No one gets it right the first time is a good adage to remember if you are in the real estate industry. With its ever changing landscape, mistakes are bound to happen. But this doesn’t mean that these risks cannot be mitigated. The key is to fail fast and to fail forward.

But first, you need to know what these mistakes are in order to better prepare yourself. Here are few and some tips on how to avoid them:

Poor planning.

Imagine meeting a potential client but you are unprepared to answer their questions. Would you be able to close the deal? Maybe yes but most likely not. By coming unprepared, you are creating a negative impression which may hurt your reputation as an agent in the long run.

Solution? Create a business plan. Planning can lessen the risks of failing. Plus it will help you define your services; determine your goals and the tools to achieve them. 

Improper use of resources.

Being a real estate agent means constantly learning and evolving. Nowadays, there is so much information that is available to us at any given time. Not maximizing these resources could spell disaster for you. 

You need to stay ahead of the competition by adapting to new technology, and immersing yourself in the industry. The more you gain knowledge and insight, the better you are at providing value to your customers. However, be discerning as not all tools are right for you. Start with the basics and improve as you go along. 

Lack of communication.

Communication is key to everything. Not only does it help clarify ideas, it also helps in ensuring that any transaction moves smoothly and without delays. 

Not listening to your clients, failing to return phone calls and forgetting appointments and follow-ups are just some of the most common mistakes real estate agents make. These mistakes cause disappointment and lack of trust on the part of the client.

Overpromising.

Expectations vs. reality. We’ve all been victims of false advertising. It is when what we have been promised is different from what we have received. It is disappointing and heartbreaking especially in circumstances where a huge amount of money is concerned.  

As real estate agent, it is our responsibility to set clear expectations and avoid overpromising to our clients. It can be tempting to inflate figures or offer freebies (that are not there) to appease the client but it would only hurt you in the long run. Be straight to your clients. At the end of the end, honesty is still the best policy. 

Not knowing when to say no.

In the eagerness to close deals, some agents may result to accommodating all client requests even when it’s beyond the agreed scope. This means exerting more time, effort and energy that should have been allocated somewhere else. 

Saying “yes” to every client demand is wasteful and not a good use of your time. Learn to say “no” to overpriced listings, overbearing clients and other things that are not helping you achieve your goals. Saying “no” may be a bit daunting and scary at first but once you understand the value you can offer your clients, the easier it becomes. Plus, saying no means you know what is best for your clients and that you only have their best interest in mind. 

Being a real estate agent is tough but with the right tools and education, you can achieve greatness. Do your due diligence. Attend seminars, meet fellow agents and keep on learning.