5 Common REALTORⓇ Mistakes: A SMART Perspective on Best Practices

In the fast-paced world of real estate, mistakes can be costly. Though no one is perfect, and no real estate transaction is seamless, there are common mistakes that can be avoided. A SMART real estate professional is committed to embracing tried and true strategies to give their clients the best outcome possible. Let’s explore a handful of common mistakes made by agents and brokerages and how to avoid them.

Neglecting Digital Presence

In today's digital age, having an online presence is non-negotiable for many industries. Real estate is no different. However, agents and brokerages often make the mistake of underestimating the power of digital marketing. A SMART business sees the value of a clear website, active social media profiles, and being ‘findable’ online. This doesn’t mean you have to be a technology wiz, but nailing the basics can help. If you’re not sure where to start, here’s a helpful guide.

Overlooking Customer Relationship Management

Speaking of data, a Customer Relationship Management (CRM) tool is pivotal for success in the real estate industry. Yet, many agents overlook this crucial aspect, missing out on opportunities for repeat business and referrals. All an agent has to do to be successful is to do a good job serving others (the “Do Good” core competency of SMART Real Estate Consulting) and then Stay Top of Mind (the second core SMART competency). A CRM tool is crucial for that Staying Top of Mind part of the equation.

CRMs also provide helpful reminders to touch base with clients, like congratulating them on home-anniversaries, or checking in to see if they’re still loving their home. Implementing a CRM system will help build and maintain strong relationships, which can lead to a steady stream of referrals and return clients.

Failing to Leverage Data Analytics

Data is the most reliable method of informing the decisions you make in your business. Often platforms that real estate agents or brokerages use to promote listings, attract buyers, or communicate with their database are full of valuable information. For example, the aforementioned CRM can track the history of properties a client has shown interest in, viewed, or purchased. This data can help agents understand a client's buying behavior and preferences over time. Similarly, there is a wealth of market data that can be crucial to helping your clients find success. Your MLS, local real estate associations, and trusted online sources like NAR, ATTOM Data Solutions and others, have valuable data to inform buying and selling decisions.

Setting aside time to check data should be part of your regular work flow. Even if you only carve out an hour or two monthly, this continued education will help you make informed decisions, better understand your local real estate market, and ultimately, better serve your clients.

Inadequate Property Presentation

Everyone knows visual appeal matters, but many agents still make the mistake of not presenting properties in their best light. We’ve all seen grainy photos on Zillow that make even beautiful homes look dark and dingy. Low quality property photos and lackluster descriptions can deter buyers. Invest in professional photography, create engaging property descriptions, and consider using virtual tours or 3D imaging to showcase properties effectively. A polished presentation can make all the difference in selling your property for what it’s worth.

Ignoring Ongoing Learning Opportunities

The SMART approach to real estate emphasizes the importance of ongoing education and professional development. Some real estate agents fail to recognize this and stagnate in their careers. There are constantly new tools and techniques at our fingertips - but learning and retaining these tips and tricks takes time. Stay current by exploring training, coaching and consulting opportunities. Attending industry seminars, webinars, and workshops and embracing new technologies help you stay informed about evolving real estate laws and regulations. Continuous learning will keep you competitive in the market.

As with anything in life, we learn by our mistakes, but some are easier to avoid than others. By maintaining a strong digital presence, leveraging data analytics, nurturing client relationships, enhancing property presentations, and prioritizing ongoing education, you can position yourself as a SMART REALTORⓇ or brokerage who consistently delivers value to your clients and ensures your long-term success in real estate.