15 mistakes of BA

15 MISTAKES OF REAL ESTATE BROKER
AGENTS (SALES ASSOCIATES)

MANAN CHOKSI
REGIONAL DIRECTOR
RE/MAX MUMBAI GUJARAT MAHARASHTRA

RE/MAX Mumbai – Gujarat – Maharashtra

Story of a potmaker- Kumbhar

• A potmaker was annoyed with complains from his
customers that his pots used to get broken
• So he prayed to God to make his pots unbreakable
• After 15 years of continuous prayers his wish was
granted.
• Every customer after that day became :
– ONE TIME CUSTOMER
• Potmaker had done the biggest mistake

RE/MAX Mumbai Gujarat Maharashtra www.remax-mgm.com

The reason:

• The potmaker was not trained
• The potmaker didn’t have a RE/MAX
franchise
• The potmaker didn’t attend this session!


The biggest mistake of brokers

• They continuously pray for years and years
that the market improves
• Sometimes the market does improve, but
makes them more irrelevant than before
• So don’t wait for the
– Government to do reforms
– RBI to reduce rates
– Builders to reduce prices
– For external factors to be conducive


Join with false expectation of
real estate business

a. It is not a short term business
b. Buying a house and buying a
toothpaste are different


Not understanding the
business:

a. Its not real estate, its
relationships
b. Sales are a by-product, core aim
is to build relationships


No goals, no plan and
no discipline:
a. Agents don’t have written goals,
a plan to achieve them and a
discipline to work.
b. They need constant monitoring
c. However, most agents who are
successful in the world are those
who are self motivated.


Not getting a mandate
signed :
• Open mandate is must if you
want to work on the property
• Exclusive mandate should be
signed if agent is confident of getting
it sold
• Working without anything signed is
as good as working for free.
• Also this gives clarity on commision

Under valuing their circle of influence
(sphere of influence)

a. They think their friends and
relatives are the last one who
should be approached for leads


Undermining importance of
technology

a. Don’t use cutting edge tools to
generate leads
b. Feel that it is burdensome


Over using traditional means :

Classified advt. are over used


Forgetting Record keeping

• Keeping a record of all leads you have
generated till date is very important
asset of your business
• Keeping a record of all site visits you
have done for a property will help you
to extend the mandate period / get your
legitimate commission when deal closes


Over expecting from
Social media :
• Relationships doesn’t start in social
media
• They don’t end in Social media
either !
• Relationships are only nurtured in
social media


Forgetting personal
promotion:
a. Agents focus only on selling
properties
b. Don’t focus that they need to
promote themselves to get new
business


Expecting results over
short term:
a. Agents think that they will sell
houses in a matter of weeks if
not days..
b. Remember, you are in business
of building relationships. It takes
time.


Not keeping in touch with
the customer:
a. Whether they are a buyer or seller, once you
get a mandate, regular update is agents
responsibility
b. So keep in touch, so customer doesn’t
approach competition


No Focus

• What kind of real estate do you specialize
in?
– Anything, anywhere!
• You should have specialization, like
residential 2bhk- 3bhk in certain budget in
certain area of city.


Getting mandate by building
over expectation:
a. Telling a customer that his
property will fetch Rs. 100 when
actually the property is worth
Rs. 80
b. Usually leads to spoiled
relationship
c. Never gets referral business


Not having a process and not
following it for buyers and sellers:

a. Make a process for buyer and
seller
b. Follow it whenever you get a
mandate
c. This will help you get listing
faster


Not delegating :

a. Should delegate office work to
admin / assistants
b. Should spend more time in building
relations and being on field
c. Share office admin for repetitive
tasks of all agents


Technical knowledge:
a. There are a few agents who don’t know
much about real estate. They rely too
much on relationships.
b. While certain agents know everything
about real estate but are not good in
relationships.
c. So having technical knowledge which
you need to be in business is must. But
it is not enough


Over reliance on RE/MAX:

a. RE/MAX enables you to do your
real estate business in a better
way.
b. But agents confuse that once
they have joined RE/MAX, they
will get all the business they
need

THANK YOU


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