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The real estate market remains a challenging and competitive climate, and agents that do not to stay abreast of the market through lack of knowledge or interest may see profits plummet.
- Adaption to new marketing tools.
In 2016, the MLS is far from the only marketing tool available to agents. There a countless social media platforms available to market properties. But to remain competitive, not only must an agent market listings, but themselves through social media by engaging in conversations to make their presence known.
2. Lack of communication.
Quickly becoming a lost skill, an agent that fails to communicate with clients may soon find the customer base declining. Even for listings that lack interest, communication with the seller will ease any concerns that the agent has neglected the property.
3. Failure to follow-up on leads.
Lead generation is imperative for real estate success in 2015. With a market saturated with countless entrepreneurs, the savvy agent remains ahead by continuous lead follow-up. Using a simple program that sets interim reminders to contact potential clients can set an agent apart from the rest. Without continuous follow-up in a saturated market, a future prospect can quickly sign with the next agent that shows interest.
4. Relying heavily on the support staff.
Agents that have access to a support staff have shown a level of success that is commendable. Unfortunately, an agent who relies heavily on the support staff to perform tasks that should be conducted solely by the agent could suffer financially. Staff is a bonus to help alleviate daily paperwork, but only the agent should communicate directly with clients and keep them abreast of the listing status. Agents can alienate customers by allowing a support staff to communicate directly with clientele.
5. Disregarding niche markets.
Every agent prefers the higher priced listing, but disregarding niche markets (ex: investors with properties in distressed areas) can lead to failure. Though an investment property may close with a small commission, this niche can lead to countless referrals from other investors within the niche.
With the economic and social climate constantly changing in 2015, an agent must use every avenue available to maintain awareness. Real estate agents can continue to help ensure success in 2015 by avoiding these top five reasons agents fail.
The real estate industry, as a whole, is ever evolving. You first and foremost need to work with people who are evolving with it. However, there are a few timeless traits that make for a high-quality agent.
Passion
These agents operate with an amount of drive that both allows you to complete your tasks efficiently and effectively while meeting the needs of their clients. Working with passionate agents helps ease the process for clients, because they can see that their broker is just as passionate about finding not only a new property, but the right property.
Honesty
The agents who aren’t afraid of transparency tend to be most successful. Most clients understand that the business of real estate is risky, not only with the nature of negotiations, but what may lie behind the walls and under the tiles once the property is purchased. So agents who keep their clients informed of all the details (even the ugly ones) are more likely to have returning customers, simply because they feel valued.
Diligence
Persistence is key, and going above and beyond asserts an agents drive to make their customer happy as well as their expertise in the field. They’re the ones constantly researching, communicating, adjusting, and updating to make sure their presenting the best options to their clients.