All over the internet, you can find a wealth of information about what you should be doing to operate a successful real estate business. Today, however, we are going to discuss the behaviors and habits that may be holding you back. Many of these things become inherent over time, something you don’t even realize that you are doing. Find out the ways you may be holding back your real estate business from reaching its full potential.
4 Ways You Are Holding Back Your Real Estate Business
1- You Are Outcome Dependent
Many real estate agents fall into the trap of setting incredibly tough standards and expectations for themselves and their business. They are so heavily invested in every transaction, phone call, appraisal, etc. because their income depends on it after all. However, being so reliant on everything to work exactly as planned leads to desperation and irrational decisions.
A successful real estate agent understands that some deals will fall through regardless of what they do. They are assured that they aren’t dependent on this one transaction because they have other deals that are also in progress.
2- You Aren’t Budgeting Properly
Budgeting may not seem like a mistake that is made within a real estate business. However, personal life decisions affect the success of real estate agents. It is difficult to reach your professional potential when you are struggling personally.
It can be very stressful when your income is reliant on a commission only job. In the real estate world, there are months with great sales and others that are very lean. It is integral for agents to set up their finances so that they are able to navigate both scenarios.
Budgeting Tips for Real Estate Agents:
- Stay conservative with your monthly expenses. Try not to accrue a high amount of recurring bills.
- Build up a savings account with 6 months of living expenses. Dip into it during slow months and top it off after a good month.
- Pay ahead on your bills. If you have a great month, use the extra money to pay ahead on bills like car insurance. This will reduce your number of monthly bills and take pressure away from slower months.
3- You Aren’t Engaging with Leads
Real Estate agents pour a lot of time and effort into marketing themselves and their business each year. It is estimated that 53% of agents spend upwards of $5,000 each year. However, many agents miss the opportunity to fully engage with the leads their marketing efforts bring in. Most agents do not have the time to call the lead within the 5-minute time frame that is necessary to gain their business. Also, many do not nurture leads that are not ready to buy a home right now. Many realtors don’t check in with clients after the real estate transaction is finished and lose out on the opportunity of gaining referrals. Every agent should make it a priority to effectively nurture each lead and they will reap the financial benefits of this.
4- You Are Trying to Do it All
Many agents become overwhelmed by the list of tasks they need to complete in order to effectively run their business. On any given day an agent may be:
- Showing homes
- Hosting open houses
- Adding homes to the MLS
- Attending closings
- Calling internet leads
- Scheduling social media posts
- Designing direct mail marketing materials
This list of tasks only scratches the surface of everything a successful agent does on any given day. It can be difficult to get all of this work done, in fact, it can be impossible. Trying to do it all is a fatal flaw in the real estate world. Realtors should consider hiring some help in order to be earning a consistently substantial full-time income. Some ideas of professionals to hire would be a virtual assistant, a social media manager, or an inside sales agent.
If you feel like your success in real estate has reached a plateau, consider examining your behaviors and habits. Is there something that you are doing that is holding your real estate business back? Try examining your personal life decisions and how they are affecting your business. Spend more time engaging with your leads, or better yet, hire someone who can do that for you. In any type of business no one can do it all. Use these strategies to let your real estate business reach its full potential.
