Why do so many real estate teams (and brokers) fail? Not for the reasons you may think. Fact is most teams fail because of these top 8 reasons. On todays show Tim and Julie Harris share with you the first 4 reasons:
1) Profit. Most teams (and brokers) are making virtually no profit. Its become normalized to have 2-3% net profit margins. For that reason, Profit Should Be Your Primary Product of your real estate business.
2) Another normal mistake that teams and brokers make is they DELEGATE and then ABDICATE. In other words, they delegate, but then give up responsibility (or at least high level oversight) of the task.
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3) Most teams and brokers don’t know how to proactively generate their own leads. By choosing to not be a proactive lead generator (vs. a passive lead generator buying leads) they are beholden. Beholden to the ebbs and flows of whatever passive lead generation widget they employ. They accept spending virtually all of their money to buy leads because they have never learned how to generate their own.
4) A huge common mistake is delegating a task before you have personally mastered it. There are critical activities in the real estate business that must be done at the highest level. Proactive lead generation, prequalifying, going on appointments (how to actually be competitive on listing appointments), Negotiating and closing. When any of these 5 critical activities aren’t done at the highest level the business will suffer.