In the last few years we had an onslaught of new agents come into real estate just in time for the collapsing real estate bubble. Many today are just hanging on to hope, because they never understood the fundamentals of real estate. Instead, easy times showed them that soft selling was the way to go. They falsely believed that people will beat a path to their door and they could beat them off with a fly swatter there would be so many. They were wrong, and if they still believe that they are delusional.
A lot of success in real estate comes from rejection. We must let it sink into our minds we will not close every buyer or get every listing. So what! Real estate survival is built on building a thick skin. The mantra should be “Next!” We should not allow ourselves to fall into the trap of regretting, and resenting. Over the years I’ve found that success is also built upon failures, and not repeating mistakes. Success occurs when you can duplicate those sales, and multiply the results. This is where the reality of real estate starts to vary from the real estate 101 classes. This is a quite different concept then wearing our your “Sphere of influence” to the point you become a nuisance.
Success in real estate comes from planning. Success is a planned event that does not align itself with luck. Luck has nothing to do with success in real estate. The secret of real estate is to make it rain with more leads than you can possibly handle. All too often in real estate we set our sights too low. We must learn that it’s not just the deal at hand that is closing next week that we concern ourselves with, but rather the sales for next month and the coming year that should be the major concern to us.
Selling from Weakness – Top Soft Selling Mistakes:
- Not remaining objective and developing a good sense for business.
- Not being able to say "No!"
- Cannot make a decision to reject any client.
- Cannot make business decisions.
- Believe your next deal is going to walk through the front door.
- Holding onto the false belief your broker will give your next lead.
- Not being able to determine a good lead from time wasters.
- Believe real estate is easy.
- Believe that your friends, neighbors, acquaintances, and family will always use you.
- Trusting persons you are working with because they go to your church or were referred by a friend.
- Believe that pressing the flesh, and working a crowd is 'old fashioned!'
- Believe you can buy your leads.
- Failing to plan for a career in real estate.
- Giving out too much free information thinking you will win over the customer.
- Buying web position, Pay Per Clicks.
- Social Media, Bogging and Twitter alone will provide you a good living in real estate.
- Cave-in to every buyer or seller demands because you have no self esteem.
- That you can survive in real estate without the pain of rejection.
- Falsely believing that converting leads and being skillful in the art of persuasion is not important.
- Addresses, maps on listings on your website will bring you buyers
- Not demanding buyers qualify or sign buyer agency before showing them homes.
- Not qualifying buyers or sellers for their level of motivation.
- Falsely believing you do not need signed agency agreements.
- Conceding your commission for inspection items.
- Discounting your commission because you cannot demonstrate your abilities.
- Rebating your commission because you cannot demonstrate your abilities
- Not charging a commission in the hopes you can sell them their next home.
- Falsely believe that buyers and sellers are not working with other agents.
- Believe that you are helping buyers and sellers – while the fact of the matter is you are being used.
- Not being the master of your own destiny.
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You make some very good points we should all be aware of and remember.
Thanks for posting!
Good stuff Jim! There is some great information being posted on AR today! Not that there is not everyday but really good stuff today.
Happy Holidays!
Jim
Only 30? When I started I must have made 100's . The biggest mistake I find new agents make is learning that they do not have to re-invent the wheel. Success leaves clues!
Ty
Hi Jim,
Thank you, thank you for this post.
This should be re-posted every few months to catch the eye of each AR newbie and
rookie Realtor. I wish I had received such useful advice when I was first licensed. I am no longer a rookie, but sometimes feel that I might as well be. But onward and upward. Always the optimist, I can see that my past failures are useful lessons and lead me one step closer to future successes.
Happy Holidays to you and your family!
Hi, Jim, I believe we need to learn from mistakes, and re-define ourselves to work better and smarter. I don't believe in short cuts can bring long term business. We have to believe in ourselves and carry it that way, or others won't believe it in us either. You have good points for new agents to be aware of, well, actually some seasoned agents are still doing the same thing.
Jim - And never forget to ask for the business. When you are hungry, best to toil in the garden rather than hoping a hot dog gets rolled under the door. Great post and a timely reminder for everyone. Merry Christmas
Hi Jim. Interesting.
You are clearly of a different opine on some issues than I.
I will counter there are different ways to skin a cat...
Thanks for writing,
Ken
I am guilty of several of these and need to amend my ways immediately. I am duly chastised.
Jim...enjoy your insights...this list can be partially used at my next meeting...thanks for your blogging.
Great list for anyone to read
Merry Christmas from your friend in Charlottesville!
Powerful message Jim, at our most realigning moment in the year. There are a few items I need to revisit myself - and I appreciate the reminder.
Attitude the key. Just had my secretary's parents get home from Florida for the holidays. They ran a Houlton Maine car dealership for 39 years. He was helping a friend check out a new Malibu and said the salesman was negative, whining, complaining all the way in the back seat during a test drive. He told the guy to lighten up, that in his 39 years in sales you can do well unless you are excited about it and this guy was not. You don't sell if you don't project sales attitude. That dealership that Monday near Haynes City closed, and all the cars were loaded up and shipped away within that day. Get excited or get out of the real estate kitchen. Fire in your belly needed to make it a sport, to survive and be the last Realtor standing. (Spartan Real Estate...how can we help you)
Merry Christmas Jim. Took me two years to start telling people never mind (no).
Jim, this is really good! We flagged it for a feature and hope others will as well. You are so right the mantra should be 'next!'! Also as you said, "the trap of regretting, and resenting", are life lessons as well! You made excellent selling points as well. Have a Marry Christmas Jim to you and yours!
Doug Maynard (Bowes and Cocks Limited, Brokerage) You are welcome.
Sajy Mathew (Prudential Homesale Services) Glad you enjoyed the posts.
Envelope Real Estate Brokerage Inc I was running out of time when I wrote this.
Karen Winters (Prudential Rubloff Properties) I think I would always like to consider myself a newcomer to real estate. There is so much I still have to learn.
Rita Fong (RE/MAX REAL ESTATE TODAY) I think we all have areas that we can improve upon, and learn from.
Claude Cross-Charlotte NC Real Estate(Homes By Cross, Inc.) Merry Christmas Claude!
Ken Tracy Realtor Naperville Illinois Real Estate (Keller Williams Naperville) Maybe because I've been around longer, and made more mistakes than you.
Jane Peters Los Angeles Living, Los Angeles Homes (BRC Realty Group) We all are guilty of these to some degree.
Cherise Selley (Selley Group Real Estate, LLC) I'm glad you enjoyed.
Charlottesville Real Estate - Your Trusted Broker Charles McDonald (RE/MAX Assured Properties - No one sells more Real Estate) Charles, Merry Christmas my friend!
Cathy McAlister, GRI CDPE California Living RE/Sacramento I think we all need to. This si a great time of year to start thinking ahead for next year.
Andrew Mooers | Northern Maine Real Estate / Aroostook County Broker (MOOERS REALTY) Andrew, you are so right. If we cannot get excited, why should a buyer or a seller?
John Walters (Licensed in Louisiana U.S.A.) (Slidell, Pearl River, Lacombe) John what is really important is not how long it takes to learn a lesson, but that we learn the lesson!
Al and Peggy Cunningham Voted Best Real Estate People- Brampton (RE/MAX Realty Services Inc.) I think that many in real estate become victims of their own actions. Don't work the unqualified buyer that cannot even get into a rental, and don't list sellers that are not realistic and motivated. As much as we want to help persons in life, we are not social workers. We can enlighten them, educate them, inform them...and then move on if that is what is in the cards.
MERRY CHRISTMAS
Jim, this is an important list. Those who don't get it will be in the past tense in short order. Merry Christmas to you and your family.
Jim,
Like the song says, "the times are a-changing", but right here, you proved that some things DO NOT CHANGE... these same mistakes have been made by agnets for years, and always will. the SMART thing for readers to do is - NOT MAKE THESE MISTAKES!!! These are basic fundamental rules that should be required reading by all new licensees!
Frank Rubi Kenner/Metairie LA Real Estate (Frank Rubi Real Estate Licensed in Louisiana) Frank, there was a lot of blood sweat and tears in these ideas. Many of these items occured to me over the years. Merry Christmas Frank to you and the family!
Patrick Harfst, CRS (Realty Executives - Gilbert AZ) I agree. It is not easy for many to learn from the mistakes of others.
Good agents run their business like a business. They have monthly, yearly and life time goals and work to reach those goals......no matter the market. Thanks for the reminder on how not to succeed. Merry Christmas!
Kay Van Kampen, CDPE, Broker, Springfield Missouri Real Estate (RE/MAX Solutions) LOL! So true Kay. Merry Christmas.
Great list Jim, I have found myself guilty of my than one item from time to time!
Merry Christmas from your friend in Washington State,
Paul
Paul Henderson, Realtor ® Lacey & DuPont Washington homes (RE/MAX Professionals & Four Seasons Inc.) I think we all have.
I think I've been pretty fortunate to make a few mistakes and learn from them. I started in this career strong. I remember making a point from day one to not meet a client anywhere else but at the office for the very first visit. it seemed only logical that we should confer at length, so I could find out the client's exact needs. I operate the same way still, over 20 years later. I have not ever done any free deals, not for family or friends because I run a business and I have to pay for my costs. It is all in the business plan. I don't ask my friends and family to pay my bills, and they can't expect me to work for them for free.
I don't cut my commissions, although I have given part of my earnings to my clients in a few instances, simply because I felt so sorry for them and their families (they were in financial trouble). It was simply a gift, it wasn't something they asked for, only something I felt good about giving them. I will not cut my commission EVER!!! People who ask for a commission cut don't appreciate my worth and they should work with someone else. I actually charge more commission than other agents in my area and my clients are very happy to pay it. I get the job done. What good is 100% of nothing? If the sale doesn't occur, what difference does it make that they save on a "hypothetical" commission?
I used to only show property to Buyers after they signed an exclusive agency agreement with me. I am so good at distinguishing the tire kickers now, that I no longer use that; I simply refer those weak leads to others. I am very picky about the clients I take. I service all price ranges and the requirements for taking clients are: I must like them, they must be serious about buying, pre-qualified financially with one of my lenders, They have to trust me and I have to trust them. If I don't think that's the case, again, I refer them to other agents. Here is my thought process on that issue: while I'm out servicing a difficult client who is not seious, there are 10 others I could actually represent successfully. So while I'm losing my time with one bad client, I lose 10 possible deals. It's quite sobering if you think about it that way.
The biggest mistake that agents make? Talking too much and not listening to the clients. The agent is NOT important. Who cares about your child's soccer prowess, or your daughter's piano recital? You have friends and family to listen to you boast about that. When you are with your clients, it's their son's soccer prowess and their daughter's piano recital that matter. The clients' needs, wants, lifestyle... those should be the only things being discussed. You don't exist. If they want to know, they can ask. Just listen! Pay attention! When you do that you'll find out exactly what they need in terms of the ideal property. Only the intricate details will reveal a clear picture of their Real Estate needs.
The second biggest mistake: Imposing your taste over theirs. Again, it doesn't matter what YOU like. You won't live there and you're not paying for it. Again, don't say anything about the property. Just watch and listen. If the clients think that pink shag carpet is the bomb, and you think it's gross, just nod and say: "Isn't that something?" That way you're not lying, and you're letting them have their moment. There is something for everybody. If you just watch and listen, you'll find out which one matches your clients. Remember, you are not part of that equation! When you pay for it, you can have a say in it. If you know something bad about the property, by all means reveal it. I'm just talking about taste here, nothing else.
Third biggest mistake? Wasting time. There is no reason to shoot the breeze and spend unnecessary time with clients. If I want to befriend a client, I do it AFTER the closing. We're there to conduct business. I assume my clients' time is valuable, and they know mine is also.
This is no longer a comment; it's a blogment. Never mind, I'll just copy and paste...
Jim: BTW, this is now featured on the Optimist Group. Good discussion starter. I look forward to more contributions.
Jim,
This is a good list. I'm forwarding this to my partner and printing it off as a reminder. Thanks.
Hi Jim,
Great reasons for not succeeding! They do not get this is THEIR business and must be run like one. Business plan, goals and accountability for their actions..never enter their mind!
Mirela Monte, Your Myrtle Beach Real Estate Connection Basically, we run our businesses the same. I love your line..."While I'm out servicing a difficult client who is not seious, there are 10 others I could actually represent successfully. So while I'm losing my time with one bad client, I lose 10 possible deals. It's quite sobering if you think about it that way." So true!
Mirela Monte, Your Myrtle Beach Real Estate Connection Thanks! I am glad you enjoyed it.
Terry Chenier (Homelife Glenayre Realty) Thanks Terry. I don't think there is anything earth shattering here, but it is based on the trials and errors that most of us make in the business.
Dorie Dillard: Canyon Creek & NW Austin Living (Coldwell Banker United) It is a reality that most never conform to.
Implicit in your list Jim is Discipline. When I started in the early eighties a great living could be made from ad calls, phone calls, open houses, a few notes on a three by five card and a ton of social activities.
Today it's the people who show up every day, lead generate constantly, and follow up vigorously who lead our industry.
They are the masters of their destiny.
Bob Dunn: Experience Matters (Homelife Glenayre Realty) Bob I totally agree.