Three Mistakes For Rookie Real Estate Agents
The average time it takes to complete a real estate transaction is 2 to 3 months for newcomers who have been selling for a year or less. This means that rookies complete about four deals or less in their first year. This is due to the fact most customers prefer the help of an experienced agent. An experienced Realtor usually makes between 20 and 30 transactions a year. Novices have few advantages over experienced Realtors but can be considered experienced themselves, after 3 to 5 years of training.
Analysts and experienced Realtors believe new agents often commit the same errors when trying to sell a home. On this basis, we’ve configured a list of key reasons why new Realtors are usually unsuccessful.
Giving Too Much Information To Customers For Free
Some agents try to confuse customers with too much experience. Either they know that clients lack the negotiating skills to understand and intend to deceive them or they simply want to impress them. In any case, this only establishes problems in the future between the agent and the client.
Consequences of Overloading a Customer with too much Information:
- The customer now has enough confidence to negotiate their own transaction.
- The customer is so confused from immediately receiving too much information that he still does not fully understand the agent’s services.
The Lack Of Awareness
Unexpected disclosure of new information late in the game can ruin a transaction. Agents should learn beforehand if another person has inherited the property or if other liens exist. True, few agents know everything about a property, but you should know specifics such as the square footage, or if the basement drain breaks regularly. It is advisable to know the property and customer history to determine if they’re compatible.
The information provided by the representative of the seller or client hoping to buy a home should be specified in a timely manner. If the agent is representing the buyer, he can’t access information about everyone viewing the property, but if the Realtor represents the seller, a contract between the seller and agent can allow disclosure of important information to best protect both parties.
New Realtors should master the following skills in 2 to 3 months to become professionals.
- briefly determine the needs of the customer;
- show clients how providing you with detailed information is useful to them;
- gradually detail additional services that can be provided to customers( home inspection, HVAC or electrical consultations, etc.)
An Agent Is Overly Enthusiastic
Too many calls, questions, or unnecessary information about other offers and benefits can repel clients. It is better to calmly communicate with them, in a timely manner. Because personalities vary, each one requires a different approach.
Each agent can ask all appropriate questions at the beginning or later when specific information is needed. Any agent who misinterprets this and requests additional information to bombard customers with irrelevant offers will appear to have ulterior motives.
The amount of communication mainly depends on the client. As a rule, agents should not contact their client more than once a week. Maybe once every 2 weeks, when it’s about matters involving a luxury property.
The main mistakes new Realtors make have three causes which can be reduced to one.
The Three Root Causes Simplified:
- Unable to assess the needs of the client;
- The desire of the customer to sell a service at a reasonable price;
- Fear of his own ignorance.
It’s All “One” Big Mistake
In actuality, all rookie mistakes stem from one major mistake, which is, you have not been “listening” to your client. Even professionals with 20 years experience in the real estate market can still face a situation they have never experienced before, resulting in them having to learn something new. So do not cut clients off in mid-sentence even if you’re not interested in their complaints or criticism. Making a customer feel insignificant is the last thing you want to do. Treat all potential transactions as a new learning experience. Show the desire to work flexibly and discuss important topics that concern the client. Be anxious to help and regularly involve customers in a way that is comfortable and productive for accomplishing their goal.