Avoid in Real Estate – Everyone makes mistakes in their business. Some learn from them while others continue making them repeatedly. If you’re interested in knowing the deadliest sins you can make in your real estate business, and how to correct them, we have compiled a list below to help you get back on track.
1. Pride
You may wonder how pride occurs in the real estate industry. It can show up in many ways. Perhaps you no longer feel the need to thank your clients for their business or show you’re grateful to the buyers who purchased your listing. This especially happens to agents who have an excellent standing in their community and have been selling homes for a long time.
Another example of pride is not asking someone for help when you need it. The real estate business has so much paperwork from when you list a home until after the closing. One little mistake can cause you to lose your business and, in some cases, may lead to criminal charges. If nothing else, set your pride aside to make sure you comply with the law.
A few simple ways to avoid pride is
- Asking for help when you need it
- Avoid taking listings that you don’t specialize in
- If you can’t fulfill the buyers or sellers needs, don’t represent them
2. Greed
Greed comes in many forms; the most common is being obsessed with getting more and more money. Other examples of greed include a person who takes all of the credit at work or someone who is unwilling to give up customers even when they are overwhelmed. The best way to describe greed is for anyone who wants to have more than what others have.
Examples of greed in the real estate market can show up as attempting to talk individuals into buying homes that are outside of their price range. This ends up with buyers who apply for mortgages outside of their price range, and even if they are approved, they may end up not being able to make their payments. If that happens, it creates unnecessary burdens on the buyer and their family.
Greed can also come up in refusing to recognize how technology can help improve your business. Perhaps instead of trying to be cheap and do your marketing yourself (thinking you’ll save), which can cost you more in the long run due to not doing things properly or efficiently, why not hire a marketing firm to grow your real estate business?
3. Gluttony
Gluttony and greed are very similar. The main difference is that gluttony comes from what you gain from being greedy. This causes you to overspend and live way beyond your means. In most cases, when greed and gluttony partner together, you’re probably losing your real estate business.
A few signs of gluttony are when agents don’t tell their sellers they are overpricing their homes because they can’t see beyond the significant commission. This is counterproductive because it causes the house to stay on the market longer, and the seller may choose to go to another agent. Gluttony can also come from the seller. They may be the one who wants to sell at an unreasonable price. If this is the case it’s probably best to walk away from the seller instead of taking on a listing that’s not going to sell.
4. Lust
Lust in the real estate business may sound a little odd. Think of it as ignoring your business to engage in other activities. Now, everyone needs a break, but too many breaks can lead to a failing business.
One way you can engage in lust is by refusing to learn something new about the business. Real estate laws change frequently, and so do the ways people are looking for their homes. If you become stagnate or don’t do your due diligence, you’ll end up falling behind.
The lust for money can also become a downfall. Perhaps you’re so worried that if you take a vacation, you may lose some business. The truth of the matter is that everyone needs a break to prevent burnout.
5. Sloth
A real estate sloth is simply avoiding doing the work to make your real estate business successful. Maybe an agent sits around complaining instead of doing anything to change or become better. The agent who avoids calling clients risk losing their clients to an agent who does make them a priority. The best thing you can do is make sure to call your clients to check on them.
While you can make many other mistakes in your real estate business, this list will let you know a few that many others have made. The most important thing you can do for your business is to stay in touch with your customers. Happy customers will remember how well you treated them and tell their friends and family about creating more clients for your business.