The 5 biggest challenges real estate agents face (and how to fix them)
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Loading... - Ownkwani Mbuthia
- 08 Aug 2022
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A few of the difficulties that real estate professionals around the world are dealing with are changing environmental conditions, fluctuating political environments, volatile markets, increasing purchase rates, and changing technological developments. So, here are the 5 biggest challenges real estate agents face and how to fix them
Ask your typical agent for a list of their biggest challenges, and you’ll invariably hear many of the same answers repeated.
Whether you agree or not, the challenges listed here affect solo agents and real estate management companies in one way or another. Some of them are unique to real estate, others apply to just about any industry. But the solutions offered are practical and can be implemented even by agents without a lot of experience.
1) Low Inventory
It’s pretty simple: without inventory, you have no income. No income means no business. Finding listings in a low-inventory market, however, has become a challenge even for agents with years in the business. New agents, especially, will find it a challenge to find sellers. Of course, you can’t gain experience if no one lists with you! This is why you have to shift your focus. In other words, if the fish aren’t biting, go where the fish are!
Solution: Expand Your Sphere Of Influence.
Referrals are the best source of leads in any market. They’re even more crucial to your business when inventory is low. Sellers are far more likely to trust a referral over a stranger when buyers are hard to come by. And given that most sellers solicit only 1 agent, expanding your sphere of influence should be your top priority.
2) Growing Online Competition From Listing Portals
The growing popularity of listing portals and the increase of homebuyer and renting apps have limited agents’ roles, but have not eliminated them. The success of these user-centric brands with digital home shoppers is a clear sign of what the future holds for real estate:
· Users will seek out an agent at increasingly later stages of the buying cycle.
· Digital advertising will become more effective
· Social networks will be crucial for finding referrals.
Solution: Becoming active online and on listing platforms, also look into launching a website or blog.
A comprehensive website for your community is a great way to compete with the larger brands and more seasoned agents in your industry. Getting your name and brand know by a lot of people helps you become visible when there’s a general or specific search for agents. Read More…
