In this day and age, being a real estate agent isn’t easy. There are just so many things affecting the industry that make it much more difficult to succeed than ever before. This includes everything from environmental changes to advancements in technology. Therefore, there’s a number of challenges real estate agents face and knowing how to overcome them is the key. In fact, being able to face these challenges the right way is what can make it or break it for your career as a real estate agent. That said, chances are you’re wondering what exactly are the biggest challenges facing real estate agents. Here are five of them that you should know more about.
Growing Online Competition
There’s no doubt technology has made our lives much easier. After all, there are apps that allow you to order food delivery and you can chat with people from another part of the world at all times. However, some technological advancements also have a negative impact on some aspects of our lives. For real estate agents, apps that allow you to list property have limited their role. The good news is, these apps haven’t eliminated the agent’s role and you can still succeed as a real estate agent. In fact, you can embrace technology and use it to your advantage. This means you should design a website of your own or even build an app you’ll use to attract clients. Of course, using social media is a must, as platforms like Facebook and Twitter allow you to share news about the industry. The more you do it, the better your online presence will be, which can lead to some valuable sales and give your career a real push.
Building a Database
Real estate is one of those fields where having a database for leads and referrals plays a huge role in how well you’re going to do. However, most agents overlook this and only focus on immediate sales. They fail to follow up with their clients after a sale has been made and rarely get back in touch with their clients. In fact, studies have shown that only 25 percent of agents manage to get referrals from their past clients. To make things worse, it has been shown that this can make them lose almost about 50 percent of their annual revenue. So, if you’re a real estate agent, building your database is a must. Even though it’s a time-consuming process, you need to do everything that’s in your power to stay in touch with your past clients. Add them on social media and ask them how they feel in their new house. Also, send them an email to promote your next listings. They might just know someone who wants to buy a property and they might forward the email to them.
If you’re a real estate agent, your financial situation heavily depends on the property market. We’ve all seen what an economic crisis can do to the world of real estate and it’s always a good idea to put your money into something else as well. Find something else to invest in and you’ll depend less on the government and the real estate industry. After all, there’s a reason why investors prefer to diversify their portfolios as much as possible. Most real estate agents don’t know how to do this which is why they end up buying properties and expecting it to help their financial situation. However, diversifying and investing in gold, for example, is a good idea. Precious metals such as gold have a history of maintaining their value and you’ll never have to worry about losing your money. In fact, you’ll be making a significant profit while also making money through your commissions.
With the way things are at the moment, finding sellers can be tough. This is especially the case for inexperienced real estate agents. They’re less attractive to homeowners who want to make as much profit as possible from selling their home which is why they prefer working with agents who’ve been operating for years. The problem is, you can’t gain experience if you’re unable to find sellers to work with. If this is the reason why your career has been stuck, trying to expand your sphere is a great idea. You want to label yourself as the neighborhood expert and the best way to do it is to connect with local businesses and have them recommend you to their customers and clients. In exchange, you can include them in your blog posts or give them shoutouts on social media. Once you land your first few clients, you’ll attract new ones much more easily.
Adapting to Technology Trends
We already talked about technology above but there’s a whole another aspect of it that might affect your career as a real estate agent. Homeowners feel more comfortable working with tech-savvy real estate agents, which makes staying on top of the most recent tech trends a must. But if you’re more of an old-school agent, you can find adapting to these trends extremely difficult. Maybe you’ve heard about SEO and search engine algorithms, but if you’re not able to make the most of these things, your career will suffer. While you can rely on the web to find all the information you need, it’s also recommended to connect with a local IT expert and have them provide you with all the advice you need. They can even get most of the job done for you. For example, they can set up and maintain your website for you while also working on improving your SEO ratings.
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Being a real estate agent isn’t the same as it was a few decades ago. There are a number of challenges real estate agents face and only those who’re ready to adapt will be able to succeed. Have all this in mind and giving your career a boost will be much easier. You might just end up leaving your competition behind achieving your career goals.
This article has been contributed by Diana Smith.