March 20, 2017

The 3 Deadly Mistakes that Real Estate Agents Make


Are you making one of these 3 deadly mistakes that cost you time, money, and clients? There's a good chance you are, although don't worry because making one (or more) of these mistakes may become the best thing you ever do (so long as you approach them properly).

You see, you become a success story, not in spite of your mistakes, but because of them. Mistakes teach you, help you grow, and ensure you stand out in a crowded marketplace. But they also have the power to cripple you (especially the three dangerous mistakes I'm about to share).

So, what's the solution? That's what I'm going to share with you, but first let me say:

Your Mistakes Help You Find Your "Right" Client...

There are two types of client in this world: the right kind, and the wrong kind. The right kind help you become the go-to leader in your space. Whereas the wrong kind drain you, and ensure you survive instead of thrive. Your aim is to have the 'right' kind of client, yes? Of course it is, which is why your mistakes are important.

Because after interviewing 163 business owners, executives, authors, and thought leaders for my latest book, I've discovered how the mistakes you make are what help you find the 'right' kind of client. This helps you stand out in a crowded marketplace. This helps you achieve more by working less. This leads to YOUR success.

With this mind, which of these mistakes are you making...?

Mistake 1: You Communicate Poorly

There's a good chance you ineffectively communicate with your clients. I'm not saying you don't speak to them or keep them 'in the loop', but this isn't enough. It isn't about what you say to your clients (or even how often), but HOW you say it and WHEN you do. Like you, they are busy.

It's important you communicate with them at the 'right' time. Each one of your clients is different, so you must tailor this experience around their needs. A few phone calls is no longer enough (not if you want to become a go-to expert).

How To Turn This Mistake into Success

Creating a tailored communication-experience for each client sounds hard, doesn't it? Not at all.

All you need to know is:

    • Whether they prefer phone calls or email (or any other form of communication)...

    • When they are busiest, and when is the best time to talk...

You can discover this information during your first meeting. It's so easy, but when was the last time you asked these questions (if ever)? Once you know this information, you can create a tailored experience that gives them the information they need, when they need it. But DO NOT overwhelm them with all their contracts, details, and commitments at once.

Drip feed this information (you can even set up a 'Program' in Contactually) via the medium that suits them best (phone or email), and at a time they are able to listen (morning, evening, at weekends...). You can automate this process with follow-up reminders (again, using Contactually) to ensure you deliver what you need to, at a time that suits them.

Mistake 2: You Say Yes To Everyone

Are you trying to be the realtor to everyone, or the realtor to the right someone? This comes back to appreciating who your 'right' client is. I know it's scary to rule out a certain type of client, but it's better to be a master for 'someone' rather than being average to everyone. And if you want to become that go-to expert, there is one word you need to use than most: NO!

How To Turn This Mistake into Success

This approach only works if you know WHO you can help the most.

    • First time buyers...?

    • Young professionals...?

    • Those in the city...?

    • Those out in the suburbs...?

Once you know who you can help, it's easy to say NO to everything (and everyone) else. Your first step is to highlight a niche within your market, and then create a new bucket in Contactually (call it something like 'My Ultimate Hit-List).

Your next task is simple: add those who fit in your niche into this bucket. This may take a little research, but you don't need a large list to make a BIG impact. But you do need to make sure your niche and bucket is large enough, so to figure this out you need to:

    1. Consider how much money / how many clients you need to survive...

    1. Figure out what market share you need to achieve this...

    1. Finally, populate your bucket accordingly (create a minimum and maximum level)

For example, let's say I need seven clients per month to survive. After researching my niche and local market, I estimate I need an 11% market share. So I set a target to fill my new 'bucket' with at least 50 potential clients, but have no more than 70 at any given time (as this will detract from me making the sale).

You have now set your standard (minimum and maximum), meaning if you come across someone who fits into your niche (and you have less than 70 people in your bucket), you can say YES. If not, say NO.

Mistake 3: You Mistake Tactics with Strategy

Advertising and selling is a tactic, not a strategy! As someone who's studied and worked in marketing for over a decade, this drives me insane. Tactics are important, but they mean little without a strategy. If you want to succeed and become that go-to expert, you need to create a plan. Because contrary to belief, successful people DO NOT hustle for the sake of it.

How To Turn This Mistake into Success

Successful people plan for their success, not hope a bunch of advertising will solve their problems. This follows on from the previous step, because once you know when to say yes and when to say no, creating (and sticking to) a strategy / plan is much easier. So, how do you do this?

#Step One: Create Your Compass (where you would like to be in 2-3 years)

Let's say it's to become the go-to expert in your niche. Write a short paragraph of where you would like to be, who you would like to be, and what your average day will look like. Print this off and put it somewhere you will see each day.

#Step Two: Create Your Anchors (your reminders for the 12 months)

To achieve the above, you may decide you need to:

    • Make $50,000 this year...

    • Start speaking / writing (so you can become that authority figure)...

    • Grow your network by at least 15%...

These become your anchors; your daily reminders to help you say yes to the 'right' people, and NO to everyone else.

#Step Three: Create Your 90 Day Goals

Yearly goals suck. There's too much that can change over the course of a year. Instead, create goals for the next 90 Days. This is when you start to think about your marketing tactics (advertising, selling, social media, etc...). What will you do daily, weekly, and monthly? This is where it gets fun (and what most people focus on first). But without a strategy, this step means nothing!

This is what you need to do next...

Chances are you are making one (or more) of these mistakes. If you are, congratulations. You now know what to do to change this and become that go-to expert. These three mistakes are the types I've not only seen professionals like you make, but business owners, authors, and serial entrepreneurs (including myself). Of course, all this is easier said than done, but this is why only a select few become successful.

So if you would like to become the sort of person who turns every one of your mistakes into a giant success, you may like to read my latest book, 'The Successful Mistake: How 163 of The World's Greatest Entrepreneurs Transform Failure Into'.

I've partnered with Contactually to gift you a FREE (paperback) copy, so be sure to grab your free copy.

Join our webinar!

How to Transform Your Failure into Success in 7 Simple Steps

Tuesday March 28th 12pm EST. with Contactually and me, Matthew Turner where I'll be sharing intimate insight into the research and findings he's discovered whilst writing The Successful Mistake. Providing behind-the-scene access to the book itself, and breaking down what separates the best-from-the-rest, and how they overcome adversity (and transform failure into success).