7 Deadly Real Estate Agent Mistakes And How To Avoid Them
In this article, I will provide you with some tips on how to avoid deadly real estate agent mistakes that you might be making yourself.
The best thing you can do for yourself right now is to check whether you’re not doing any of them, regardless of whether you’re a new real estate agent or a seasoned real estate professional.
Even Top real estate agents made most of these mistakes themselves at some point in their careers.
By understanding and fixing these mistakes, you can speed up the time it takes to be a high-performing agent.
If you focus on correcting these mistakes early on in your real estate career, It will be easier for you to sell more homes in less time, over and over again.
Now, below are the 7 deadly real estate agent mistakes that are stopping you from taking your career forward…
1. Not Preparing A Business Plan Upfront
Rather than working smarter, most agents work harder, especially at the beginning of their careers.
We start working instead of sketching out a plan for how we want our business to go.
If you don’t build a plan first, just jumping in nearly always produces negative results.
For this reason, one of the first steps you should take as a new agent is to write down a business plan to guide you throughout your real estate career.
Your plan should cover everything from sales, lead generation, branding, social media, and other financial objectives.
2. Analyzing Too Much And Not Taking Action
Many real estate agents overanalyze and research different options too much.
As important as your choice may seem, taking action is more important.
And even if it’s the wrong choice, it’ll give you an opportunity to learn from your mistakes.
You need to allow yourself the ability to fail or make corrections as you go.
Nobody has it all figured out when they start, so just begin with as much information as you need to get going, and then continue to learn as you grow.
Ultimately, you will learn more if you make a decision rather than hesitating in fear of making the wrong choice.
3. Being Inconsistent In Generating Leads And Prospecting
A lack of consistency is one of the most frequent real estate agent mistakes.
No matter what lead generation strategies you decide to pursue in your real estate business, they won’t produce the results you desire if you aren’t doing them consistently.
Consistency coupled with tracking will help you determine if the strategy is ultimately worth keeping up.
Keeping your goals narrow and focused is the key to consistency.
You should limit your lead generation efforts to one or two strategies you know you can handle, rather than spreading yourself too thin by trying too many.
Taking this approach will save you from overstressing yourself.
4. Being Too Reliant On Social Media
Social media is great, but focusing your efforts only on it can harm your business.
Social media is meant for you to stay on top-of-mind of clients, friends, and family.
While it is good for sending messages, commenting, and liking people’s posts, It should not be focused on as your primary lead generation strategy.
Limit yourself to less than an hour a day on social media, and be sure to use that time wisely.
Create posts, share your youtube content, reach out to people you haven’t spoken with in a while, comment on other agents’ posts, then get off.
Scrolling the feed is the worst distraction ever!
Furthermore, passively scrolling social media feeds on your phone has been proven to make you feel worse about yourself.
5. Not Tracking Efforts And Results Daily
If you aren’t tracking your efforts daily as well as your weekly results to see how those efforts are paying off, you will have no idea how effective they are.
Tracking is also important to keep up with all the strategies you are implementing in your business.
It’s easy to get caught up in thinking you are doing more than you are, especially as a newbie agent.
It takes you a little more time to track what you are doing with regards to making outbound dials, setting appointments, real estate marketing, and sending hand-written cards, but make sure you follow it to have the most success.
A CRM system can help you track every marketing effort, real estate transaction, and touchpoint with your current and past clients.
6. Not Giving Lead Generation Enough Time to Work
Many a time, when we don’t have a good plan, we start a lead-generation strategy and don’t see it through to the end.
We keep it up for a few weeks or months and then stop because it doesn’t produce the early, immediate results we so often desire.
Some agents even neglected to work on their sphere of influence and referral business early on because they didn’t see it produce results quickly enough.
But ending your lead generation strategy early can cost you money and opportunities to win prospective buyers.
I’ve found that you can only judge the effectiveness of a lead generation strategy after doing it consistently for six months to a year or more.
In addition, it’s better to spend your time on methods that will get you quality leads, like your sphere of influence and referrals, even if it seems slower in the beginning.
Most agents made the mistake of focusing majorly only on internet leads alone such as Facebook and Instagram leads because they saw how quick it is to get leads from it.
However, internet leads cost more money, and the quality of the leads is much lower.
This will cause you to spend time qualifying your leads when you could be using that time to prospect and make local connections within your community.
Top-notch real estate agents know this and that’s why 90% of their deals come from their sphere of influence and referrals.
7. Trying To Do Too Much
The more simple you keep your business, the more sales you will make.
Identify what moves the needle in your business and focus your time and efforts there.
There is a lot of noise out there, so don’t get distracted.
Don’t be tempted to try too many new things.
Instead, stay in your chosen lane and stick to your original business plan!
Last Thoughts On Real Estate Agent Mistakes
Are you guilty of one or two of these real estate agent mistakes?
A career in real estate is a long-term process of finding out what works for you.
You may need to make a few adjustments, but don’t worry about it.
Some of these mistakes can only be fixed after you experience them first-hand.
At the end of the day, you have what it takes to be a successful real estate agent simply because you are reading this post and trying to improve your business.
So keep it up!
Check the 5 Murdering Challenges that Every Real Estate Agent Faces When Selling a Property.
They might surprise you, go check them out now.
Are there any mistakes you currently feel you are making that I didn’t put on the list?
Share in the comments below which of these real estate agent mistakes you need to work on.