Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
If you’re not performing at your best, it may be time for a tune-up. Many agents face common pitfalls that drain their time, energy and profitability. If you’re ready to rid your business of costly business traps that are dragging it down, here’s what to do.
TAKE THE INMAN INTEL INDEX SURVEY FOR NOVEMBER
These 12 traps may cost you money and personal peace, while these action steps will help you to turn inefficiencies around and start banking on a more profitable business plan for 2025 and beyond.
Trap No. 1: Refusal to delegate weaknesses
Are you stuck handling data entry, updating your website or performing tasks you find tedious? Refusing to delegate such tasks limits both your time and your productivity.
Action step No. 1
If delegating feels daunting, start small. Consider hiring task-specific freelancers or VAs for data entry, handling errands, or doing your grocery shopping. This frees up your time to do more lead generation and provide a higher level of customer service to your clients.
Trap No. 2: Inconsistent lead generation
Top producers have one trait in common: they’re relentless about lead generation, whether through digital and social media follow-ups, calls, mailings, or door-knocking. The trap for most agents is that they get so wrapped up in existing deals that they neglect to engage the lead generation pipeline that feeds future deals.
Action step No. 2
Make lead generation a non-negotiable part of your daily routine. Spending 30 minutes a day on call, social media engagement, or networking can keep the lead pipeline flowing. Also, be sure to schedule specific times to follow up with existing clients as well as stay in regular contact with the people in your database.
Trap No. 3: Failure to keep pace with technology
Today’s buyers and sellers expect digital tools and solutions, including taking advantage of AI solutions. Platforms offering automation, client insights, and analytics can significantly streamline your workload and enhance client satisfaction. Staying on top of tech trends keeps you competitive and helps you grow your business more efficiently.
Action step No. 3
A simple strategy for converting buyer or seller leads when you first meet them is to install NAR’s RPR app on your phone. The app allows you to immediately pull up a beautiful 15-25 page color report about any property in which they are interested. To send them the report, you need their phone number or email—either way, it’s instantaneous lead conversion.
For ideas on how to generate off-market leads that are likely to sell using the most advanced AI software, check out: “An entirely new way to create listings where there are none.”
Trap No. 4: Failure to track your personal metrics
Real estate has traditionally been a relationship business. If you’re not tracking your lead generation, lead conversion, and ad performance analytics, you’re missing out on valuable insights about where to focus your spending as well as identifying what’s bleeding your profits.
Action step No. 4
Most CRM systems provide data analytics to help you track and evaluate what is and is not working. If you’re not tracking these metrics, you may be missing out on valuable insights about how to best allocate your spending to achieve maximum profitability.
Trap No. 5: Using direct mail or brochure boxes without a digital lead conversion strategy
If you’re still using brochure boxes in front of your listing with only your phone number on the brochures or using direct mail without a QR code, you’re wasting your money.
Action step No. 5
Every print marketing piece you use should have a QR code. For your Just Listed or Just Sold postcards, use the QR code to provide more information about the listing as well as promoting your other listings in the area.
If you’re using brochure boxes in front of your listing, post a QR code on the brochure box that immediately provides the person with all the information about the property. Best of all, when the person clicks on the QR code, the company immediately sends you their phone number so you reach them almost instantaneously.
Trap No. 6: Failure to engage in continuous learning
Almost all top producers are avid learners. They’re constantly listening to podcasts, attending conferences and webinars, as well as reading/listening to self-help and business books. The reason? They’re looking for that one tip or new technique that will give them an edge against the competition.
Action step No. 6
Attend industry events, participate in webinars, and regularly read about real estate trends and best practices. In addition, learning from experts outside the real estate industry can also spark fresh ideas. For example, adopting sales techniques from high-performing tech companies or customer service methods from the hospitality sector can give you an edge. The bottom line: staying curious and willing to try new strategies and techniques will help you create and maintain a lead over your competitors.
Trap No. 7: Poor self-care
The Law of Attraction says, “We attract who we are.” If you’re exhausted, overworked, and surviving on caffeine, you’re more likely to attract stressed-out clients. Working with these high-maintenance clients can harm not only your business relationships but your health as well.
Action step No. 7
Schedule your self-care times before you schedule anything else. Even more importantly, keep the appointment. Whether it’s taking time to exercise, to regularly enjoy dinners with family or friends, or taking the entire weekend off, you’ll return to work refreshed, with a clearer mind for tackling challenges. In fact, even one full weekend day of quality rest can boost your productivity throughout the week.
Trap No. 8: Inefficient communication and time management
Emails, calls, and texts can quickly fill up your day, leaving little time for strategic tasks. Inefficient communication is a major productivity trap.
Action step No. 8
Streamline your workflow by setting specific times to check emails. You can also use your CRM to track and organize your client and lead generation communications. (If you don’t have a CRM, it’s time to get one!) Implementing automated reminders for follow-ups can also help you stay on top of tasks without constant juggling.
Trap No. 9: Not setting boundaries with clients
Without clear boundaries, clients may expect you to be available around the clock. This can increase your stress, which can quickly lead to reduced productivity and exhaustion.
Action step No. 9
Setting boundaries, such as specific hours for responding to non-urgent emails and phone calls, helps to protect your time. When clients know when they can expect a response, they’re less likely to contact you outside of those hours. This results in fewer interruptions and allows you to stay focused on growing your business and enjoying your time off.
Trap No. 10: Lack of focus on your client’s ‘customer experience’
Many agents underestimate the impact of their clients’ experience during the transaction. This has a huge impact on repeat and referral business.
Action step No. 10
Regularly create memorable interactions such as follow-up gifts, check-in calls after closing, or educational content. These can make a lasting impression that strengthens relationships as well as lead to future repeat and referral business.
Trap No. 11: Poor financial management
A common trap for agents is they either fail to stay within their budget or they don’t even have a budget. The result is they waste precious funds on marketing that is not producing results, tech they’re not using, or other activities that are both time and money wasters.
Action step No. 11
At least once a month, take time to evaluate your spending for the last 30 days. Track
where every dollar is going. Allocate funds to the areas that generate the highest return, like targeted digital ads or client appreciation events. Keeping an eye on finances ensures you’re maximizing profitability without incurring unnecessary costs.
Trap No. 12: Failure to fully leverage the power of social media
Social media is one of the most cost-effective marketing tools available, yet many agents fail to leverage it fully. It’s one of the very best ways to strengthen existing relationships as well as build new connections.
Action step No. 12
Instagram, Facebook and LinkedIn can help you connect with potential clients and establish credibility. Instead of treating social media as an afterthought, build it into your marketing strategy by regularly posting high-value content that helps everyone, not just those who are thinking about buying or selling a home.
In addition, focus on replying to comments as well as making comments on other social media posts. A strong social media presence enhances your visibility and positions you as a trusted real estate expert.
Falling into business traps can cost you time, money and energy. By identifying these common pitfalls and actively working to avoid them, you can position yourself for sustained success. Delegate where needed, stay updated on technology, and make client experience a priority.
Most importantly, engage in regular self-care, focus on activities that drive profitability and regularly evaluate your progress at least once a month. With these strategies, you’ll stay ahead of the competition and continue growing your business for years to come.
Bernice Ross, president and CEO of BrokerageUP and RealEstateCoach.com, and the founder of RealEstateWealthForWomen.com is a national speaker, author and trainer with over 1,500 published articles.
