1. Not Working the most Active Market.
Make the job easier and more profitable by selling what buyers are buying. So what is the hot market where people are buying?
Foreclosures were 46% of all homes sold in the Q1, 2009, and are up 81% from the previous year. This has lead to record profits for Real Estate Professionals that specialize in this market. In addition to pure volume it is because foreclosures pay double commissions to the selling agent.
Solution: Sell what the market is buying and the market is buying foreclosures in record numbers.
Foreclosures were 46% of all homes sold in the Q1, 2009, and are up 81% from the previous year. This has lead to record profits for Real Estate Professionals that specialize in this market. In addition to pure volume it is because foreclosures pay double commissions to the selling agent.
Solution: Sell what the market is buying and the market is buying foreclosures in record numbers.
2. Not Working the Right Leads.
The right leads are buyers that are actively looking into today’s marketplace; first time homebuyers.
First time homebuyers are unencumbered by existing houses that are not selling. In addition to not having their downpayment funds tied up, they are also eligible for the $8,000 tax incentives. First time homebuyers also still qualify for Zero Money Down government foreclosures.
Solution: Target marketing efforts at the BEST clients, and use what is most appealing to them; saving money on their home purchase by buying a foreclosure.
First time homebuyers are unencumbered by existing houses that are not selling. In addition to not having their downpayment funds tied up, they are also eligible for the $8,000 tax incentives. First time homebuyers also still qualify for Zero Money Down government foreclosures.
Solution: Target marketing efforts at the BEST clients, and use what is most appealing to them; saving money on their home purchase by buying a foreclosure.
3. Working Right Leads Wrong.
Once you connect with a potential buyer the last thing you want to do
is push them away. Today’s homebuyers want to be treated as the
informed self-service shoppers that they are. Trying to squeeze today’s
homebuyer into a box designed for yesterday’s homebuyer is
counter-productive. Offer support and guidance, but don’t try to
control them. They are likely to avoid being sold, and gravitate toward
helpful assistance.
Google reported earlier this year that 80% of homebuyers shop online prior to contacting a Real Estate Professional. This means that if you are training your buyers more effectively you can sell more houses by allowing buyers to be self-serving, but looking to you for guidance. Also because they are likely to be contacted by multiple professionals, and be bombarded by useless emails, never hesitate to make an initial phone call as quickly as possible.
Solution: Train your buyers to gather information on their own, however, tie them to you by offering them answers their questions. This will keep them coming to you when they have questions, and when they are ready to move forward with a purchase.
Google reported earlier this year that 80% of homebuyers shop online prior to contacting a Real Estate Professional. This means that if you are training your buyers more effectively you can sell more houses by allowing buyers to be self-serving, but looking to you for guidance. Also because they are likely to be contacted by multiple professionals, and be bombarded by useless emails, never hesitate to make an initial phone call as quickly as possible.
Solution: Train your buyers to gather information on their own, however, tie them to you by offering them answers their questions. This will keep them coming to you when they have questions, and when they are ready to move forward with a purchase.
4. Forgetting to Treat Your Business as a Business
Real Estate Professionals often need to be reminded they are in
business with all the problems and challenges of Fortune 500
businesses; they are just going it alone. You are the product, with
your time as inventory. You are the advertising, finance, and business
development departments all rolled into one. On top of all of that you
are also the sales department. Get organized and streamline what you
can.
A good CRM (Client Relationship Management) program is imperative to success and when used successfully will allow you to effectively manage more clients in less time. Also, remember big businesses reduce everything else before the advertising budget. When your competitors are retracting, that is your chance to win more business.
Solution: Take time to step back and find ways to: streamline what you are doing, maximize your time, and increase the effectiveness of your marketing.
A good CRM (Client Relationship Management) program is imperative to success and when used successfully will allow you to effectively manage more clients in less time. Also, remember big businesses reduce everything else before the advertising budget. When your competitors are retracting, that is your chance to win more business.
Solution: Take time to step back and find ways to: streamline what you are doing, maximize your time, and increase the effectiveness of your marketing.
5. Not Getting a Coach
What do Michael Jordan, Brett Favre and Steve Jobs all have in common?
They all use a coach to gain insight into how they are doing, and to
improve. Coaches can be found in your office, your family, or even
online. A coach ensures you have someone who has the freedom to offer
constructive criticism without fear of damaging the relationship by
telling you what you need to hear.
An ideal Coach should be detached in order to remain objective. They don’t need to be perfect, because no one is. They just need to be someone you respect and trust professionally. Also remember they are most effective when given the latitude to offer their input, without constantly defending it.
Solution: Look for someone you trust professionally, even if they are not in your profession. Just talking about ways to magnify your efforts will have a tremendous impact on your business.
An ideal Coach should be detached in order to remain objective. They don’t need to be perfect, because no one is. They just need to be someone you respect and trust professionally. Also remember they are most effective when given the latitude to offer their input, without constantly defending it.
Solution: Look for someone you trust professionally, even if they are not in your profession. Just talking about ways to magnify your efforts will have a tremendous impact on your business.
