01/26/2012

Are You Losing Money?



If you take a long hard look at your real estate business, are you really achieving as much revenue as you should be or are you losing money hand over fist? If the answer is yes, don't worry, you won't be the first or the last real estate agent who is not maximizing their business or money to the full. You are probably immersed in prospecting, negotiating or shuffling paperwork as part of your daily administrative chores but there may be other skills that are required so that you can really increase your revenue. In addition to this, there may well be other areas of real estate that you haven't even considered.

Do you make time to ensure that you learn all there is to know about the real estate industry? Do you keep up to speed with current market trends? Do you know instinctively the value of houses in your local area? These are important aspects to consider because if you have an excellent grasp of your basics, this will help you to increase your confidence when dealing with others. A lack of confidence or if you are a noticeably nervous real estate agent will only instil a lack of confidence in any potential client.

You need to think what you can do about this if you wish to become successful. A client needs to know that you are a real go-getter and an expert in the real estate field. Why else would they engage your services? Do you look confident? Whether you feel 100% confident on the inside or not, it's important that you project professionalism on the outside, which means making a good impression by being well turned out. Wear a suit and polish your shoes, do not turn up to meet clients wearing anything other than business attire.

Do you feel confident that you can build rapport when approaching a potential client? If not, why not? This has to be an important aspect of real estate and your communication skills have to be in tip top condition. You only get one chance to make a good first impression. That's a fact. Don't waste yours by delivering faltering greetings or cheesy lines.

Brush up on your open sales questions. You need to make sure that those you talk to actually respond to you other than saying no. If you use a closed-end greeting, that's all you will get. Enthusiasm is far-reaching, but you don't need to go over the top with exuberance. Just allow your natural enthusiasm for real estate to come through, show that you are passionate about the industry and that you want to help people - genuinely. Never fake your interest - it's detectable by others a mile off.

Engaging a potential client is one thing but are you really listening to them? The chances are, you will only be partially listening to them as your brain frantically searches for your next question. Don't lose focus. Your questions should come instinctively as a result of the conversation and not with you trying to lead it in a specific direction. Similarly, have you managed to ascertain just what your client needs? There is no point trying to sell them a penthouse suite - luxury or not, if they have a disabled in-law living with them who needs wheelchair access for example. It will soon become obvious if you are just trying to sell, sell, sell and not really consider their requirements. Your sales pitch must always match the needs that they have stated but bear in mind that those needs might change as their real estate search continues. Don't get exasperated if it does; go with the flow.

Your clients are important. They are your source of revenue and you must always take their fears into account too. Buying and selling a house is a huge investment for them and money in the bank for you too, but you have to be prepared to help them wade through the quagmire for there to be a successful outcome. Buying and selling is a nerve-wracking time for your clients and they are going to turn to you for advice, it's your job to ensure that the transition from one property to another is as stress-free as possible and the end result will help your own bank balance. Another satisfied customer, prime referral candidates and the potential for them to use your services next time around. But if any of these points sound similar to you, then you could easily be losing money, sharpen up your skills and take your business to the next level.

Do not forget to use us for your Maryland, Virginia and Washington D.C. Real Estate Continuing education classes. You can sign up easily at www.rempower.com/classes