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Overcoming Top Real Estate Weaknesses

Feb 18, 2020 10:00:00 AM

Every agent has weaknesses. Learn how to overcome yours for optimal success in your real estate business! 

Identifying and overcoming weaknesses creates the difference between regular agents and Smart Agents.

Don't keep implementing strategies the same way unless everything is running perfectly. And, because we are human, there is more often than not a need for improvement. 

The first step is to find your weakness, or need for improvement.

Analyze each part of your business to find this out. Take a step back, and think about your relationship with clients and other agents as well.

Remember to be honest with yourself. 

If you have leads and can't close most of the time, focus on that. If your sphere of influence doesn't bring you enough referrals, concentrate on growing those relationships.

Ask your colleagues and previous clients to see if anyone has any opinions. You should be getting feedback from clients after sales, so see if they will mention any topics where you seemed uncertain or areas you needed improvement. 

Weakness: Poor Time Management

If you are not getting enough done each day, then time management is something you focus on. That means you should work on keeping a strict schedule. Don't be afraid to use alarm clocks, phone apps, even other people to keep you accountable for the hours in a day. 

If you know when you are talking to clients, when you are prospecting and what time you are marketing any listings, then you can focus on those much easier. Then if you're confident in yourself in these tasks, it will be smooth.

Weakness: Not Enough Reviews/Testimonials

Make sure it’s the right time, but asking past clients is the obvious first step. Sending out emails to past clients asking for reviews or referrals is fine, but calling them and asking for a review isn’t something they are likely to appreciate. Avoid putting them on the spot unless you're 100 percent sure the review will be glowing. 

Even before they are your client, mention reviews and their importance. This way, when you bring it up at the end, they’ll have a good understanding of what these can do for you. You can even mention it a few different times, though the more subtle, the better. Closing is a busy time, and if your client hasn’t yet submitted a review, wait until a couple of weeks after closing to ask again.

If you still haven’t got a review, call them and ask how the home is or how everything with it is going. Then ask for a review.

Incorporate reviews into a daily part of your routine. 

Agents with 10 or more reviews see a 300% increase in contracts versus agents with no reviews.

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Weakness: A Small Sphere of Influence

Your sphere of influence is the key to your referrals. 

A too-small sphere can mean a too-small business. 

Reaching out to everyone you know periodically is a necessary step.

Phone calls, drop-by's, cards and emails are all good ways to stay in touch. 

Share updates and ask for their updates as well. See what their favorite parts of their new homes are. The point of these questions is to drive the conversation stay at the forefront of their mind for real estate needs.

And remember, old clients are just a part of this pie. You should know the best contractors, appraisers, lenders, and insurance providers in the business. Your job is to create a hub of a group of professionals that can advise and assist with anything real estate or home related.

Weakness: Lack of Leads

If a lack of leads is your biggest problem, you need to put your knuckles to the pavement and prospect them.

Be prepared to do things you don’t like or you aren’t that comfortable doing. Cold calling or cold leads drive some agents nuts. But it doesn't have to be that way! 

First of all, think of hearing no actually meaning "not yet."

Each time you hear no, you are that much closer to getting a yes.

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It is true if you look at it the statistics. Just keep going and never take it personally because that’s when people get down the most on this process.

Just as with other kinds of sales, real estate is a numbers game, and the more people you talk to, the more useful leads you’ll get and the more sales you’ll make.

Did you know that 80 % of sales are made between the 5th and 12th contacts you have?

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Weakness: Closing the Sale

Never give up when the prospect says “I have to think about it."

If you have already answered most of your prospects’ questions and they just seem to be stalling, then get them to commit.

Find out what their main objection or concern is by saying something like, “Is there anything else holding you back from making this important decision?”

Then address any of their concerns head on. Do your best to overcome all of their objections for waiting and thinking more about the decision.

Then finish with, "Do you feel confident I can sell your home?"

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