The Real Estate w/ Norm Podcast presents: Mortgage Matt Cole shares what it takes to be in the top 1%!
Hey Realtors - if you’re making three or more of these mistakes, you’ll need to make some big changes to stay in business!
1. Not building a high quality team.
To be a truly prolific in real estate, it’s vital you build a core team of vendors and professionals who are really good at what they do. Of course you’ll want to do business with a great lender, very adept title and escrow people, and even pest inspectors, home inspectors, handymen, movers, etc. Referring great people to your client to serve their needs is a fantastic way to add value and ensure they have a good experience.
2. Not holding themselves accountable.
Especially for new agents, it’s important that when you go to work every day you know exactly what activities you’ll be doing. Part of that success is a solid marketing plan and a time management skills, but the real winners hold themselves accountable to follow those plans. For that reason you’ll want to carefully track all of your marketing activities and measure results. Only then can you discern what is working and what is not, and make the appropriate shifts.
3. Not treating it like a business.
Remember that as a Realtor, you don’t just have a job; you’re building a business. Yet many real estate salespeople forget this and fail to draft a business plan, a marketing plan, strategies for growth, schedule their time properly, and plan their finances accordingly.
4. Not utilizing tech
Dedicated professionals understand that technology is a big part of the client experience so it should be embraced – not seen as a threat. Therefore, they stay up on the newest relevant tech developments and serve as a guide and educator for their clients when it comes to that aspect of their job. Of course this doesn’t mean they waste time on social media or very niche tech that won’t help their clients- quite the opposite.
5. Including a Call To Action on all ads and marketing.
A surprising number of real estate professionals make this mistake. They pay big money and put a lot of effort into developing their website, blog, social media accounts, flyers, radio ads, etc., and then send them out into the world. But even if that marketing does reach the intended audience, there isn’t a call to action – a place for them to go or something for them to do.
Asking them to sign up for updates, subscribe to an email newsletter, call for more information, schedule consultation, or request a free eBook or report are great Calls to Action that will actually capture leads and boost your marketing results exponentially.
6. Not developing a marketing plan or tracking results.
If you’re a new agent, it’s essential you make a detailed marketing plan that maps all of the avenues you’ll use to reach potential clients and bring in new business. But don’t forget to track those results and document your findings as you go. That will allow you to reevaluate your marketing plan every 90 days, making changes based on what is working well and what is a waste of time.
7. Not taking advantage of training and education.
Without fail, the professionals I see who make the most money and have the greatest success constantly invest in themselves; reading books, listening to tapes and podcasts, going to seminars, and even tirelessly perfecting their craft - sales – and their knowledge of their product, real estate in local markets.
8. Not creating systems.
Like the old saying goes, “If you don’t know where you’re going, you’ll always get there.” So successful pro’s build a detailed business plan and execute that plan with discipline. They also create systems so minor tasks can be automated and important functions of serving the client are never missed. But instead of making things mechanical, systems free them up to focus on personal relationships with their clients and give them more time to be a better business person and human being.
9. Not specializing.
When you start out in real estate, you may hold the perception that you should chase all types of business and never turn down any deal. But in reality the most successful Realtors specialize in one area of expertise. That may be luxury homes, first-time buyers, short sales, or selling homes in a particular neighborhood. Of course you’ll help other clients, but focusing on one thing helps you establish expertise and differentiates you from the competition.
10. Not savings and budgeting.
Realtors can make a great living and easily earn a six-figure income if they work hard and do the right things, but one downside of that earning potential is the time lag inherent to the business. From prospect to paycheck, serving a client and closing a deal could take months. So make sure you budget and work with a solid nest egg of savings so you won’t be financially desperate when you go to work.
Clients may pick up on your motivation for short-term profit instead of thinking long-term about adding value and filling needs, which is when great business usually starts rolling in.
11. Not making prospecting your #1 priority.
When you sit down at your desk with your To Do list every morning, do you start with the easy items?
If you want to be successful, you better start with the most important activity any Realtor can undertake – prospecting. Working to generate new leads and business each and every day is the #1 way to not only survive but also thrive in this business.
12. Not separating YOU from your business.
As much as Realtors work, it’s hard for them not to not take their work home at night. As difficult as it will be to turn off “work mode” the top-producing Realtors know there needs to be a healthy separation between work and personal life. Scheduling time for family, exercise, self-improvement, and relaxation and down time is essential if you don’t want to maintain a high level of energy and focus instead of burning out.
While I can't save you from all of your mistakes, I CAN help you with a critical piece of your success: online marketing that brings in new clients. Contact me at Sales@REMbulletin.com for more information!