6 of the Worst Income Wrecking Mistakes Agents Are Making in Today’s Market (And What to Do to Turn It Around!)
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Does it seem like everything is harder right now? Correct these easy-to-remedy common mistakes and unlock your momentum. There are deals everywhere, but you have to be more disciplined, more skilled, and more savvy to find them now that the market has shifted away from FOMO.
The good news is that once you correct course, you can easily get back into your groove.
Top 6 MISTAKES (and how to fix them asap!)
#1. Playing the waiting game. Waiting for the market to crash, waiting for interest rates to come down, waiting for inventory. Waiting doesn’t get transactions into your pipeline, nor does it help your clients and prospects achieve their goals.
REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris’s favorite PROBATE LEAD PROVIDER? Simple, https://alltheleads.com/harris
You must take control of your day, week, month, quarter, and year in order to defeat the waiting game! Say this at least 10 times! : “If it’s meant to be, it’s up to me!”
- Accept the fact that there are zero indicators that the market is going to crash. Zero. While there are some price ranges in some markets, this year is set to close with between 5 and 9% increase in home values. Low inventory, stable demand, lots of new construction, and rising prices are not indicators of a housing crash. If any of this changes, we’ll let you know.
- Interest rates will eventually get lower, but are not likely to go below 5.5% to 6.5% maybe even for the rest of your career. Stop wishing for the old market and embrace the new market.
- Learn about several ways to achieve a lower rate and lower payment. Refer to last week’s podcast about 3 ways to achieve lower mortgage interest rates. Learn about what the builders are doing; many new home loans are closing in the mid-5 %’s right now. Take action to find out where in your market this is happening!
#2: Expecting your buyers to send you what they want to look at versus finding the right homes for them yourself!
- Get and use the Buyer Presentation, which drills down on specifically what your buyer clients desire in their next home. What’s a deal maker and what’s a deal killer? Are both people on the same page if you’re working with a couple? Can you handle objections like: ‘I want to wait for rates to come down, or prices, or both?’
- Once you know what they need, that they are motivated and qualified, it’s YOUR JOB to find them the right home. Think out of the box! Refer to our podcast series about how to find inventory. Consider changing the type of property, and the price range (sometimes going down- market can actually find alternatives), expanding the geographic search, or looking at new construction.
#3: Not having enough leads in the first place. If you’re struggling with lead generation, it’s time to get some help before it’s too late. Now more than ever, it’s critical that you generate more leads than you think you need in order to do the business you need to do!
Ready to become an EXPIRED Listing Agent? As promised, here is the discount link for the EXPIRED LISTING LEADS: https://www.redx.com/affiliate/tim-and-julie-harris/?aff_code=670699
Sign up for Premier Coaching so our Harris Certified Coaches can help you! They’ll start by asking some specific questions like:
- Where did your past 5 transactions come from? Was it luck and hopium or did you connect with those clients through a proven system or strategy?
- How many leads do you have in your pipeline? (You may have a lead-conversion issue versus a lead-generation issue).
- Where are you spending money to generate buyer and listing leads and what is your conversion ratio?
- How many contacts are you making daily, where you are speaking with decision-making adults about real estate?
#4: Spending too much time chasing down your prospects to set the next appointment. (Especially buyers).
- After a showing appointment where your buyer is NOT writing an offer, ALWAYS set the NEXT appointment before they leave the one you’re just ending. Set it for a couple of days out so you have time to find the next homes to show. Drill down further to find out what they liked or disliked about what you just showed them. ‘It’s just not for me’ doesn’t help you find what they’ll really like.
#5: Not knowing about new construction. With more than 30% of available homes for sale being new builds, you’re doing yourself and your buyer clients and prospects a disservice by remaining ignorant about this source.
- Use NewHomeSource.com and your own Google search by town or zip code, and find out which builders are building in your area. Start your own file or google sheet where you are tracking: Builder / Developer, Price Range, type of homes, special financing, spec homes, name of sales reps, etc.
- Match your buyer clients with the right new construction and accompany them to check it out! (Before they do without you) Register them and don’t be surprised if they want to buy a new home. Then lather, rinse, repeat! Refer to our podcast about 8 ways to make money with new construction.
#6: Ignoring open house opportunities. One of the best things about having low inventory is how well open houses work at generating both listing opportunities as well as tons of buyer prospects.
- Host open houses (following our proven system) every weekend until you have at least 3 close-able buyers and/or seller clients. Get them in contract, then lather, rinse, and repeat. Turn your open houses into a predictable and proven source of business.
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