Real estate is a very rewarding career but it's not without its challenges. Stepping into real estate unaware of potential obstacles can affect your success, but with the right kind of preparation, you can have a long and fulfilling career ahead.
In this article, we’ve identified some of the top challenges real estate agents face in the industry and how to overcome them.
Challenge 1 - Low inventory
You are bound to cross this issue at some point in your career. So when inventory drops and you’re competing with thousands of other real estate professionals for those listings, it becomes very important to reach back out to those you do know (rather than ones you’ve never spoken to).
What you can do:
Touch base with your past clients every few months
You never know when past clients will be ready to buy or sell again or at least know somebody who is. Reach out to those past clients, and ask if they know someone who needs help buying or selling a home. A good CRM will simplify this process for you by helping you determine who to contact and when, offering quick and easy follow-up options, and keeping track of your conversations.
Challenge 2 - Keeping up with all the advances in technology
It seems like every day there is new technology that is promising to solve all of your problems. You know you need a CRM to stay organized and track your business, but it’s hard to choose the real estate CRM that’s right for you.
When choosing CRM vendors, there are a couple of things to note:
Know what tools you’ll need
Make a list of your priorities for what you need out of a CRM and then go from there. Are you looking for a system to help you send emails or text messages to clients? Is tracking the open rate of those messages a necessity for you? The easiest way to approach a CRM is knowing what tools you’ll be using in the first place. Make a list of your priorities and go from there. Do what’s right for you.
Consider how long those companies have been in business.
Don’t bet your business on a company that may not be around, or one that just popped up claiming to have the ‘next-best thing’ in CRM.
Challenge 3 - Rapid change in marketing
Once upon a time, real estate agents marketed their business primarily through the use of flyers and newspaper ads. Today you need to think about your online presence, social media strategy, and much more. Marketing strategies are constantly evolving, with the majority of it going digital.
What you can do:
Take control of your online presence
In today’s digital world, many prospects will be forming their first impression of you by checking you out online. They’ll check you out on your personal and company websites, the real estate search websites, social media sites—the list goes on. And so do the reasons why it’s crucial to get it right.
Make sure your website looks great on any device, spruce up your online profiles, and go ahead and give yourself a Google search to see what consumers see!
Always provide value
Everything you send should be of value to your contacts—not you. If it’s too promotional, severing the relationship is usually just a delete button or unsubscribe link away.
Send your clients market reports that contain hard-to-find info on the real estate market, including new listing and sold data. Technologies like Market Snapshot® reports make this almost effortless.
Challenge 4 - Effective follow-up
New leads, cold leads, past clients - it’s a lot to keep up with. New leads need a response immediately and consistent follow-up so they don’t fall through the cracks. And don’t forget your past clients! You put a lot of effort into building that trusted relationship - don’t let it go to waste. You want to be the one they think of when they’re ready to buy/sell, or know someone who is.
What you can do:
Lean on technology to help.
A good CRM will track your leads through the lead lifecycle and surface the clients you haven’t spoken to in awhile so you just have to do the important part - follow up!
Top Producer® Systems has been a leading real estate CRM provider since 1982. Tens of thousands of agents and brokers use Top Producer® real estate software to help them manage leads and contacts, stay organized, and follow up with home buyers, sellers and owners. Learn more at topproducer.com.