The property business has always been a lucrative market. But with the property market flooded with agents, it becomes even more critical to avoid making mistakes – especially when the stakes are the sale of a property. So what are the mistakes you should avoid?
Lack of Communication
Very often, the only communication that an agent has with his or her client is to do with the sale of the property. In other words, unless it benefits them, the agent does not communicate with their client.
Unknown to them, this can affect their sales. This is because buyers like to get updates about their property purchase – which if they get a lack of updates, they may decide to cancel the transaction and look for another agent to handle the transaction for them.
Updating clients can however become a very time consuming business. So a suggestion is to set aside a day of the week, to update all your clients. For example, Wednesdays can be “update clients day” where you send them the updates of how the sale of the property is going, and what you have done for them in the entire week.
Know When to Say NO
A property agent’s life depends on the sales they make. Therefore, it can sometimes be very hard to say “no” to an overbearing client’s demands. However, a property agent should always look at the opportunity cost wasted when dealing with these types of clients, versus the amount of money he may be getting.
For example if the client insists that the property agent takes a smaller cut of commission, and the property agent knows that this transaction will not be worth his while, the agent should just let the deal go.
Not Saying Thank You
Saying “thank you” is an important aspect for property agents. For example, if a sale was recommended by a friend, the property agent should always remember to say “thank you” – and maybe even take the friend out for a meal if the deal goes through.
Appreciation is already a rare commodity, and showing a friend your sincerest appreciation will not go wrong.
Learn Something New Everyday
The world is moving towards technology, and even the method of selling properties have changed. While in the past property agents had to rely on newspapers’ advertisements, they can now advertise on online platforms, and even on Facebook. The cost of advertising has also dropped by much, while enabling property agents to focus on their target market better.
As such, property agents should always stay on top of the market and if possible always be the first on board new technology. This will get you the first wave of customers from the new form of social media.
Taking Time Off
And most importantly, this is a mistake that many property agents make – not taking time off. No matter whether you’ve made a sale or not, you should always know when to take time off before you burn out. And even more so should a property agent take time off when he is not making any sales, to replenish their energy.
A time off period does not need to be spent travelling to Europe or New Zealand, it can be as close as travelling to Port Dickson or Penang for a few days to a week to forget about work.
To learn more on how to be a great property agent, go to The Real Rockstar.
