Are you making career mistakes that are costing you success? If you’re not making the money selling real estate you want to make, it’s time for some adjustments in your career habits. Here’s a list of the 5 most common career mistakes real estate agents make, with some advice in how to correct your course fast.
1. Wrong “career roadmap”
Most agents have unrealistic expectations from the business. Examining your preconceptions–and misconceptions– is important to grasping how you got to where you are now–and why. What’s your job description right now? What kind of activities do you spend most of your time doing?
Recommendation: To make money, you should have only three priorities: Lead generating, showing and selling. Are you spending enough time doing those activities now? Analyzing your time and activities is key to gaining a hold on your time management.
For a Time Analysis tool, click here.
2. Following the wrong role models
With real estate changing dramatically, each agent must know the opportunities and challenges inherent in his stage of the ‘career life cycle’. Without realizing it, many agents today are slipping into ‘decline’, hoping that real estate will go back to the ‘good old days’.
Recommendation: If you want to move your career ahead, you must consider yourself in the “growth cycle” of real estate. Why? Because the dramatic changes in the business force us salespeople consistently to examine our businesses and adopt new methods–just as we do when we want to grow a business, not merely maintain it.
3. Not managing your attitude
A recent survey showed that agents expect managers to “keep them up”. Now, just think about it. How many times a day do you get “down”? Unless you carry your manager around in a fanny pack (that’s a picture), and wire him/her into your emotions, your manager just can’t ‘be there for you’ when you need a pep talk.
Recommendation: Find 4 methods to keep your attitude on an even keel. Listen to motivational audios; watch inspiring videos; read the right books.
4. A ‘peaks and valleys’ business
Do you know agents who have a great month, followed by four terrible months–even when the market is good? They do that over and over until it’s their business pattern. They’ve created a ‘peaks and valleys’ business. How did they do that? Mainly, by waiting for the customer to come to them.
Recommendation: If you’re getting more than 25% of your business from re-active sources, (floor time, open houses, Internet leads), you’re playing Russian roulette with your income. If that pipeline freezes, you’re back to being a first-day agent again! Your business should be coming from 75% or more pro-active lead generation (you go out to find the prospects).
5. Spending your marketing dollars wrong
Recently, I was a speaker on business planning at a large regional real estate conference. I asked the agents what their best source of business was. They told me, “Old customers and clients–referrals.” I then asked them how much money they spent on that source. Out of 400 agents in the room, only one knew his investment in his best source!
Recommendation: Plan on spending 60% of your promotional dollars on old customers and clients. They’re your best source of business.
What did I miss? How do agents in your office get off track?
Don’t forget. Click here to get your time analysis tool. This is a very valuable tool that will reveal to you exactly how you’re spending your time–the good, the bad, and the ugly!