The year 2014 saw some of the best housing interest rates coupled with some of the lowest prices on the realty market. Although many realtors and agents were able to take advantage of these factors, many more failed in a market place that was exceptionally profitable for others. So let’s take a look at some of the major failings of agents and realtors in 2014.
Going At It Alone
Many agents and realtors have a bit of success in a company or a partnership and decide to go at it alone. However, a substantial portion of realty failures in 2014 were by people trying to be independent. Certainly, it was a buyers’ market and there were plenty of buyers, but the information and exposure by working with a partner or a company cannot be understated. Partnering with directories like RealEstateAgent.com exposes your listings to a wider local, and national audience, significantly increasing your chances of getting more interest, and eventually, getting a better price. Granted, you may gain more profit by selling one property by yourself, but statistics show that partnerships sold more properties than independents, and selling more properties, even if you have to give up a piece of the earnings pie, inevitably means more sales, more profit and more experience in the long run.
Learn the Business First
In 2014, start-ups, branches and independents had the biggest failures in 2014. The major realty companies raked in the profits, while everyone else got the leftovers. Now, that doesn’t mean that “everyone else” wasn’t doing their jobs, and in some cases, branches, independents and start-ups flourished. But the main reason that the others failed was lack of understanding the business end.
Every agent and realtor needs to master the business end of the realty business before they strike out on their own. Know the basics and implement them for a successful business. Realty is based on tried and true basic techniques that have worked since selling real estate began. The nuts and bolts of the real estate business will never change, and these principles work for the big companies as well as they would work for independents. Master the basics, learn what a successful business model is, and use it. Those that tried to reinvent the realty world in 2014, payed a big price in limited sales and profits.
Quality Over All
Agents and realtors that offered quality listings had a higher rate of success in 2014. Professional looking pictures and compelling property descriptions sell more than sloppy looking presentations, no matter how nice the property really is.
In many cases, realtors just want to “get something up” and put in as little time as needed to showcase a property. The reality is that, by taking a little extra time to make the presentation as appealing as possible, it will go a long way towards selling the property. A thoughtful description that is grammatically correct, coupled with pictures that attempt to fully capture the area and the uniqueness of the property, went far to sell real estate. Sloppy pictures and dull descriptions all played a part in why agents and realtors failed in 2014.
2015 may become a banner year for real estate as a whole, but learn the basics, offer quality listings and don’t go at it alone until you master the business, or you may end up failing while everyone else profits.