Here at Rental Beast, we’re dedicated to simplifying every part of the leasing process and making sure agents of all levels are ready to capture their care of the $12 billion in available leasing commissions. However, even the most well meaning and seasoned real estate agents can make these common mistakes and can end up losing out on good business. Scroll down to see 10 mistakes that cost real estate agents business and how you can avoid them!
Mistake 1: They don’t pick up the phone
This might seem like an obvious step, but always pick up the phone! One of the mistakes that cost real estate agents business is a failure to get over phone phobia. Of course, talking on the phone can be stressful—without a person in front of you, judging social cues can be difficult, and talking to a client can always feel high stakes. The best way to conquer phone phobia is just to bite the bullet. Hop on the phone and start getting comfortable using this way to talk with clients.
Mistake 2: They assume leads are dead
Real estate agents can lose some important business by assuming that a non-responsive client is simply not interested. If you haven’t heard from a client after a preliminary text, it’s not time to move on yet! Your leads are busy (like you!) They may not reply because they miss your call or are away from their phone for a few hours. Don’t lose out on good business. Always make sure to reach out a second (and a third) time.
Remember, though, don’t waste your time! If a lead doesn’t respond to three of your calls and emails, it’s safe to say that they’re not looking for the help of a real estate professional.
Mistake 3: They don’t ask important lead qualification questions
Getting a lead is important—you’ve worked hard to get it after all!— but make sure to ask the right qualification questions to make sure your client is someone you want to work with. Another one of the mistakes that cost real estate agents business is failing to make sure their leads will become the right clients.
Make sure to ask these three important questions:
- When are you planning to move?
- Do you currently have a contract with another agent?
- When you fill out the rental application, you’ll be asked about your credit score. Do you foresee see any problems with that?
If a renter has a timeline that is unrealistic for your market (for example, they want to move in months and apartments in your area rent after only weeks on the market), if they have an existing contract with another agent, or if their credit score will not realistically get them into an apartment, it’s not wise to take the client. Your time is valuable.
Mistake 4: They don’t use an outreach scheme
An important part of following up is employing a detailed out-reach plan. Set reminders of when your client’s lease is set to expire and, when you’re a month out, call them and let them know you’d love to talk about getting them into a new place.
Rental Beast’s powerful, customizable CRM has customizable outreach plans build-in. Simply go to your settings and let us know when you’d like your lead to be contacted and with what message!
Mistake 5: They don’t reach out to landlords
A great part about working with rentals is that you get to communicate with landlords often. Securing an exclusive listing can be an important part of your business and can make sure you have consistent cash flow throughout the year. The same way to continue to contact your clients after you’ve helped them find homes, contact the landlords who you work with. Not following up with landlords or seeking to establish relationships with them can cut you off from accessing this stable source of income.
Mistake 6: They don’t vary their lead generation schemes
The top agents use every channel available to them— social media posting, Craigslist posting, in-person networking, working referrals. Don’t become over reliant on one channel of lead generation, make sure that you’re firing on all cannons. At least, for a while. Always make sure to optimize and don’t waste your time on a channel that’s not working for you.
Rental Beast makes it easy to share listings. With only a few clicks, you can post any property you want on Facebook and Craigslist to mine your current sphere of influence and get in front of new people. Our syndication of listings to Facebook Marketplace and realtor.com also gets your listings in front of digital apartment hunters.
Mistake 7: They aren’t consistent
Remember—there’s no magic bullet to lead generation, so wait enough time to make sure that the methods you are using are getting you the results that you need. Social media, especially, can seem like a massive waste of time in the first few months. But stick with it! After six months of a consistent lead generation scheme, step back and reevaluate it. But, your assessments won’t work unless you’ve been consistent.
Mistake 8: They don’t analyze their performance
The first step is to vary your lead generation schemes, the second is to stay consistent, and the third is to step back and analyze everything. Which of the lead gen sources listed above is working well for you? Which ones seem to be wasting your time? After consistent use on various channels, it’s time to reflect. Look at your statistics and how this fits into your timetable.
Mistake 9: They don’t bounce back quickly after rejection
It’s tough out there for real estate agents! Many struggle to stay in the business and end up churning quickly and leaving the industry. You might get rejected a few times by a few leads; sellers might not renew their contract with you; that great deal you just organized can go south. Its all painful and fraught, but try to bounce back quickly after rejection. Approach every interaction you have with a new customer with a positive outlook!
These mistakes real estate agents make might seem tricky to avoid, but follow the steps above, and get ready to out there and crush the real estate game? Rental Beast is the SaaS platform dedicated to simplifying the whole rental process. We offer subscribers access to the nations largest database of rental listings (all of them with no co-brokes attached), a powerful, customizable CRM, a lightning fast rental application engine, and education for agents of all levels. To learn more about the Rental Beast platform or to request a no-obligation demo visit Rental Beast for Real Estate Agents.