What are 5 common mistakes one should avoid in real estate sales?

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RE: What are 5 common mistakes one should avoid in real estate sales?

You must be pumped and geared up with zeal and passion for your new real estate sales job. Real estate as a sector is growing at a rapid pace in India, and demand for skilled advisors is enormous. But before taking the plunge into the depth of realty sales, here is a little guide for the potential mistakes which can hamper your career. Remember, as a property consultant; you have to be able to sell yourself as the ideal advisor to prospective investors and buyers.

Most common errors, new consultants make, which can be helpful for the experienced ones as well:

  • Neglecting your brand value

You have to believe in your brand. It is your job to sell real estate, grow the business, and build goodwill.  But at the same time, it is also essential that you can project yourself as a thought leader in real estate.

This entails making your brand statement and stating how you stand out from others in the market. Clients value advisors who know what they are doing. Specify your niche, like primary real estate or secondary, commercial property or residential, etc. Then build your expertise accordingly.

  • Not upskilling or upgrading your real estate knowledge

Once out of college, it is easy to procrastinate and not go for further learning. But learning and upskilling is something which will boost your career.  If the cost or a paucity of time is on your mind, go for podcasts, webinars, and online courses by industry experts to keep yourself updated.

  • Leads mismanagement

Leads are crucial to the real estate business. Leads get your clients and they, in turn, get you meaningful relationships. It is vital to manage these leads well. As the growth of your career largely depends on leads management. Track your leads well and prioritize your time accordingly.

Share notes, content, new updated with your leads and maintain proper records, including reminders. Phone follow-ups should be timed well and if a lead refers you to another send a thoughtful thank-you note.

  • Not building rapport with clients

You would be surprised as to how easy it is to lose base with your initial clients. These clients form the first stepping stones for your success, probably earning you your first big commission.

You already know a lot about them, like their family and financial circumstances. Building a rapport and staying in touch gives you an excellent opportunity to make a lifelong business connection. They can refer you to other potential buyers and also they might prefer you when they look for that second or vacation home.

Emails are the best ways to stay in touch, as they are quite practical and business-like. You can also send customized greetings on holidays.

  • Little focus on budgetary expenses

Whether you are working for a company or opening your gig, you should ideally reserve some amount of your professional expenses. A 90 day reserve helps you cushion up, and close take on the budget will help you well for marketing your sales services. Even if you working sales as a job, tracking all expenses will make you more conscious of your work and the revenue you are bringing in.

The career in real estate can be exciting and is a great option, but it’s essential to stay humble and focused. Your peers and experienced veterans are probably already working on these and taking advantage of these pointers.

It is never too late to recalibrate and introspect. It might take some time, but invest in you and work on the points mentioned above. These will, over time, help accelerate your career and better your future.

 

 

Answered on July 23, 2020.
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