6 Deadly Mistakes Sellers Make In Real Estate Business

Real Estate Business

Customer satisfaction is the defining characteristic of the success of a business. Happy customers play a big part in building your goodwill. They buy more quicker as they trust your advice. The same criteria apply to real estate. Investments in the real estate business require heavy amounts of money, making it natural for customers to be hesitant and doubtful. However, it is upon the sellers to clarify all concerns. They should facilitate their clients in clearing all their financial doubts. 

1- Working With Tough Clients In Real Estate Business

We all know that some clients are more difficult to work with than others, but that doesn’t mean they’re always to blame when things don’t go as planned. Because you didn’t step up your game enough, they may have moved on.

There are a few deadly sins that could turn off any buyer. You can hold yourself responsible for the loss of a client if you do any of them. We can be fantastic consumer advocates as real estate professionals, but there’s always room for improvement. 

2- Not Following Up

You put forth a lot of effort to acquire your clients’ trust and their business. They reveal personal information to you, and you become their confidante. But what happens after the sale? Do you just toss them aside like a hot potato? Is it possible to just cash the check and leave? 

Don’t stop phoning, messaging, or e-mailing your clients. Check up on them frequently. Make sure to see how they’re adjusting. Answer their concerns and questions. When their property is re-evaluated by the county tax office, give a call to see if they have any problems. Always be a resource.

3- Redlining

Redlining is a discriminatory practice used by mortgage lenders in the United States. They refuse to lend money or extend credit to potential customers who live in neighborhoods deemed hazardous. These residents mostly belong to racial and ethnic minorities. 

i- Redlining in the US Real Estate Business

Redlining is a popular racial exclusionary tactic in the US real estate business. From racial steering to racial covenants in several suburbs and developments. All of this contributed to the racial segregation that has molded America’s current appearance. The word comes from government-sponsored homeownership schemes that were implemented during the New Deal in the 1930s. 

ii- Cherry-picking Customers

If you only serve clients at higher price points, you’re missing out on a lot of potential lower-end revenue – and future referrals. During the real estate bust of 2008–12, crises showed that when buyers with high buying capacity disappeared, it was the cheaper deals with smaller buyers who made a difference for realtors. 

4- Not Asking Enough Needs Of Customers

One of the mistakes realtors make is not asking for enough needs and wants of customers. Finding out how to best serve your client is more than simply asking about their budget and the number of bedrooms and bathrooms they require. You don’t know what’s essential to them unless you know why they want to relocate. Find out what their goals are for purchasing or selling. Ask enough questions to get them to tell you all you want to know, and then sit back and listen.

5- Attending Your Own Open House

If you are a seller, refrain from attending your own open house. Buyers sometimes feel intimidated by the presence of sellers. It’s tough for potential buyers to visualize themselves in a home when the seller is around.

6- Unrealistic Price Standards

Setting higher prices for your property just for the sake of negotiation will do you no good. Overstated prices will only filter out your property from the list of people who could be your potential prospect. A better option is setting lower prices which you can later increase once the bidding starts.

Contact Regentology To Avoid These Deadly Mistakes

Regentology will assist you in the best of ways void of all these mistakes. You’ll be directed to sellers that will cater to all your needs. Our experienced agents will guide you towards the best of packages, whether they are for buying, insurance, or home loans.


Compare Listings