The 20 Biggest Mistakes Real Estate Agents Make…..

I attended a class put on by Rick Deluca last week up in Port Ludlow WA. He is what I would consider a classic real estate pro. The basics never get old and I find his approach very refreshing in this age of glitz and gadgets.

 

The 20 Biggest Mistakes
Brokers make as they build their business.
My Notes from Rick Deluca class June 1, 2011

 

1) Accountability:
     Be accountable to someone
     Broker
     Coach
     Partner
     Group

2) Focusing on a 12 month plan:
Who can see that far into the future, instead focus on your activates for the next 12 weeks
     Block out personal time
     Block out educational time
     Write it down and review it each day

3) They don’t treat the profession of real estate as a “real job”.
     Have a schedule
     Have systems
     Be consistent

4) Being a student of the industry:
     Know the market
     Know your own numbers
     Knowledge breads confidence
(Rick has a good list of numbers you should know)

5) If you don’t act like an expert you will not be perceived to be the expert:
     Do local market studies to know the area
     Be prepared to answer the questions
     (See number 4 above)

6) Have an unrealistic expectation that clients will call you:
     You need to stay in front of them consistently
     Use all types of marketing; in person, phone, mail, e-mail, hand written note
     Everything comes down to TRUST…how do you demonstrate TRUST…through
     your Character and your Competence.
     Character goes to personal activities
     Competence goes to professional activities

7) Be influenced by negativity:
     Be careful where you get your news
     You can’t control most of it anyway
     Just turn the news off
     Don’t listen to people who are negative…it rubs off
     Often others who are most willing to share….shouldn’t, they have nothing    
      better to do.

8) Spend too much time reinventing the wheel:
     Copy the most successful people around you
     Search for it before you design or build it
     Ask your broker..he/she probably has something you can use already

9) Treat everyone in your data base as equal…..they are NOT:
     Look at data base like a target
          Bulls eye = They enjoy you and your success
           1st ring = Would refer you to others
           2nd ring = Might refer you to others
           3rd ring = Probably should not be in your data base
     Know who your “Bulls eye” people are and spend most of your time and
     attention on them

10) Are not consistent with ongoing contact:
     Only 11% of customers later use the same agent again even though 88% said
      they would when asked after their transaction closed.
      Of the customers who did not use the same agent again 65% said it was
      because of a perception of …….indifference.
      Send out an annual thank you letter
      If you have not been in contact send a mea culpa letter.
      Always show evidence of success

11) Don’t regularly update their presentations:
     Market time vs. Selling price
     Remodel vs. Sell
     Keep it neat and professional
     The higher the quality of the physical package the higher the perceived value of
      the information and the information provider (that’s you)

12) Failure to fulfill promises:
     Provide a sellers activity report every 2 weeks
     Call day after closing

13) Be willing to be the boss:
     Hold yourself accountable, you are the boss of you
     7-10% of income goes back into your business
     3 times a week stay an extra 15 mins and ask yourself “How could I have
     increased my productivity today?”

14) Have a business plan:
     Keep it simple
     Bulleted points on 1 page
     Daily habits/routine that will lead to your success

15) Not spending enough time constantly generating leads:
     30-45 mins. a day on lead generating activities
     Create new habits at http://www.habitforge.com

16) Not using systems:
     Everything you do more than once should have a checklist or system
     A system is a process that can be replicated, duplicated, anyone can do it and
     you can hand it off. A system is a written process.

17) Most agents don’t stretch themselves:
     Yes it can be uncomfortable, You can’t grow when you are trapped in your
     comfort zone
     Hold yourself to a daily action plan
     Must do
     Should do
     Would like to do

18) Pricing home correctly:
     Know the market
     You set the parameters you are comfortable with as a professional
     Use fhfa.gov for good information
     Housingpredictor.com

19) Social marketing:
     Some spend too much time on this one method of marketing
     Do it professionally
     Keep in mind you are doing this for their information…not your ego

20) Fail to embrace technology:
     Don’t hide behind it
     Use it to duplicate you…you in many places
     Youtube.com
     Eyejot.com
     We are in the wave of video….get with it too. Great for testimonials

Rick Deluca resources:
http://www.realtor.org
http://www.realestateideaclub.com

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