6 Common Problems Real Estate Brokers Encounter and How to Solve Them
The real estate industry is dynamic and competitive; it is where different people from different walks of life congregate and work together. Clients look for brokers to sell their property and brokers find clients who need real estate assistance. However, just like in any business transactions, there are also inevitable challenges professionals in the real estate industry normally encounter.
Here are 6 common problems real estate brokers encounter and how to solve them:
The improper pricing of a property
There will always be a homeowner who will often overprice their property. It can be because of inexperience. While it is a challenge to appropriately price a home, you need to educate every client about the consequences of an overpriced property. Determine the true market value and provide statistics to your clients. Compare the price of the property with listings in the same location; consider its size and other factors that could affect its value.
Few to no inquiry
The number of inquiries a property gets can be attributed to how well it has been advertised. Moreover, in the ever-changing real estate industry, it is relatively hard to build and maintain a strong network of contacts that could help you get leads and inquiries. Learn how to expand your network to guarantee an increase in the number of inquiries you get. Also, nowadays almost everyone is online and if you will not keep up with the trend, you will further lose more inquiries. Be active on social and establish an online presence to expand your network that will lead to inquiries.
Unrealistic demands from buyers
From the price of a property to its condition, there are buyers who would always have unrealistic requests. Some would ask for a significantly lower price than what the home is actually worth. Provide facts, figures, and statistics to address the concerns of buyers. Explain the condition of the prospect property and the trend in the market to help them make their demands realistic.
A request to reduce commission
Commission is the bread and butter of every real estate broker. If a seller is uncooperative on it and is asking for a decrease, sometimes it is better to just simply walk away. Nonetheless, it is tested that sellers would be so reluctant to ask for an adjustment in commission if a broker is undeniably diligent and has an impeccable marketing plan and strategies to sell the property.
Sellers typically experience an emotional roller-coaster while in the process of home selling. They experience excitement, uncertainty, and sadness all at the same time and it might create a challenge for you and the owner. Do not let emotions be a roadblock. If worse comes to worst, be prepared to handle the possibility that your unsure client may back out. Being professional is important, but it won’t hurt to be there for your clients every step of the process.
Co-brokers who are hard to work with
The real estate industry is a collaborative industry. It is composed of people who work together to achieve the same goals. However, difficult co-brokers often make productivity suffer. When faced with toxic co-brokers it is ideal and beneficial to always keep your cool. Do not easily start a fight. Learn how to evaluate the circumstances and try to understand first before you lose your temper. Exercise patience and learn how to see beyond the stress, mistakes, and shortcomings.
Problems in real estate transactions can apparently be overcome if cooperation and agreement are exercised.
Do you know other problems real estate brokers usually encounter? Share it with us in the comments section.