Avoid the Largest Mistake Real Estate Agents Make

The real estate industry has highs and lows. That’s the game. When the market is good, it’s easy to fall into a habit of relaxing on tactics and strategies from time to time. And when the market turns bad it’s easy to let the stress of chasing leads distract you from the slower aspects of building your business. Regardless of what the market is doing, the largest mistake real estate agents make is not taking the time to focus on creating a solid structure within their business. The right tactics and strategies, employed consistently, over time will ensure you success through all of the ups and downs.

Visibility Trumps Ability

Real estate coach Jared James recently sat down with us to talk about the unpredictability of the market. He had some great thoughts on how anyone in the industry can set themselves up to thrive regardless of what the market is doing. The recent COVID-19 crisis has interrupted the real estate industry all over the world, but James says that now, more than ever, is the time to prepare for the surge– because it is going to come. Failing to spend time preparing, is the largest mistake real estate agents make.

He explained that once things start going back to normal, people are going to be ready to buy. They are already entering the learning phase, which is the optimal time to engage with leads anyway. Creating content, “getting things under control, setting systems up, and making sure you understand them,” is essential right now. James’ mantra is “visibility trumps ability,” and we agree. Now is the time to get yourself in front of leads so you are first in mind the moment that they are ready to buy or sell.

1% to 99% Rule

It’s like a fisherman preparing properly before he heads out to fish. He has to prepare his boat and equipment, especially the nets, or he risks the trip being a waste of time. Similarly, as a real estate agent you wouldn’t head out there without the proper business tactics and strategies in place. This is where James’ rule comes into play. He theorizes that we are all known for about 1% of what really happens in our lives. The other 99% is all of the stuff behind the scenes. The hard work, effort, and relationship building that no one sees. The 99% is where a lot of our energy needs to go if we want that visible 1% to be worthwhile and to last.

Take Action

“Most of us, our issue isn’t that we don’t know what to do it’s that we don’t do it,”  said James. It takes consistency and dedication to build a successful real estate business. It’s easy to come into the industry when the market is hot. It takes commitment and hard work to thrive in real estate when things take a downward turn. James recommends setting aside a dedicated office space and working set office hours throughout the week no matter what. That’s how you make it a commitment. The time and space will always be there and there. 

Focus on Service Before Sales

When you want to close a deal, it’s easy to be focused on that. But what really sets you up for success if focusing instead on how you can help your clients. This establishes a lasting relationship based on trust. It ensures that when a lead is ready, they will come to you for help.

Shifting your mindset to a service first mentality can start with the way you communicate in texts, voicemails, and emails to leads. Contextualize and personalize each message. In a time like we are experiencing right now with COVID-19, that might be simply reaching out to contacts to ask how they are and if there is anything you can do to help them out right now.

Utilize the Right Tools and Systems

The right tools and systems will save you time and energy, while optimizing leads. This includes CRMs for generating leads, the ways you personally sort leads and manage active clients, and your lead response systems.

Agent Legend is an excellent tool for managing lead responses without exerting too much time and energy. Our platform allows you to automate messages to leads. You can also customize them based on the contact type, method of delivery, and even the time of day you send messages or allow responses.

Build Community

Real estate is a big industry that is deeply immersed in every city. That makes you someone who has the ability to lead and build community. James recommends building Facebook groups that provide individuals in your area with helpful resources. These groups can be incredibly specific, like a group for community members that highlights local restaurants providing takeout, which has become incredibly important during the pandemic. Reach out to restaurant owners and establish relationships with them and build this resource.

Creating groups like this on Facebook is easy, free, and establishes lasting relationships and trust within your community. You will become a resource provider and people will remember your name. It makes you visible, and remember visibility trumps ability. It’s not just marketing that makes that happen, it’s relationships.

Now that you know the largest mistake real estate agents make, you are in a position to aim for superlative success in the real estate industry, regardless of the market position.

Check out the Agent Legend Demo, or get more ideas about how to get ahead and set your real estate business up for success no matter what with these resources:

Watch the full interview with Jared James