1. Challenge to obtain sufficient listing
Challenge: Buyers will expect to receive plenty of options when buying property so that they can find the property that exactly meets their criteria. Low inventory will definitely put a bad image of your company.
Solution: Grow your network and connect with local businesses, people, and list local news and events on your site. Besides, you can also choose to join an agency which provides helpful resources to grow your business.
2. Challenge to leverage on technology
Challenge: The adoption of traditional method to get listing properties in magazines and newspapers will let your competitors who leverage on technology to gain an advantage over you and attract more leads since technology has grown rapidly in the past few decades.
Solution: Utilizing the resources such as social media, listing websites, and other platforms to build a solid customer base and capture quality leads. Besides, you should also analyse and discover which platforms that could help to attract your target audience and strategize your marketing plan accordingly.
3. Challenge to leverage on referrals
Challenge: Most of the customers would choose to buy a property by referring to the opinions given by their known one especially their family and friends. Research also indicated that around 25% of agents in the property market generate more than 50% of their revenue via referrals!
Solution: A sales process doesn’t just simply end there whenever a person closes a deal. It’s always important to stay connected with clients and build a strong relationship with them. Eventually, you will be more likely to get referred to others when you nurture your clients by sending personalized messages and providing consultation when required consistently.
4. Challenge to deal with rejections
Challenge: Rejection is inevitable throughout the process of doing sales. Not every client will go through your offer so it will be common for you to face tons of rejections. However, rejections received from a couple of clients doesn’t mean your services aren’t up to the mark.
Solution: Don’t give up and keep on nurturing your clients even if you’re facing rejections consistently. They might not be interested in the property you offered, but they may be interested in the future projects of yours. Hence, you can keep on sending personalized messages and emails to stay connected with them.
5. Challenge to deal with unrealistic sellers
Challenge: Certain sellers would possess highly unrealistic expectations from their properties whether it’s the price they’re quoting or the time frame they're providing to sell the property. Many sellers like to compare their houses to others in the neighbourhood and wish to sell as quickly as others. It will be your responsibility to make sure they understand the real scenario.
Solution: Try to understand the seller’s requirements and think from their perspective to gain necessary insight. Therefore, you should always communicate with them if you believe that the property is either over-priced or under-priced and make them aware of the closing cost before you share the final amount, so that they’re not shocked eventually.