Growing and maintaining a real estate career is a promising yet challenging endeavor.
The failure rate for agents is staggering—nearly half of all agents fail in the first five years. If you make it past this hump, you are still not immune to the ebbs and flows of the real estate market.
To continue growing your real estate business, you must evaluate your current strategy, identify the weak points and adapt.Â
Let’s explore three common mistakes listing agents make and their solutions.
Lackluster listings
Almost half of all buyers (about 47%) begin their search online, meaning you only have seconds to grab the attention of potential buyers before they move on to their next property.
Here are a few ways to boost your online listing and attract more buyers:
- Invest in professional photography
- Add a floorplan to your listing (with your client’s consent)
- Include a 3D tour
- Make the written description informative, honest and polished.
Neglecting staging efforts
82% of buyers’ agents have reported that effectively staging a property helps potential buyers picture themselves in the home. Additionally, a well-staged home spends 73% less time on the market on average.Â
The key to staging a home is to keep the decor and furniture tasteful and neutral. Encourage your clients to remove personal decor, declutter and focus on staging the most desirable rooms first (e.g., living room, kitchen, primary suite).
Pro tip: If you don’t have the time or budget to stage a property with real furniture and decor, consider virtual staging.
Overpricing properties
Gone is the market in which we saw bidding wars for homes with inflated prices.Â
Now, with interest rates still high, homebuyers are less likely to overpay for property, as this leads to an unaffordable monthly payment. If sellers overprice their homes in today’s market, that will impact their ability to sell and increase the time spent on the market.Â
Because of the challenging market sellers are dealing with, accurate and competitive home pricing is crucial, with 23% of sellers citing this as their reason for working with an agent.
Run the most accurate comparables with PropStream!
With accurate home valuation at the top of client’s wish lists, you need every tool at your disposal to deliver. Enter PropStream.
With PropStream, you can run comparables using MLS and public record data, with results populating in seconds.Â
Additionally, PropStream offers comping filters that allow you to narrow down estimates using historical sales data from properties just like your subject property.
Examples of these comping filters:
- Subdivision
- Square footage
- No. of beds & baths
- Distance from the subject property
- Public record sale situation
- And more filters here
By personalizing your approach to comping with the largest pool of data, providing an accurate property estimate to clients has never been easier.
Activate your PropStream 7-day free trial today to generate the best leads, estimate property values and unlock your full real estate potential. Visit https://trial.propstreampro.com/ris/ for more information.
