Yet his lack of vision was baffling to me. He told me that he thinks technology should automatically bring him leads. His past experience was that he had signed up for every new technology that was presented to him yet he had no success in generating new business.
I don’t want to harp on real estate agents and investors and their blunders, but I wanted to write this post to point why they are not succeeding or just getting minimal results.
#1: No clearly defined business strategy
Realtors and investors mistakenly believe that getting into the real estate must be some magic road to wealth. (Sure it can be if you apply the principals below) They don’t understand that they are beginning a new business (versus a hobby) and hence need to plan a definite strategy to achieve their goals. A concreate plan of action helps you find stay on the path to make your real estate business a success.
#2: Don’t know the targeted niche.
You should be focused towards your prospects needs because I hope you don’t want to be the “jack of all trades & master of none” – choose residential or commercial, short sales, foreclosure, probate, lease options. etc. Just pick one to start and FOCUS. You need to know your target geographical area so you can target your customers. This one Realtor in question had a website that contained every possible scenario, his website was so overwhelming with everything he can do that even I was even confused where to click.
#3: Lacking an efficient team
A profession and willing team can make your business flourish. Relationships are key. Start building these relationships first. Interview them like you would an employee. There a quite a few people that you need close a transaction – Other Agents, Mortgage Broker, Title Company, Appraiser, Virtual Assistant, Virtual Closing Coordinator. You need to surround yourself with people that are smarter than you are.
#4: Not having the proper tools for you or your team!
Yes, getting started can be expensive but it is an investment in yourself and your business. (it is tax deductible anyway) Don’t fool yourself by avoiding the essential tools that must be used in today’s technology world because not only are they important BUT because your competitors will definitely using them.
#5: Not spending enough money on marketing
Creating awareness is the key to your success. How you can help people better than others. Letting people know across multiple channels and media that you are the “go to person” is what is going to bring in more business.
#6: Putting marketing efforts in the wrong areas
Do NOT stop spending money on marketing when you don’t get enough response. You either need to change your message or change the distribution channel. The easiest place, is to go Online. People look online even if after looking at print media. This is your opportunity to grab their attention. Watch what your competitors are doing, and figure out a way to do it better.
Real Estate is a great path to wealth and yet it can be very overwhelming at the same time. However, if you avoid these mistakes, you will be definitely far ahead of competition.
Continue to read our blog, and I promise to keep giving you the best advice to dominate your competition!