UGANDA, Kampala | Real Muloodi News | Being a professional real estate agent comes with a number of perks; you set your own schedule, unlimited earning potential, and of course, helping others with one of the largest transactions of their lives. But it’s not an easy job, it takes a lot of dedication and hard work to really make it in this industry.
No one goes into real estate with the intention to fail. Conversely, most agents set off with the the dream of becoming a real muloodi through their new real estate business. But the unfortunate reality is that many new agents call it quits within their first year of business.
We want to share some of the most common reasons that could be causing this unfortunate fate, as a guide on what not to do when you get into real estate.
Failure to Follow-up With Contacts
In real estate, strong relationships with clients will help you close deals, and ensure your clients return with a new business or referrals. Often, it is the old clients that bring new clients.
Therefore, if you cannot manage your contacts, you will not only lose sales, but will have to put in the same amount of effort generating new leads every year. This makes scaling your business without burnout nearly impossible.
Client and contact follow-up should be part of an actionable strategy for closing deals and generating referrals.
Since a real estate agent is responsible for promoting properties through advertising, if you fail to market the properties in a way that ensures a fast sale is made, then you will not able to succeed in the real estate market. At the very least you must learn how to take great photos, write compelling listings, leverage social media and maintain an active, engaging social media presence, and network.
Expecting Free Time
Being a successful as a real estate agent takes a lot of hard work. When buyers and sellers are looking for an agent, they will want someone that is readily available. Therefore, it is not your typical 9-5 job. It often involves long days, evenings and many weekends. You need to be available via email and phone or WhatsApp around the clock.
A major reason why real estate agents fail is because they are not willing to put in the work. If you want to be successful, be prepared to work long and odd hours; those who are not willing to do so will not be in the business very long.
At the very start, people will not be calling and hiring you to sell their house, so you need to be patient. Building a client base takes time and a lot of consistent effort. You should work on a strategic plan to build your referral networks and expand your sphere of influence.
Spending too Much Time on Unqualified Leads
While you should never discard leads, you should be giving each lead the time he/she deserves (or doesn’t deserve). If you spend too much time on unqualified leads, then your wasting precious time that could be otherwise spent on leads that will generate actual revenue. The only way to avoid this mistake is to ensure you qualify your real estate leads. Here are some questions you should be asking your leads:
- How much can you afford and are willing to spend?
- Have you already spoken to a lender?
- How soon do you need to move?
- Are you currently working with another agent?
Failure to Figure Out People
Buying or selling a home can be one of the biggest and most stressful events of a person’s life. Therefore, a real estate agent must learn to work with people with high emotional stress. You must therefore remain calm and handle such people with grace. Failing to understand the people’s psychology will lead to losing potential sales.
Operating in a Tough Economy
The COVID-19 pandemic crippled most of the world’s economies. The real estate business was no exception. It’s hard to make it as a real estate agent in a poor economy. The agents who faired the best throughout COVID-19 were the ones who thought out of the box and were adaptable, stepping up their advertising game with innovations like pre-recorded walk-through virtual tour videos.
A real estate agent needs to find new contacts and turn them into leads to grow their business. Increasing real estate business methods includes face-to-face meetings, email and phone outreach, and increased social media engagement. If this is not done adequately, the agents will have a small client base or little to no work at all.
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