DFW Real Estate - Five Most Expensive Mistakes

Most Expensive Mistakes In Real Estate

1. Not Working In The Most Active Market Segment.

Make your job both easier and more profitable by selling what buyers are buying. In most markets around the country the hot markets where people are buying are in foreclosures and short sales?  Foreclosures and short sales of DFW homes were up across the board of all homes sold in 2012. This increase has lead to record profits for real estate professionals who specialize in these market segments. Sell what the market is buying and the market is buying foreclosed and short sale homes in record numbers.

2. Not Working With The Right Type of Leads.

The right types of leads are buyers that are actively looking into today’s market, first time homebuyers. First time homebuyers, especially those looking in the Plano real estate market, don't need to sell existing houses which may take a while to sell. Also, in addition to not having their down payment money tied up, they are eligible for first time homebuyer programs and incentives. In some cases first time homebuyers may qualify for a zero money down government mortgages. Target your marketing efforts at the best clients and use what is most appealing to them ie; saving money on their first home by buying a foreclosure.  Great home values can also be found at those We Buy Houses company's.

3. Working Right Leads Wrong. What?

Once you connect with a potential buyer the last thing you want to do is push them away. Today’s homebuyers want to be treated as the informed self educated shoppers that they are. Offer them support and guidance, but don’t try to control them. They are likely to avoid being sold, and gravitate toward helpful assistance. Google reported recently that more than 80% of homebuyers start looking online prior to contacting a real estate agent. This means that if you train your buyers more effectively you will sell more houses by allowing the buyers to be self serving but still look to you for professional guidance. Because these buyers are likely to be contacted by multiple agents, and be bombarded by emails, always make an initial phone call to them as quickly as possible. Teach your buyers to gather information on their own, however, tie them with you by offering them answers their questions. This will keep them coming to you when they have questions, and when they are ready to move forward with a purchase.

4. Forgetting to Treat Your Business as What it is, a Business

Real estate agents often need to be reminded they are in a "real" business with all the problems and challenges of Fortune 500 companies; they are just going it alone. They are the product, with their time as inventory. They are the advertising, finance, and business development departments all in one. On top of all of that they are also the marketing and sales department. Get organized and streamline what you can. A good CRM program is imperative to success and when used successfully will allow you to effectively manage more clients in less time. Also, remember big businesses reduce everything else before their marketing budget. When your competitors are retracting, that is your chance to grow your business. Take time to step back and find ways to: streamline what you are doing, maximize your time, and increase the effectiveness of your marketing.

5. Not Getting a Coach and Proper Training

What do Brett Favre, Michael Jordan, and Steve Jobs all have in common? They all use a coach to gain insight into how well they are doing, and to improve. Coaches can be found everywhere, in your office, your family, or even online. A coach ensures you have someone who has the freedom to offer you constructive criticism without fear of damaging your relationship by telling you what you need to hear. The best coach should be detached so that they can remain objective. They don’t need to be perfect, they just need to be someone you respect and trust. Remember, they are most effective when given the latitude to offer their input, without constantly defending it. Look for someone you trust professionally, even if they are not in your profession. Just talking about ways to magnify your efforts will have a tremendous positive impact on your business.