Realtor mistakes that derail business (and how to avoid them)

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In April, one of Inman’s most popular recurring theme months returns: Back to Basics. Throughout the month, real estate professionals from across the country share what’s working for them, how they’ve evolved their systems and tools, and where they’re investing personally and professionally to drive growth in 2022. It’s always a good idea to go back to basics with Dans homme.

Adam Hergenrother is the founder and CEO of Livian. He believes that business is nothing but a vehicle for personal growth and adheres to the company vision of Love How You Live. When he’s not leading and developing his organizations, you can find Adam either in the mountains or in the wilderness with his wife and three children.

In the life cycle of any real estate agent, there will be seasons of turmoil and seasons where agents can slow down and slow down. But either way, it’s a choice.

Regardless of what happens in the market, agents have the power to control their market. Agents control how they present themselves every day. They can choose how much business they want to do and whether or not they are willing to do what it takes to get that business.

That’s the beauty of being a realtor – you’re the CEO of your business and your life. Your success is entirely up to you. Sure, you can have a world-class real estate platform and team behind you (and I hope you do). But at the end of the day, you still have to show up, make calls, meet clients, negotiate deals, and sell homes.

It can be a very empowering thought to know that your success is entirely up to you. It can also be terrifying. It’s easy for agents to get sidetracked, lose focus or momentum, or not know what steps to take next to keep growing.

The good news? There are some things you can implement today, right now, to avoid getting lost or, if you get lost, to get back to business quickly.

Of course, the best-case scenario is to be aware of these potential obstacles and create systems in your life and business to avoid them altogether.

Here are five ways agents often go astray and how to avoid them.

1. They stop generating leads

Once agents have “enough” customers to work with, they often stop generating leads, or generate as many leads as before. If they stop doing the business that got them all this business in the first place, their well will dry up before they know it. This is probably the biggest mistake I see with real estate agents and why their business goes up and down, up and down, for years.

Take action: Create a lead generation schedule and stick to it. Lead generation is all about consistency. Yes, there will be times when you need to generate leads for five hours a day, but in general find a time you are willing to commit to the task and then stick to it. One hour of lead generation a day for 12 months is better than 12 hours a day for a month.

2. They attack the shiny object

The most successful real estate agents over time are those who stay consistent and are committed to mastering the boredom of success. I understand that it’s a lot easier (and more fun) to try a different lead generation activity each week, but you have to ask yourself if it’s really a lucrative business or just a distraction. . (Hint: Usually this is a distraction.)

The grass isn’t always greener on the other side. Stay focused on growing your own garden.

Take action: Figure out what your top three lead sources are, focus on those, and double down if necessary. There will always be new CRMs, new referral programs, new graphic design program or new social media platform. If they’re not among your top three sources of lead generation, forget about them and stay focused on what works.

3. They don’t have a morning and evening routine.

How you start and end your day is so important in setting you up for a productive day, as well as helping you wind down for a good night’s rest, which of course leads to a better day ahead. Everything works together to make you the best version of yourself.

I’m not saying you have to have a three-hour meditation, journaling, and exercise routine here — but if you do, you’ll be more empowered. What I suggest is that you intentionally think about how you want to start your day and what activities give you the most clarity and energy to take on the day ahead. It’s much easier to stay on track when you’re mentally, physically, and emotionally fit to do so.

Also, be intentional about how you end your day.

  • How do you complete your work?
  • Are you creating a quick list of what you need to tackle tomorrow?
  • Do you have a relaxing bedtime routine or do you collapse into bed at midnight?

By creating these bookends to your day, even if you start to slip up throughout the day, you’ll always know you have these two opportunities each day to reset and get back on track.

Take action: Create your morning and evening bookends. At the very least, intentionally think about how you spend the first and last 15 minutes of your day. What can you do during this time to create the most clarity and energy for yourself?

4. They stop learning and growing

Needless to say, the real estate industry and the economy in general are changing faster than ever. Agents must stay current with marketing trends, the global economy, local market data, technology tools and more. If ongoing training and a commitment to personal and professional growth aren’t part of an agent’s weekly routine, they can go astray very quickly these days.

Additionally, I can’t stress enough the importance of working on your personal growth as well – whether it’s leadership, resilience, time management, a growth mindset, communication, decision-making or your outlook on life. If you don’t grow, you die; There is no intermediate solution.

Take action: Subscribe to various e-newsletters (Inman and Morning Brew are two of my favorites) and read them daily. Listen to podcasts, read books, hire a coach, take online training courses. Whatever you choose to do, commit to never stop learning and growing. It’s one thing that will always help you stay on track – or get you back on track when needed.

5. They leverage too early

When agents start to see consistent success, they often start thinking about what they can stop doing and what they can leverage and delegate to someone else. I’m a big fan of leverage and generally like this way of thinking.

However, it’s so easy to get sidetracked by leveraging too soon, especially with sales activities and customer relationship management. A successful real estate career and business means you need to be prepared to play for the long haul.

When agents take advantage of their clients or their real estate team too soon, it’s usually because they want to engage with another business opportunity. Say, for example, they start a property management company, then a staging company, oh, and they also start a coaching company.

Again, I’m for leverage and growth. But doing it too soon, chasing after another company’s shiny object when your current team isn’t completely stable without you, creates chaos (and often insufficient profit margins) in any business. I know how tempting it can be to want to move on to a new adventure. However, it is essential that your real estate business can operate with the profitability you need without your daily involvement.

It’s not as simple as finding a great agent. More often than not, I’ve seen that the main agent – you – will need two or three excellent agents to replace the production you’ve been doing.

Take action: If you know that at some point you don’t want to be involved in day-to-day sales activities, start recruiting and interviewing today. Partner with multiple agents and work diligently to train and mentor them.

Make sure your team has a solid foundation, is fully operational without you, and is making even more sales than before before moving on. The key here is to slow down, create a plan, and be strategic in order to create a sustainable and scalable business.

Remember that your success in real estate depends only on you. If you’re aware of the common issues that derail agents, you can put proactive plans in place today to help you avoid them. You will then get a little closer to the life and business that suits you best.

Adam Hergenrother is the founder and CEO of Livianthe author of The Founder and the Force Multiplierand podcast host, Business meets spirituality. Learn about Adam’s businesses and culture here.

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