What are the most common challenges that realtors have?

Question

What are the most common challenges that realtors have? if there's one challenge that most of the realtors have, what would that be?

Lee Ripma · Answer

@Bruce Lynn

GOLD! It’s so true. More leads, more relationships, more sales!

Bruce Lynn · Answer

@Andres Reales   Every realtor has a website.  That is not enough...you need to be much more focused in talking to people who are motivated soon to buy or sell and stay in contact with those who will do so in the future.  The most efficient way is on the phone...maybe texting with some generations...or talking to them in person.   Passive mailing, websites, emailing, letter sending, social media I think is not enough.  All that might be part of the strategy, but you have to have a lot of people calling you and if they are not calling you, then you need to call them or somehow talk to them.

Joseph Cacciapaglia · Answer

I had to go back and check to be sure I didn't write that wrong... I only work with investors, and most of them are multifamily investors, but some are single family investors. My long term goal is to get to the point where I just work with multifamily investors though. I decided to specialize in investors, because I feel that's where I add the most value. I have a background in commercial real estate, so the number crunching aspect of investments appeals to me. I also don't don't like the emotional side of retail home buying and selling. Handling that is just not my strong suite.

I do refer regular home buyers/sellers out, and I've recently even started referring some of my new single family investor inquiries out as well. I plan to do more of that as I continue to grow the multifamily side of my business. The additional scale is coming from my clients growing into larger properties. Some that started with single family homes and moved to fourplexes have recently started making offers on significantly larger complexes. It's very satisfying to help clients like that continue to grow.

Bruce Lynn · Answer

@Andres Reales   and this is probably the same in almost every business.  Sales solves almost all issues.  The way you get lots of sales is have lots of leads.  You get lots of leads by developing lots of relationships.

Bruce Lynn · Answer

Lead Generation.....they don't want to do it.   They want everything to fall in their lap and that doesn't happen for most people.  Most realtors to be successful need to be in front of sellers every day...and determining who is motivated.

Ronald Rohde · Answer

Yup big +1, I really like Ryan Serhant for this type of stuff. Follow up, follow through, AND follow back. Be persistent and keep going until people ask you to to stop. Everyone is busy, but they will let you know if they don't want to be contacted anymore. The rest--keep plugging away!

Becca Summers · Answer

@Joseph Cacciapaglia What made you decide to only work with multi-family investors? Do you refer your single-family buyers and sellers to other realtors? I can see the pro in working with the same investors over and over.

Joseph Cacciapaglia · Answer

That's what I meant when I said some people would characterize it as a lead gen issue, but I don't see it that way. I only sell deals that are on the market, so there is no way to generate more leads, because the market is the market. I have more leads than I could possibly handle in that sense. At any given time we have around 10,000 listings on our MLS, and that's not counting CREXi and Loopnet. The challenge is combing through all the deals quickly, identifying value that others may have missed, and then negotiating deals that make sense for my clients. So maybe it's a lead sorting issue, if you want to put it in terms of leads (It's certainly not a top of the funnel issue, which is what I would classify as lead gen). I have pretty decent systems in place to do this reasonably well at the moment, but I'm always working on improving them.

Andres Reales · Answer

So technically, you still have a lead generation issue as well, as it is about finding excellent deals. Have you strategized a plan to be able to find more deals?

What are the most common challenges that realtors have?

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