Luxury real estate agents are held to a higher standard, even though every one of our clients deserve the best possible service that the agent can provide, regardless of the price point. The list below contains five behaviors that can undermine your real estate business, regardless of what price range that you serve. If you are engaging in any of these, there's no better time than right now to stop.
1. Failure to delegate
Are you doing $8.00 an hour tasks? Are you poor at doing the paperwork and the filing? If so, your luxury real estate business will suffer. The best agents recognize what they do well and they delegate the rest. This gives you more time to do lead generation and it also reduces your stress because you're not engaging in behaviors you hate doing.
2. Lack of reserves
Clients are like people who date. They have finely tuned radar that allows them to recognize people who are desperate. If you're struggling with living from commission check to commission check, start looking for places where you can cut expenses as well as what you can add to your business that will generate more income. Get in the habit of allocating at least 10 percent of every commission check to reserves until you can safely go for a year without closing a deal.
3. Burnout
This is one of the most serious issues luxury agents face. Let's face it, the luxury market has been a mess due to the lack of financing as well as the high percentage of short sales. If you're experiencing burnout, take steps immediately to take better care of you. Schedule more time off--this means creating at least one day a week that is a "real estate free day." If you struggle with taking off a full day, then take off Friday afternoon and Sunday morning. Spend time with loved ones, take part in your favorite recreational activities, and carve out time for quiet time to read or just relax without anyone else around.
4. Failure to keep learning
With all the technology changes coming at us fast and furious, you absolutely have to keep learning to stay on top of your game and to be competitive. Learning doesn't just have to be taking courses or reading. It can be exploring a new recreational activity or trying something you have never tried before. There's always something new to learn and every transaction brings some new piece of information about how to do your job better. Seek knowlege and dont' be afraid to ask help from those who know more than you do. It's how you grow.
5. Failure to maintain "luxury standards"
The best agents take responsbility for their actions--they don't blame others, even when someone else is at fault. Instead, they approach their business as providing solutions for their clients. Futhermore, you never discuss your clients or their situation with anyone else--period. Their business is their business--not anyone else's. Luxury standards also means doing everything with the finest quality--this means that your marketing materials are top notch and so is how you present yourself professionally.
Finally, it also means having clear cut boundaries about the way that people treat you. If someone doesn't treat you with respect or meet your quality standards, refer them to another agent. While this may sound harsh, you will attract a much higher quality clientele. Saying "No," to the wrong types of clients is one of the smartest moves that you can make for your business.
Posted by Bernice Ross, CEO RealEstateCoach.com. This week at RealEstateCoachRadio.com our guest is Jimmy Mackin, the founder of the Real Estate Tech Support Group and a super sharp Gen Y who will be sharing "An Agent's Guide to Working with Gen Y." Here’s what he will be covering:
Monday: Don't Waste Your Money Advertising to Us
Tuesday: People Share Awesome
Wednesday: We Get Our Information from Each Other
Thursday: Fans and Followers Don't Buy Homes—People Do
Friday: Being First is Overrated