Mistakes that Every Real Estate Broker Should Avoid

To err is human. But, sometimes, a mistake can prove costly. You can lose business! 

So, what can you do to ensure that you don’t make mistakes big enough to get dumped by the customer and take a beating on your commission? The following tips should help.

Not Knowing Your Business

The first basic rule of doing business is to know your business as no other does. You should have every basic and minute detail of the real estate properties and market at your fingertips. One slip up in front of customers and they can walk away.

Not Communicating With Clients

Clients expect continuous status updates when they are dealing with you. Whether they want to buy, rent or sell the property through you, they want to stay abreast of what’s happening. You need to call them up or return their calls. Lack of communication from your end will send them a message that you are either not interested or are unprofessional. However, at the same time, you also need to ensure that you don’t bombard them with endless calls or information. They may get pissed off.

Not Marketing Your Services

If you are waiting for customers to come knocking at your door, then you need to let the word out in the market about your services. Or else, they will not know about your existence. Spread a word about your services by networking, dropping your visitor cards with developers, registering your name on online property marketplaces and posting relevant content/images/videos on social media handles. BrokersADDA.com is a good option as its FREE and provides ample opportunities to get business and networking with others.

Not Taking Competition Seriously

There are hundreds of real estate brokers like you in the city. If you fail to please the customers, someone else will steal them away. Keep a tab on how your fellow brokers are performing and what strategies they are implementing to attract clients. This will ensure that you are not lagging behind your competitors.

Not Staying Updated

Real estate is a very dynamic business. There is some trend or law that are frequently introduced. You need to follow them closely and stay updated. For instance, RERA has been one of the most important laws that have ever happened to the Indian real estate industry. You must know what it is about and how it will impact all stakeholders.

Keep yourself safe from falling into the trap of these mistakes . 

Your comments are welcome.

Er Kumar Naresh , Founder & CEO , BrokersADDA.com.