There are more than 6 mistakes, but these are the top ones:
Relying on Referrals
For a new Realtor with no experience this can break your spirit and your bank account, but your raving fans will refer you based on your character and how they perceive you. After the first year or two a Realtor generally will get 60 – 80% of their business from referral, but only if they have a system to earn referrals. New Realtors cannot rely on their sphere of influence as much and will have to employ strategies to identify and attract new clients.
Relying on Networking
Networking can also be a good way to attract new leads, but it is also time consuming and can take a while to bear fruit. The best form of networking is open houses. Sit at as many as you can.
Competing on Commission
The key to success in running your business is to ensure your revenues exceed your expenses so discounting is a slippery slope. As a “consultative marketer” you are justifying your commission every step of the way and there should be no need to discount. In a sustainable business model price shopping clients are loyal only to rock bottom prices – they have no loyalty to you.
Relying on your Name and Reputation
Unless you are in constant contact with your sphere of influence they will soon forget to refer clients to you. Not because they don’t like you, but because they forgot about you. It is not your client’s responsibility to provide you with a steady stream of referrals. You must stay top of mind in a balanced way.
Curtailing Marketing When Business is Good
A successful Realtor implements their marketing plan month in and month out regardless of their success, because as fast as the hopper filled it can empty even faster. A systematic marketing plan will generate leads on a consistent basis regardless of the state of the economy and overall market.
Focusing Marketing Material on Details Rather Than the Big Picture
Everything your prospects see has to have a headline and a call to action. All marketing material must be consistent and grab attention. If you can’t get their attention, they won’t read the piece.
Contact us at Limelight Marketing to learn how we can help you avoid these mistakes. 604-618-5512 or toll free 1-800-568-8338 or email info@limelightmarketing.ca.