Question Details

Josh Hohman, Real Estate Pro in Danville, CA

I need a quick favor - what is your biggest frustration or fear about building your real estate business.

Asked by Josh Hohman, Danville, CA Tue Aug 30, 2011

I'm working on a new training program for a few real estate agents, and I'd really like to know your biggest frustration or fear about building your real estate business. Any feedback is greatly appreciated!

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Answers

9
Josh, I am making the assumption you are developing a training program for building real estate careers. You are asking for real estate professionals to identify those issues that are real anchors in regards to soaring with the elite in the real estate profession.

In a very bold statement the only issue any real estate professional faces is lead generation. If you have a sufficient volume of leads you have the ability to choose the type business you desire.

However, for your training purposes, it may be helpful to identify the four addictions that block the path to success.
#1. Addiction to the opinion of others
#2. Addiction to worry
#3. Addiction to dreams of returning to the past
#4. Addiction to drama

Break the bondage of these addictions and association to those enabling such behavior will be truly liberating.
2 votes Thank Flag Link Wed Aug 31, 2011
One frustration I've found from mentoring new agents is that they much prefer "social networking" and "marketing" to Prospecting and Sales. I have tried to explain that the licence defines them as a "Real Estate Salesperson" or "Real Estate Broker," not "Marketing Specialist" or "Social Networking Maven."
1 vote Thank Flag Link Tue Aug 30, 2011
Government involvement in the marketplace. Until the government stops it's insane "stimulus" packages, mandatory refinancing, and other redicules fiddling with the market, it will be hard to put together a realistic business plan that outlines a clear business growth and regulatory compliance plan.
1 vote Thank Flag Link Tue Aug 30, 2011
I agree with most of these people, but my biggest frustration is not marketing or lead generation. My problem is following up with buyers. I hate feeling like I am annoying a potential buyer, so I end up contacting them less than I should. I just need to get over this fear and realize they will tell me when I am contacting them too much.
0 votes Thank Flag Link Wed Aug 31, 2011
Thanks for all the responses - I truly appreciate the input!
0 votes Thank Flag Link Wed Aug 31, 2011
I think the biggest hurdle is prospecting. The tried and true way is phone calls, but with today's use of the internet, online marketing is a necessary tool. Also the do not call list and that fact that everyone has cell phones is a big challenge.
0 votes Thank Flag Link Wed Aug 31, 2011
I would say unrealistic sellers and even more unrealistic buyers.

Buyers come to us with pre-qual letters that aren't worth the paper they are written on, and we have to break the bad news to them when they don't actually qualify. If they DO qualify, they won't listen. They heard what they wanted to hear on HGTV or found some 'guru' on the internet that knows better than the professional real estate aent they hired to help them. They think they are going to get granite counter tops and travertine marble and they are going to pay 20% less than the home is worth to boot.

Then we have to deal with sellers who think their home is worth more because they OWE more. And often we have the same problem as we do with buyers, they do not see the value of having professional representation. They think they know our job better than we do and that all we can offer them is access to the MLS which they can buy through some discount broker for a song and a dance and when that doesn't work, they blame ALL realtors, even the full service type.

My solution is to be more discriminating about who I choose to work with. Not every buyer or seller who comes along gets my time and energy. Still, it is frustrating to say the least! And working with the banks on short sales, whether you are a buyer or a seller, is a NIGHTMARE!
0 votes Thank Flag Link Wed Aug 31, 2011
#1 problem right now is agents working with people who are not qualified to purchase a home. Mortgage brokers are reaching in the prequalification letters and when it comes time to perform well it’s just not happening. In the mean time we take the home off the market because we think it’s sold. The agents know there are problems with the client’s credit yet they choose not to disclose issues hoping it will all work out. Lenders are not letting it work out, they want a clean deal are not letting questionable items go like they have done in the past. All parties need to know upfront if credit is an issue the pre-approval system is not working very well at the current time. This hurts my reputation as an agent who completes clean transactions in a timely manner.
0 votes Thank Flag Link Wed Aug 31, 2011
My biggest frustration is the lack of a good CRM product to help organize one's business. I loved Top Producer until it went online, and since then I have not been able to find one. Without this kind of product we are reinventing the wheel over and over again.


Lynn Hayes, owner-broker

Lynn Hayes Properties
Serving the Triangle area of North Carolina, including Chapel Hill, Carrboro, Pittsboro, Hillsborough, Chatham County, Raleigh and Cary
http://www.lynnhayes.com
919-968-9989
lynn@lynnhayes.com
Web Reference: http://www.lynnhayes.com
0 votes Thank Flag Link Wed Aug 31, 2011
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