15 Mistakes of Real Estate Broker

RE/MAX Mumbai – Gujarat – Maharashtra

15 MISTAKES OF REAL ESTATE BROKER AGENTS (SALES ASSOCIATES)

MANAN CHOKSIREGIONAL DIRECTOR

RE/MAX MUMBAI GUJARAT MAHARASHTRA

Story of a potmaker- Kumbhar

• A potmaker was annoyed with complains from his customers that his pots used to get broken

• So he prayed to God to make his pots unbreakable• After 15 years of continuous prayers his wish was

granted.• Every customer after that day became :– ONE TIME CUSTOMER

• Potmaker had done the biggest mistake

RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com

The reason:

• The potmaker was not trained• The potmaker didn’t have a RE/MAX

franchise• The potmaker didn’t attend this session!


The biggest mistake of brokers

• They continuously pray for years and years that the market improves

• Sometimes the market does improve, but makes them more irrelevant than before

• So don’t wait for the – Government to do reforms – RBI to reduce rates– Builders to reduce prices– For external factors to be conducive


Join with false expectation of real estate business

a. It is not a short term businessb. Buying a house and buying a

toothpaste are different


http://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&docid=uRBsQ12rB52OZM&tbnid=35v8iLKPR7fXKM:&ved=0CAUQjRw&url=http://infogr.am/2013-Strategy-for-Ecommerce-Merchants&ei=fvA-UbShHYqwiQfB2YE4&psig=AFQjCNF1qOtA1CQC5ryItQpmqziUa7FuZA&ust=1363165393626179

Not understanding the business:

a. Its not real estate, its relationships

b. Sales are a by-product, core aim is to build relationships


No goals, no plan and no discipline:

a. Agents don’t have written goals, a plan to achieve them and a

discipline to work.b. They need constant monitoringc. However, most agents who are successful in the world are those who are self motivated.RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com

Not getting a mandate signed :

• Open mandate is must if you want to work on the property• Exclusive mandate should be signed

if agent is confident of getting it sold • Working without anything signed is

as good as working for free.• Also this gives clarity on commision


Under valuing their circle of influence (sphere of influence)

a. They think their friends and relatives are the last one who should be approached for leads


Undermining importance of technology

a. Don’t use cutting edge tools to generate leads

b. Feel that it is burdensome


http://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=PmDvRdUZX-pa1M&tbnid=A52aShOl4tZppM:&ved=0CAUQjRw&url=http://musination.wordpress.com/&ei=Q_o-UdWqKIutiQfSmICIAw&bvm=bv.43287494,d.bmk&psig=AFQjCNHny3Z2VV9QvGPWBp9KRgiR5hiQFw&ust=1363168035186959

Over using traditional means :

Classified advt. are over used


Forgetting Record keeping

• Keeping a record of all leads you have generated till date is very important asset of your business • Keeping a record of all site visits you

have done for a property will help you to extend the mandate period / get your legitimate commission when deal closes


Over expecting from Social media :

• Relationships doesn’t start in social media• They don’t end in Social media

either !• Relationships are only nurtured in

social media


Forgetting personal promotion:

a. Agents focus only on selling properties

b. Don’t focus that they need to promote themselves to get new business


Expecting results over short term:

a. Agents think that they will sell houses in a matter of weeks if not days..

b. Remember, you are in business of building relationships. It takes time.


Not keeping in touch with the customer:

a. Whether they are a buyer or seller, once you get a mandate, regular update is agents

responsibility b. So keep in touch, so customer doesn’t approach competition


No Focus

• What kind of real estate do you specialize in? –Anything, anywhere!

• You should have specialization, like residential 2bhk- 3bhk in certain budget in certain area of city.


Getting mandate by building over expectation:

a. Telling a customer that his property will fetch Rs. 100 when actually the property is worth Rs. 80b. Usually leads to spoiled

relationshipc. Never gets referral businessRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com

Not having a process and not following it for buyers and sellers:

a. Make a process for buyer and seller

b. Follow it whenever you get a mandate

c. This will help you get listing faster


Not delegating :

a. Should delegate office work to admin / assistants b. Should spend more time in building relations and being on fieldc. Share office admin for repetitive tasks of all agents


Technical knowledge:

a. There are a few agents who don’t know much about real estate. They rely too much on relationships.b. While certain agents know everything about real estate but are not good in relationships. c. So having technical knowledge which you need to be in business is must. But it is not enoughRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com

Over reliance on RE/MAX:

a. RE/MAX enables you to do your real estate business in a better

way.b. But agents confuse that once

they have joined RE/MAX, they will get all the business they

needRE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com

THANK YOU
