The real estate business offers a flexible schedule, the ability to help others and an uncapped income potential.
High upside potential is accompanied by an equally significant downside risk. An excellent business can be derailed by a few bad decisions.
The successful real estate agent is not only a product of his or her good decisions but also shaped by the ability to avoid bad decisions.
Here are seven mistakes every agent should avoid:
1. Not saying “no”
Saying “yes” to everybody is a load too heavy a burden to carry. You must learn to say “no” to the overpriced listing that will waste your time and effort.
You must say “no” upfront to the overbearing client who you know will be a problem. You must learn to say “no” on a regular basis when asked to reduce your commission.
Your ability to confidently say “no” will be foundational to building a business you love.
2. Not communicating with clients
The number one complaint people make about real estate agents is their lack of communication.
With a little effort, this is an area where you can shine. The ability to text updates has made client communication so much easier and less time consuming.
Pick a day — like “texting Tuesday” — when you will communicate with all your sellers or buyers. Send them a short text about what you have done for them that week. This consistent communication will create loyal and lifelong clients.
3. Not learning something new every day
The real estate business is changing faster than ever before. It’s a costly mistake not to be in a constant state of learning.
You never want to stay the same. You are growing through learning, or you are dying through coasting.
Become a student of this business. The more you learn, the more you will earn.
4. Not hiring an assistant soon enough
Hiring the right assistant is not an expense. It’s an investment that pays huge dividends. You must focus on what an assistant will bring you rather than what it will cost you.
What would four extra hours of prospecting a week do for your business six months from now? What would a couple extra hours a week with your children or grandchildren mean to them over their lifetime?
How much would your stress level go down if you could pass off your three least-favorite tasks in this business?
Hiring an assistant will pay you back financially (increased business), emotionally (more time for family, friends or hobbies) and physically (less stress).
5. Not saving a portion of every paycheck
Markets fluctuate. Sometimes this business is great, and other times it is challenging. The market will struggle at some point in the future.
Putting a portion of each check back will give you the ability to weather the storms when they come.
6. Not saying “thank you”
In the busyness of our lives, we can forget to thank those who help us achieve success.
How long has it been since you sent a “thank you” note to someone who referred business to you?
How long has it been since you genuinely thanked someone for their business? How long has it been since you sincerely thanked your spouse for something?
When you focus on gratitude, and your attitude and the attitude of those around you will change for the better.
7. Not taking time off to refuel
High achievers can become workaholics. When it’s suggested they take time off to recharge their batteries, they will respond with one of two answers.
- “My business has been slow. I need to work extra hard right now to get my business back on track.”
- “The business is excellent right now. I need to work hard, so I take full advantage of this opportunity.”
Both of these statements are flawed. Rest and relaxation are for sharpening your axe. You will come back from time off with more focus and renewed energy.
The renewed energy will give you the ability to operate at your maximum productivity levels.
Taking time off is critical to your long-term health. Without your health, nothing else matters. Take care of your body and your body will take care of you.
These are just a few mistakes real estate agents should avoid.
What other mistakes do you see agents making? Please share in the comments section below.