.
In spite of this, the solutions offered can be carried out by any agent, regardless of experience.
This is the fact;
In order to stay in business, realtors must continually overcome all obstacles by themselves.
If you want to see steady growth in your real estate business, you need to figure out what is stalling your revenue.
Without further ado…
Let’s take a look at 5 sales challenges that every real estate agent faces and how to solve them and start making sales like never before.
1. Not Having Enough Listings
You’re doing yourself no good by not building what I call your client’s AA “Assets Arsenal”.
Would you be satisfied if you went shopping in a store or online and found that there were only 1-2 options? I’m sure you’d be disappointed.
Likewise, when a buyer comes looking for a house or land, they expect to receive plenty of options so they can find the property that exactly meets their criteria.
When you have little inventory, it gives you and your company a bad reputation.
You must therefore keep your website or social media updated with sufficient listings.
Grow your network and connect with local real estate groups like BRG, PWAN, etc.
You can also connect with more real estate companies and become one of their sales partners.
The more you connect and network with the right people, the more listings options you will have for your clients.
More options equal more clients and more clients equals more sales and more sales mean more money.
2. Failing to Leverage on Referrals
When it comes to buying a house, do you prefer asking your friends about their experience with a particular realtor or relying on the internet?
I assume that most buyers would trust their friends or family more.
The real estate business mainly runs on referrals; 25% of agents generate more than 50% of their revenue through only referrals!
When a real estate agent doesn’t have clients backing his/her work and referring to others, it becomes difficult to get more leads.
Whenever a person closes a deal, the sales process doesn’t just end there.
Even after you’ve sold something, it’s vital to stay connected with clients and nurture them.
By building a strong relationship with your clients, you’re more likely to get referred to others.
So, nurture your clients by sending personalized messages, providing a solution, and consulting when required.
3. No Established Sales Process
From listing or showcasing a property to closing the sale, the real estate sales process consists of many stages.
To have a clear view of your sales process, every real estate agent needs to establish a solid sales process that you must follow in order to keep it organized.
Build a solid real estate sales process that covers every aspect of your business and helps grow your customer base.
With a streamlined process, you can capture quality leads and nurture them to guide them through the top funnel.
Want to build a sales funnel that sells and continues to sell?
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4. Failing to Leverage Technology
Are you still following the traditional method of listing properties on flyers and magazines?
As much beneficial as that is, technology has grown by leaps and bounds in the past few decades.
If you’re not leveraging technology for your business’s growth, your competitors will gain an edge over you and attract more leads their way.
The solution to this is for you to use the resources such as social media, websites, and other platforms to build a solid customer base and capture leads.
Analyze and know which platform the majority of your target audience is found on and strategize your marketing plan accordingly.
5. Low or No Online Presence
With more and more Millenials and Gen Z investing in real estate, top realtors have put their preferences into consideration.
This generation wants everything online; from shopping to acquiring services, everything is just a click away.
Therefore, an increase in online real estate agents has boosted the competition.
And if you want to keep growing your business, you must stay on level with others.
Build an online presence and share resources as well as information on platforms like your website, social media, blog e.t.c.
It would help if you had top-of-the-funnel traffic, too, when you want to drive more visitors to your website.
Therefore, stay active on various social media platforms and leverage them to build a community that puts trust in your business.
Check the 7 Deadly Real Estate Agent Mistakes And How To Avoid Them
They might surprise you, go check them out now.