In any business, the saying lose a battle to win the war’ fits the best. Once you understand this, winning the race to become a successful businessman/woman is certain. From a startup to a well-established brand, everyone faces failures in different stages of their business growth cycle. But only those who show integrity in their tough times are successful in the long run. It all is true for every real estate agent in every state or city. One of the main reasons why businesses fail is the lack of a long-term vision in entrepreneurs. In the real estate business, most of the new real estate agents struggle to get their first clients. On average, it takes about six months to score the first deal and get a paycheck. The struggle in the real estate industry is hard, and so, when an agent sees the first opportunity to earn, she/he just wants to grab it, no matter what. It is where most real estate agents make a mistake. You always have to remember that the money you earn should always be the money you deserve, and it has to be from a deal that comes with the happiness of your client. My name is Chris. With over five years of experience in the real estate industry, I have dealt with multiple types of clients. I am going to tell you how you can cope up with a small failure to earn more in the future. There are three essential values that you should remember for your life as a real estate agent.
The client is the number one priority!
In sales, you have to deal with different kinds of clients. However, the most important thing to remember is to keep their benefits at the top. If your client is happy with you, you are definitely going to get more business. It’s always better for your business to earn from an existing client than brand new unknown clients.
When you keep the interests of your clients at priority, you build trust in their hearts. This trust will always pay you more than you expect. In the real estate industry, even if you get a single client who trusts you, you are going to get referrals from them. In the life of a real estate agent, the biggest hustle is to find and meet new clients. Once you meet them, the discussions and follow up can take months before they convert into a sale. But a referral is something that you get as a bonus. The probability of closing the deal increases many times when you are dealing with a referred prospect. It comes from the person who has already bought a property from you. However, to gain that trust, you have to genuinely care for your clients and their interests.
A failed deal can turn into a bigger paycheck!
A while ago, I was dealing with a client. The property he was looking for needed a lot of work. But he was undecided if he should buy it or not. When he asked me, I came with a straight answer after consulting with a trusted contractor – NO. There were many unknowns, and my client could get into a big financial mess. The result – he didn’t buy the property, and I lost my
commission paycheck of a few thousand bucks($6500). But that day, I got something else. It was the client. When I advised him not to buy the property, it was for his best interests. And he understood it. As a consequence, he hired me as his real estate agent the next month to buy an even bigger property. Yes, I got more commission than before. And not only this, but he also referred me to a couple of his friends when they wanted to buy new properties. Had I sold him that property in the beginning, not only would I miss more commission in the next month but also two new clients. Besides, he could give negative ratings to my services, blocking many other clients from my business. So, patience and honesty with clients is the key that will make you earn more. If this time a deal fails, let it be. Tell your clients what is best for them, and you are going to earn more in the future, real estate is all about trust.
Always stay positive
If you are honest with clients and do your best to keep them from a bad deal, you may lose the immediate commission check but earn a client. You build a relationship based on trust. With this relationship, you are certainly going to have more business than you can imagine. A minor setback is just a bump in the road. If you can see the silver lining, you are going to get better
deals with the same clients repeatedly. Just focus on positivity.
Conclusion
As a real estate agent, you have to be prepared for the ups and downs. This job is never a cakewalk. You have to know the hard truth of the real estate industry ( https://empireofrealestate.com/2020/11/08/real-estate-agent-career-the-hard-truth-you-need-to-know/ )before you begin your career in it. There may be hard times when you have no deals for weeks. But the most important aspect of a successful real estate agent is to keep up the ethical values and help the clients win. Always guide them to the best of your capabilities. Help them to get the best deal they can have. You may lose a few thousand dollars in doing so, but you earn clients that will sooner or later multiply your income.
Check out my video ( https://www.youtube.com/watch?v=MDHHs7OLwos&t=3s )for more details.