What are the Biggest Challenges Faced by Real Estate Agents?

Working in real estate is often exciting and it can be extremely rewarding, especially so when the housing market is strong. But according to the good folk at EXIT Real Estate Consultants (More info here), real estate has its challenges too and there are a number of things that can affect those working in this industry. Below are just some of the biggest challenges that can face real estate agents.

Not Having a Healthy Inventory

A real estate agent relies on listings, and without them they will struggle to earn a living. Buyers want to have a lot of choice when they connect with a realtor. They want the real estate agent to be able to show them a selection of properties in their desired location that also meets the other criteria that they have. Buyers’ agents need to connect with other agents and work alongside sellers’ agents to ensure that they can provide their customers with exactly what they are looking for.

Fearing Cold Calling

Let’s face it, nobody likes to cold call clients, but it can often be necessary in the world of real estate. Agents need to put themselves out there and initiate contact with potential clients rather than waiting for clients to call them. This is especially true of less established agents who are just getting started. Generating leads is an important part of a real estate agent’s job. Those who are successful in this business learn to conquer their fears and make real estate prospecting part of their everyday work.

Failing to Follow Up with Clients

Reaching out to potential clients is a big hurdle for many real estate agents, but unless you follow up with them this initial contact could be wasted. A good agent will give clients some time to think about properties they have shown but will then follow up to find out what they thought and to answer any questions they might have. They will also check in with clients who have completed a purchase to see how they are getting on. This helps to develop a relationship. Should those clients wish to move in the future, they are more likely to get in touch with the agent they have had a positive relationship with before than someone else. They will also be more likely to refer that agent to their friends and family members.

Unrealistic Clients

Real estate agents often need to deal with clients who are unrealistic in their expectations. From the seller who wants much more for their home than it is worth to the buyer who wants a showcase home on a budget, it is the real estate agent’s job to be clear from the outset. Sellers need to be aware of how much their home is likely to sell for and how long the process could take. If the agent does not make these things clear, the seller could quickly become frustrated and blame the agent. Buyers also need to be aware of what they can buy with the money that they have. The agent should make sure that the buyer has a mortgage agreement in principle in place before showing any properties.

Conclusion

There are many challenges that real estate agents face in their work and failing to overcome them can affect how successful the agent is. Looking for leads and creating a healthy inventory is key to success. But it is also important to nurture relationships with clients and to keep both buyers and sellers realistic when it comes to their expectations of the process and what is involved.