Sometimes, I wonder and ponder about why some agents are still struggling to earn living from real estate business. This came to my notice after working collectively with random realtors to understand the good, bad and ugly side of giving property out on lease and for sale. From my research, it came to my observation that though every business has it positive and negative sides. The real estate which is second to none has more positive features to succeed and earn big if the necessary steps are taken by correcting all hindrances of success against all odd. The reasons why realtors fail is not always about the business (real estate), but the people (realtors) that manage and supervise the running of the business.
It does not matter being a quack, registered or licensed real estate agent. This has nothing to do with certificate or professionalism, instead the MINDSET of putting your client first in everything.
Here, I will share with you, why realtors fail or why the rich would be getting rich, and the poor would be getting poorer in real estate business. Please, make sure a bottle of drink is beside you while you sip and read enjoyably!
1. Most Realtors are Lazy
The words “No food for lazy man” is still effective only for those who feel they are lazy by doing the wrong thing at the right time and vice versa. Most estate agents underestimate the principle of being active and proactive when striving for success. Clients prefer a scenario where realtors are always in charge by proffering visible solution to their residential challenges and others. Every property finders want to deal directly with the estate agent who could guide them from inspection level till a deal is closed. They expect you to take them around for inspection, advise them on why they should or should not rent or invest on a property, connect them to authorised property owner or manager to avoid being scam.
Some realtors overlook the idea of linking their direct client to second, third and more parties (real estate agents) even when they are less busy to nurture and guide their clients. Though real estate is all about networking where realtors connect with one another till client gets their choice of apartment. It is better to do the calls and connect with others while you guide your client through the entire process. Some are so funny that they will quit or postpone an important appointment for their self-centred reasons till they lose the client in concern forever.
2. Fast Result with Less Effort
Desperation is another best word to regard most real estate agents. Today, most people are striving to make money but only few are really putting the right effort to succeed. The same thing is applied to the real estate industry where everybody wants to win big without paying the price. In fact, this is one of the basic reasons why realtors fail.
We have had many cases where realtors would demand for heaven and hell from client even without closing a deal yet. They forget that the real estate business is not an avenue to extort money from others but to guide them till they get their dream property.
Though clients are always urge to pay necessary fee (inspection or rental application form fee) before starting up a deal, and the realtor in concern should never hesitate to render a reliable service till a deal is close leaving clients happy after getting their dream home.
“Slow and steady, win the race”, they say. Nothing good comes so easy. It takes hard work and consistency to conquer and explore in the real estate industry. So keep pushing it with your relentless effort till success comes your way.
3. Poor Customer Services
No successful business without good communication skill. Though this is not genuine in all cases, especially most black collar jobs. In real estate, fluent interaction with clients is crucial. Sometimes, it is not always about talking or speaking grammar but about how well people are able to conceive whatever information you are disseminating at a particular point in time.
Your customers would only be convinced by your slow and steady projection of your voice as you analyse your point one after the other. A professional realtor should always give clients attentive and listening ears no matter how peaceful or troublesome they are. Today, most estate agents could barely understand themselves not to talk of sharing ideas with others for proper understand.
Also, proffering workable solution to client problems and challenges is another way of providing good customer services by giving right response to customer complains.
A reliable realtor should be like a guardian angel protecting their clients on closing a deal with happy ending. This would highly be achievable by having good customer relationship with people for future prosperity.
4. Zero Marketing Strategy
Poor marketing ability is one of the major reasons why realtors fail. Till date, most real estate agents do not believe in the possibility of social media. They underestimate the benefit of internet for advertising their listings to reach target people. This could be as a result of poor technological know-how of using digital tools for property publicity. They also have zero belief that internet would never contribute to the virality of their marketing campaign.
Though, the traditional marketing idea is not outdated and still very effective and promising if the right procedures are followed. Some realtors even feel reluctant to post brief with picture on their social media page for property awareness purpose. They devaluate the power of visual in marketing by failing to understand that businesses without visualization would never be actualize by prospective clients.
In other words, a real estate agency with no or lease online presence and visual is like a snake in the monkey shadow. We are in the era of technology where most people access new information via internet through mobile and computer devices. So you can reach them fast by dropping those pieces there for them to view and review easily. You don’t have to own a website before making your real estate brand could go viral. You can start marketing your brief by being consistence with daily or weekly update on your various social media channels.
Creative content or caption is also a selling point to attract target audience. A good content is a great key that unveil your brand story to the World.
5. Overlook Efficiency of Premium Ads or Marketplace
It has been proved that what you achieve within a month by manual promotion could be achieved easily in a day with paid or inorganic ads. There are free and premium real estate marketplace where estate agents could submit listings and advertise their brand and agency. Some of them include Nigeria Property Centre, Iquota Homes, Jiji and others. It is advisable you register for the premium package to ensure flexibility in posting your listing without limitations.
Most realtors fail to understand that stinginess to invest while promoting brief on real estate marketplaces and social media channels like facebook , instagram etc is like a bird getting stuck in the den of a lion, how would it flies to reach the World. The slogan “Money makes the World goes round” as sang by Nas featuring R.Kelly, is also applicable here. I will restate this as “Money makes your real estate agency goes round”. In other words, the more money you spend in marketing your sales and lease properties, the more awareness of your brand and increment in sales.
In all businesses, inorganic ads is the fastest means of reaching your target audience. Realtors should never hesitate to register as premium member on real estate marketplace, so that their listings can be featured and easily get to customers’ doorsteps.
A fast growing property marketplace like Iquota Homes is a real estate arena where realtors submit properties after registering as premium member. The system uses effective digital marketing tools to advertise listings within and outside the marketplace. This will engage target people to reach the realtor in charge (property advertiser) with countless numbers of calls and mails.
Though, there are other factors affecting the success of most realtors, but the above are the obvious ones among others. I easily get upset when real estate agents keep lamenting about making it in the real estate industry. The simple truth is that you cannot reap where you did not sow by folding your arms and expect miracle to happen all in the name of faith and belief. For you to be successful in real estate, you must be active, consistent, have good customer relation, establish proper marketing strategy (both organic and paid ads) and invest in premium package on real estate marketplace so your listing can be featured. Kindly come back and drop your appreciation message in the comment box below after putting the above facts in practice. We have just deciphered the realtors success secret so we want to be sure real estate agents are growing financially after reading this article “Why Realtors Fail”.