By the way, I’m sharing these with you to help you get clear on your baseline. The greater your awareness around these points, the easier it is to start building your Growth Plan to shift to an even higher level of performance.
1. Lack of belief – “the shoulds”
I love this quote from Henry Ford – “If you think you can or you think you can’t you’re right!”
For many agents, it’s simply a belief issue that’s stopping you accelerate your success. Each of us have two kinds of beliefs – empowering beliefs and disempowering or limiting beliefs. The reason why I put this as number one is, if you know what to do and yet, you’re not doing it, can I suggest it’s a belief and motivation issue.
2. Poor time allocation
It’s not how many hours you put in that count, it’s what you put into the hours!
Great Agents may in fact be working less hours than you! But they know what they need to invest their time in to gain the best short and long term results. You’re probably putting in about 2,500 hours per year into your real estate business – the question is are you getting a great ROI (return on investment) from those hours.
3. Not monitoring progress
You’re either on track or you’re off track.
And without monitoring progress you can find yourself massively off track but it happened slowly! I’m not saying you need to be a KPI legend, you just need to have enough “navigation systems” in place to help you stay focused on the main aim of the game. By monitoring your progress, you have the ability to understand “where you’re at” and what correction steps you might need to achieve your goals.
4. Being a generalist
Who earns more in sport a specialist or a generalist? Easy answer right?
What I’ve seen in average agents they grab for anything – they want to be a master generalist. The most successful agents are clear on their market position, they communicate that to the market and they typically make more money and have more fun in the business!
5. Practicing on clients
Man, this drives me crazy! When you look at the costs associated with a real estate transaction and specifically your professional fees, why would you do a $10,000 to $30,000 practice session!
I have a saying… “Don’t practice on clients – it’s too expensive!”
The challenge is the average agent would rather stuff it up in front of a client than a colleague. This is dumb and is only because “looking good” is running the show!
6. Sending clients to the real estate orphanage
Remember when I listed my property with you for sale? And you told me about being a client for life? And then you dropped me like a hot potato and sent me to the real estate orphanage!
This seems to happen when an agent is short-sighted on the transaction versus broadening your focus to the relationship and becoming “my agent” for the client. It seems the average agent forgets about referral business – and that just makes it harder to get where you want to go long-term.
7. Statements not Questions
This is all about data dumping and then hoping your client can figure out what’s relevant.
This is a common complaint from clients that the agent didn’t take the time to get to know us or our needs and goals. Rather the agent (this could be you) is more interested in impressing clients with a data dump! There is a place and a way to deliver powerful statements it’s all about timing and intention though. Smart agents are focused on asking questions, understanding where a client is at and truly interested in helping their clients on their property journey.
8. Inconsistent Generating Time
At this point, you might know this better as prospecting time.
I’m amazed how agents can have a great month followed by a lousy month – I call this the real estate roller coaster! And if I trace it back to its origins, the real challenge is getting “busy” doing new activities without investing in the future. Average agents find excuses to miss generating time or even worse, they see it as optional! The best in the business allocate time and do it first – the simple truth is if you leave this to the end of the day, there’s no time!
9. Treating buyers & opens as interruptions
Clearly a great majority of your communication will be with buyers.
Why? Well you have maybe 20 enquiries on a property (only one will buy it) so what do you do with the other 19? If you’re not thinking long-term, you’ll end up burning those relationships. Interestingly, typically 2 in 10 buyers are also sellers! Great agents are totally aware of word of mouth being the best or worst marketing in the world today. When you treat buyers with respect, care and interest in helping them achieve their property goals, it will snowball your success in the market.
10. No news is good news thinking
If the average agent has nothing to report to sellers, they tend not to make the call!
The challenge with this is the level of alignment between you and the seller is guaranteed to drift. This drifting process typically means your clients become frustrated with a lack of information and start to question their trust of your advice – not a good look! The best in the business have a dedicated focus of being their sellers primary source of information and have mastered frequency and value of their communication strategy.
My goal in sharing these 10 mistakes is to help you focus on what you need to improve to give you the biggest and best return on your investment in becoming an even more successful agent.
Brainstorm with your colleagues ask others for their opinion and then build your plan to take action. The great news is all of these are in your control – you don’t need to wait for someone else to or for something to happen just start today and make a commitment to be the best you can be.
Enjoy a great week!
“My mission is to transform the reputation and results of the real estate profession as well as the level of service offered to clients.”
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