Being in real estate is a great way to enjoy a particularly lucrative field of work. While it may seem simple and fun as portrayed on many popular TV shows, it’s not that way in reality. Real estate can be extremely stressful and overwhelming for those who choose to be in it, and making accidental blunders and mistakes can serious cost everyone involved. In this blog, we’re going to talk about five common real estate business mistakes and how you can avoid them. If you’re involved in real estate and searching for a trusted real estate lawyer in the Springfield area, look no further than The Law Office of Brian Loomis. With years of experience and expertise to offer, Brian will take on your case with professionalism and understanding. Contact him today to get started!
Neglecting to Make a Plan
Just as the old adage goes, “Fail to plan and you plan to fail”, forgetting to make a plan can cause some serious setbacks down the road. Planning is never as fun as doing, and for the type of people who love to take an idea and run with it, planning is even seen as torturous. However, the fact remains: planning is the key to success for your real estate business. It’s probably one of the biggest mistakes that a potential owner can make, and will spell a recipe for disaster quickly. One of the first questions a real estate lawyer will ask you when you have your initial meeting is about what type of plan that you have. Don’t be caught without one and take the time and patience to sit down and map out every little step. Backtracking is overwhelming and will take twice the time, and in your failure to create a plan, you may have left out some serious items that were required months ago. Plan ahead so you can enjoy each step along the way.
Hiring the Wrong People
Here’s a common example: Your cousin may be interested in the real estate business, but he’s rude, unkind, and isn’t good with people. Since real estate is a business built on relationships and making people feel relaxed, your cousin is probably not the best fit for the job. Still, you choose to hire him because he’s family and you think you may be able to teach him a thing or two. Instead, your cousin scares of potential buyers and makes them feel stupid and needy. You quickly learn that bad reviews have spread about your real estate business by word of mouth and you can’t find anyone who is interested in your business.
Unfortunately, this happens more often than not, and many excited individuals who are eager to start their business are partnered with other individuals who are not a good fit. Don’t let this happen to you. Hire people who you can trust, know the business, and have good experience and rapport with others. You may hurt a few feelings in the selection process, but it’s better than choosing the wrong people and ending up with a dead-end real estate business.
Not Addressing Negative Reviews or Remarks
How do you handle conflict? A customer or client may be dissatisfied with their service and choose to lash out using the internet. Seeing angry comments that are untrue or unfair may make your blood boil, but it’s always important to remember that the customer is always right. While it may be hard to kiss up to someone who was already difficult to begin with, it’s not worth being right and losing potential new customers. Do your best to cool the anger or frustration and work with him or her to find a resolution that suits the situation. You don’t have to bend over backwards, but it is important for your reputation and the sake of your future business deals to address any bad reviews head-on and do your best to calm down the issue. It may sting for a bit, but you’ll be thankful later on. Remember that no matter how kind and accommodating you are, someone will always find a problem and make sure that you know about it. No business in the world is ever immune to a bad review.
Not Prioritizing Your Customers
Treating your customers with respect is essential to your business, and putting a sale ahead of a client is bad business. Even if you’re strapped for time and are waiting anxiously on a decision, people will always remember how you made them feel. If you treat others well, it will take you far and help you to build a strong and lasting client base.
If you’re interested in starting your own real estate business and are searching for an excellent lawyer, Brian Loomis is your man. Contact his office today to get started!