With evolving technologies and changing consumer behavior, challenges that real estate agents face are many. However, the ability to face these challenges is what makes or breaks your career as a real estate agent. That said, you must be wondering- what are these challenges that are faced by real estate agents. Here are the top 5 challenges that real estate agents face.
It is a simple fact that low inventory means low income and as a result no business. Even the agents with years of experience sometimes find difficult to find listings in a low-inventor market. New agents, especially will find it challenging to find the sellers. New agents due to their lack of experience fail to attract homeowners. However, the solution lies in expanding the sphere of influence, referrals are the best source of leads. In fact, when inventory is low it becomes all the more important for your business. Sellers are more likely to trust a referral over a stranger.
Growing online competition
The increasing popularity of listing portals and other real estate apps have limited the real estate agent’s role, but not eradicated it. Most of the homeowners are now seeking services of real estate agents at the later stages of buying process. Social networking has now become crucial to find referrals and soon buyers would prefer ad-free services over digital marketing. One way to tackle this challenge is to create a comprehensive website for your community, however it might be little expensive and time-consuming. Listing local news and events and staying relevant and competitive with other news sites that offer business listings will be a good idea. Once the website traffic grows you can convert them into subscribers and then segment it and cultivate into relationships over a period of time.
Adapting to new technology trends
In today’s world, most of the homeowners feel comfortable working with agents who are tech-savvy. This means that staying on the top of the most recent trends is very important. You need to make the most of the search engine (SEO) algorithms to make your business grow. You may need services of IT expert to help you with all the things you need to stay up-to-date.
Building a database
Cultivating a database for referrals and leads is one of the most common challenges that real estate agents face. Most of the real estate agents overlook the importance of staying in touch with their contacts regularly. Agents with less experience focus mainly on the immediate sale and miss out on following up with the clients post transaction. As a result, the agents fail to make referral business. However, by implementing marketing automation such as; scheduling emails to promote your upcoming listings or automating social media posts for optimum search can work well for you.
Costly lead generation process
The lead generation process can inflate your budget significantly. With social media network reaching global saturation, digital advertising has become very expensive. However, to overcome this challenge the key is to build and organic traffic. By using right keywords, and other SEO elements in your videos or blog posts you can boost your website traffic.
How eXp Realty can help agents in overcoming these challenges?
eXp Realty offers a comprehensive environment for all real estate agents to grow. With an access to innovative tech-tools to online trainings, building referral networks, maximum earning potential, to providing a virtual office environment that allows agents to collaborate and learn together.
To learn more about how you can grow your real estate business click here.