Whilst it is not always nice to dwell on the negatives of commercial real estate, you can learn a lot from the mistakes of other agents. There are some real patterns that show common mistakes of other agents.
When you consider the real facts of the property market, it takes a lot of time and effort to build a client list, convert listings, and complete a successful sale or lease transaction. Systems and focus are required to get to the end result and a quality outcome.
5 Common Agent Mistakes
Here are some of the most common mistakes made by agents today. They are all preventable, and in resolving the 5 issues you will find that better results can be achieved in listings and commissions:
- Not refreshing listings – Some listings get ‘stale’ on the market quickly. The only way to keep up the momentum on enquiry is to refresh the listing. Every exclusive listing should be refreshed every 14 to 21 days. That will mean alternative photographs, different advertising copy, and price or rent adjustments. Make clear recommendations to your clients about listing refresh and upgrade.
- Not understanding the importance of exclusivity – It is absolutely essential that you control the listing stock and you can only do that through exclusivity. When you control the listings you get the inquiries coming to you. Most agents can work with up to 15 exclusive listings. The conversion rates of those ‘exclusives’ should be high and well beyond anything you can do with open listings. Track and measure your conversion rates in each case.
- Chasing around after buyers and tenants – Don’t chase around too much after the buyers and tenants that claim to want your property help. You will soon see that they are talking with a few agents at the same time (and not telling you). All of your efforts to find the ‘right property’ can be wasted on people that have little or no allegiance. Protect your time by working with clients and property owners that have given you ‘exclusivity’.
- Not converting vendor paid marketing – Today the marketing process is critical in creating inquiry. Every exclusive listing should involve an amount of vendor paid marketing. Ask for those marketing funds as part of every property listing process.
- Not varying marketing strategies – The generic approach to property marketing is a great waste of time. If you have gone to all the trouble of winning the listing, your marketing strategies should be specific and special. Make every exclusive listing stand out with direct and unique marketing initiatives that tap into the targeted buyers and tenants.
These are simple and logical things. Refine your listing pitch and presentation process so you have all of these things well under control. Don’t repeat the errors of others in your industry.