As most people choose to live and work in capital cities or metropolises, there is also a significant increase in demand for real estate to accommodate their housing needs. There are millions of houses bought and sold every year, and the trend is seen to rise as the population increase.
There is no doubt that real estate is a good investment when you acquire one as an asset. Some benefits include predictable cash flow through rental services, financial diversification, and tax breaks and deductions. However, despite the advantages of owning a real estate property, people are hesitant to invest because aside from financial incapability, ineffective marketing from real estate agents is also one of the reasons why potential buyers opt not to get one.
So if you are a real estate broker or planning to join the industry, here are the most common reasons why people don’t hire an agent and what you can do to close a deal:
1. Ineffective Communication
Poor communication is the main culprit of sales and marketing failure. While most agents are busy in their back-to-back meetings, presentations, or client tours, they may sometimes ignore the calls or text messages they received during that time and remain unanswered once all those meetings are over. Based on a study, the average response time for a real estate agent is over 15 hours, and the worse, 48%of real estate inquiries never get responded to! Can you imagine if you are a first-time homebuyer ready to take the step in owning your real estate property, yet you have a few unanswered questions? You may probably take a step back in closing a deal with an agent.
Create a strategic communication system to ensure that all messages get their replies. You may set a default auto-responding text messages or chats when you receive an inquiry; it may be an SMS or an online chat indicating that you received the message, but you are busy at the moment. People are delighted when they don’t feel seen or ignored. But be present as soon as possible to answer their queries.
2. Lack of Respect
This is not to generalize, but real estate agents often don’t like doing much work and only pick the closest house to show to their clients. They try to match the property to the potential buyer instead of listening to the clients’ needs. Another disappointment on the part of the clients is the lack of punctuality of real estate agents. Coming up late for a client meet-up is a form of disrespect and can be viewed as unprofessional.
Listen to your clients well, list their desired specifications, and offer the best possible property to match their wants. Listening carefully to your client means that you value and respect them. Once you close a deal and they get satisfied with your services, they can be a potential source of referral in the future.
3. Exaggerated Marketing
Real estate agents exaggerate their products and services instead of straightforwardly showing the real deal to their clients. It may seem a norm, but most of the time, buyers get pissed off of the so-good-to-be-true marketing style of agents. Statistics showed that almost 75% of the current real estate agents do not have enough experience to guide their clients properly, making the deal even more complicated.
Show the real data and let the numbers do the convincing. Always back up your statements with facts because it shows that you are not marketing based on your personal opinion but actual figures and specifications. Be well-versed in your products and services, attend your company’s meetings and training so your marketing skills will be upgraded, and always be true to your clients to meet their expectations.
4. Lack of Perseverance
Working in sales requires hard work, consistency, and perseverance. A real estate agent must have these qualities if they want to succeed in the industry. It is sometimes frustrating not to close a single deal despite giving all your best for a month yet, one must have the fighting spirit and seize each day finding a potential client, and when you find one, do more to attend to your clients’ need. Real estate agents have many obligations before turning over a property to a buyer; it may include doing a lot of paperwork or even processing your clients’ documents when they don’t have time to do so. When you get lazy in this career, you will likely quit sooner.
Be persistent in your job as a real estate agent and upfront your client with what you can bring to the table. Show them your sales track record, ask them their testimonials about your services, and explain why you are so valuable as their agent. Also, have a clear goal and work hard to realize them. The journey may not be easy, but the rewards are all worth it.
5. Lack of Empathy
Some highly experienced real estate agents often do the business as it is and lack emotional attachment to their clients. Because of their good portfolio, too many contracts signed, and an unquestionable reputation, they neglect that some clients need to have a deeper connection with them to gain their trust. A real estate career is a people person, so when agents become less empathic to their clients, they will soon lose them.
Always check your ego at the door. Build good relationships with your client even after you have inked a deal with them. Do not only listen to their wants and needs but also be sensitive to their unspoken wishes. Be willing to guide them and ask as many questions as possible so you can bring the best options for them to choose from.
Despite numerous reasons why people don’t hire real estate agents, it is still recommended to look for one to ask for professional help. By demonstrating your value as a real estate agent, you will not only successfully close a deal but also gain respect and trust from your clients. Be more patient and do the right ways if you want to last long in the business. After all, real estate is one of the most rewarding careers.