Whether you are a newbie or a professional real estate agent, there are still instances where you make mistakes. Many factors can lead to making those mistakes. And when not managed well, they can cause a loss of investments. So as much as possible, avoid committing those mistakes, especially now that we are in 2021. It is an era where the competition in real estate is on the rise.
It is difficult to avoid mistakes when you do not know how to identify them. So, to help you, here are three huge mistakes that even professional real estate agents make in 2021.
Believe it or not, finances are one of the things that are difficult to manage well. Moreover, it can be tricky when you do not know how to delegate your finances accordingly. But first, let us identify common financial mistakes that even professional real estate agents make.
Not Separating Business and Personal Account
Having one account for both business and personal is indeed an excellent way to keep your finances in one place. Yet, this can pose a challenge when it comes to tracking your finances. There are possibilities to get your finances jumbled up against each other. This situation can lead to mismanaging them.
To prevent this from happening, set up an account solely for business and your personal use. Also, categorize your expenses so that it will be easier for you to check each of them.
Not Sticking to a Budget Plan
Setting up a plan for your budget is one of the best ways to manage your finances. This plan serves as your guide on where your money should go. But, the most common mistake for individuals is not sticking to your set budget plan.
When you set a budget plan, make sure that it covers your monthly expenses. In addition, it is better to select a scheduled time for your expense payments, so you can avoid missing your dues.
Not Saving at least 3 Months Worth of Income
Being in a real estate field means that income does not come in regularly. Your income depends on how many deals you will be closing. There are downtimes in real estate that is why the secret to keep healthy finances is to save. And when you are in a low phase, make sure that your savings can cover at least three months’ worth of your income.
Use of Unessential Tools
There are a lot of platforms and tools that real estate agents use for their business. Some tools included are websites, marketing tools, and other app subscriptions. These tools will urge you to pay every month or annually. However, there are times when you tend to subscribe to applications that you do not use too often.
To revamp your tool subscriptions, check your usage for a particular tool. Then decide whether they are essential for your real estate business or not.
Failure to Allot a Budget for Taxes
One good thing about being a real estate agent is that you run your own business. And when you own a business, paying taxes should always be part of your expenses. Unfortunately, however, it is something that most business owners often overlook.
The best that you can do is to include a tax bill as one of your business expenses. Then, learn to organize your bills according to their due date to avoid miss any payments.
Marketing is another thing that real estate agents fail to take notice of. They were too focused on their job but neglected the power of marketing. Here are some lists of marketing mistakes that you might be making in 2021:
Not Maximizing the Different Marketing Platforms and Techniques
Nowadays, the internet is brimming with different platforms where you can market your business. Some real estate agents fail to maximize the opportunities brought by social media and website builders. Little did they know that they can reach out to a broader audience and still save money.
On the other hand, due to the advancement in the marketing field, sometimes print marketing is ignored. If you fail to do so, you won’t be able to reach out to baby boomers who do not spend much time on the internet.
Not Focusing on a Specific Target Market
Not doing a buyer persona or not knowing your target market will lead to difficulties reaching out to them. Most agents would aspire to reach as many clients as possible. However, one thing they failed to consider is to be specific with their target audience.
Real estate is such a vast field, so if you do not focus on a specific target market, you can get lost along the way. And you might end up not growing your business at all. To prevent that from happening, make sure that you have a list of your goals. Also, show how you will reach out to your target audience.
Not Having a Specific Expertise
Real estate is an immense field that deals with several different areas of expertise. Unfortunately, the most common mistake for newbie and expert real estate agents is focusing on one expertise.
They thought that if they excel in all areas, they will be more rounded. But that is not always the case. So it is still better to be a master of one specialization.
Failure to Give Value
One common mistake that both newbie and expert real estate agents make is failing to give value to their clients or potential clients. Subconsciously, some real estate agents are committing to hard-selling. This mistake can shoo away potential clients as you may sound desperate.
But instead of selling hard, try to give valuable insights to your potential clients. That way, they will see you as someone reliable.
Not Focusing on the Clients’ Needs
Clients come to you because they think you can provide for their needs. However, some real estate agents tend to focus on making sales more than focusing on their clients. It is one of the gravest mistakes that a real estate agent earns.
To better provide your clients’ needs, ask them about their preferences. By doing so, you will know exactly what they need, and you might be able to give it to them.
Unproductive habits can also contribute to mistakes by real estate agents. Though it may seem unlikely, some real estate agents possess bad habits that they need to snatch away from themselves. Here are some of them:
Focuses on Problems
Being pessimistic may contribute to this bad habit. Whether we agree on this or not, there are times when real estate agents focus on problems more than looking for solutions. For example, they are not making too many sales compared to the prior months. Some would sulk in the situation instead of improving their marketing strategies.
In this business, where the clients’ presence is inconsistent, you have to be consistent. So take extra yet consistent efforts in looking for potential clients. Make sure that you have multiple sources of prospective clients. So that when downtime comes, you can still have a stream of income.
Failure to Outsource Tasks
You might think that hiring other people to do some tasks can cost you a lot. That is why some real estate agents try to do everything from marketing to handling social media accounts, taking photos, making videos, and so on. What they do not know is that they spend too much time on marketing. As a result, they forget to focus on their clients.
Not Having a Good Time Management Skills
There are times when real estate agents are bombarded with tasks. It is at that moment that good time management is needed. However, some real estate agents fail to organize their time well. Put in mind that in this field, the influx of clients is not prevalent. Therefore, try to practice good time management skills. By doing so, you are not at risk of losing potential clients.
Whether you admit it or not, some people are not tech-savvy. So you can either learn the skills or hire someone. If you choose to study the skills, you need to sacrifice your time for it. And if you decide to hire someone, you have to allot a budget for it.
We’re all human, and we make mistakes. Unfortunately, even the most experienced agents can fall victim to them from time to time, but it’s important not to let those slip-ups control your business for too long.
One of the best ways you can keep these mistakes at bay is by learning from other real estate professionals who have gone through similar struggles in their careers to get back on track quickly and smoothly.
So if you’ve been feeling like you need help with your career recently or want some new ideas for getting ahead, get in touch with Property Online Philippines. The team has years’ worth of experience in this industry and would be happy to share what they know! They also contact agents who want to put up properties for sale or rent like condominiums in Pasig, Taguig and Manila.