Don't let these 9 hurdles halt your buyer deals

The verdict is in — the old way of doing business is over. Join us at Inman Connect New York Jan. 23-25, when together we’ll conquer today’s market challenges and prepare for tomorrow’s opportunities. Defy the market and bet big on your future.

This post was updated Nov. 6, 2023.

Being a real estate agent in today’s market is definitely not for the faint of heart or uncommitted.  Changing markets, challenging inventory and serious competition make it kind of easy to fall behind or lose out.

Here’s the thing, though — you can’t afford to let the hurdles or the speed bumps halt you in your tracks. Let’s dive into a few ways you can keep deals moving and your clients happy. 

1. Not knowing your client

First things first: Get to know your client’s needs and wants. Ask the right questions, listen attentively and take notes.

Understanding what they’re looking for will help you avoid showing them properties that don’t match their criteria and save you both precious time and effort. What are their must-haves? What are their nice-to-haves? Getting a sense of their lifestyle needs helps you narrow down the list, and when you do land on the perfect fit, they’ll be grateful for your hard work, dedication and efficiency

2. Forgetting to communicate 

Build trust with your clients through consistent communication. Keep them updated at every stage of the buying process. Let them know what’s happening and what they can expect. This will help keep their stress levels low and build your credibility as a real estate agent.

A lot of issues that occur during the closing process arise due to a lack of communication. To prevent this from happening, ensure that you’re keeping everyone in the loop. Update your client about every development, inquire from the seller’s agent about any changes or delays, and promptly respond to emails and voicemails. You never know which conversation could mean the difference between a sale and a failure.

3. Forgoing the pre-approval

Before you start shopping for properties, having your client pre-approved for mortgage financing can save you both a lot of hassle. Knowing their budget beforehand allows you to focus on properties within their realistic price range.

In addition, presenting a pre-approval to a seller can help your offer stand out and show that your client is serious about the purchase. Once the offer is accepted and moving forward, having that pre-approval will fast-track the transaction because it’s already taken care of.

4. Not using your network to the fullest extent 

As a reputable real estate agent, it’s important that you leave no stone unturned in your search for the perfect client property. That means utilizing all available resources. Whether it’s online listings, MLS databases, or your own personal network, make sure you exhaust all possibilities.

That gem of a property could be hiding in the most unexpected places. This can also be said for negotiating unique terms to help get your buyer’s offer accepted, as well as locating services that your clients might need. This kind of service will also help you grow your network.

5. Straying from the strategy

Once you’ve found your client the perfect property, stick to the strategy you’ve developed. Whether it’s your brilliant negotiation tactics, your robust network of incredible services referrals for home inspectors, or simply knowing when to take a deep breath and stay calm under pressure — you’ve got this.

Your client will appreciate your professionalism, and you’ll build a reputation as a top-notch strategist, expert negotiator and problem-solver in the industry.

6. Letting paperwork pile up

In any real estate transaction, paperwork is inevitable. You want to ensure you have most of the legal requirements submitted and move forward as swiftly as possible.

However, it’s not uncommon that small details or unclear information can stop things dead in their tracks. Therefore, make sure you have everything organized, reviewed, dotted all your i’s, and crossed all your t’s, to ensure everything is in order daily as you move through the closing process. In the long run, it could save you a great deal of time, energy and the headaches that come with costly mistakes.

7. Being reactive

The real estate industry is still unpredictable and not always smooth, despite all the best planning. This is why it’s best to prepare for the unexpected.

For instance, you may not be able to forecast a delay in the closing date, but you can be prepared should it happen. Prioritize having a window for contingencies in your contracts if possible.

Additionally, it’s always wise to have backup plans elsewhere. Keep a list of alternative properties in mind should your buyer’s first choice not work out. 

8. Doing the work solo

It is, and always will be, a team sport when it comes to real estate. A transaction’s success is not dependent on just one person; you need to make sure you have the right team on your side.

Build relationships with reliable professionals you trust and can confidently refer your clients to when needed. These could include home insurers, mortgage lenders, real estate attorneys, home inspectors, contractors, plumbers and electricians. Having the right people on your side will help you navigate any bumps along the way, and your clients will be thrilled to have trustworthy referrals.

9. Not managing your time 

Time management is one of the most valuable aspects of any successful real estate agent. If, as an agent, you cannot manage your time effectively, the likelihood of you closing deals quickly and successfully is slim to none.

Organize your day-to-day activities meticulously, blocking off time to take care of matters in your business such as prospecting, catching up on market news and preparing mailings. Make sure that you are utilizing efficiency, taking the minimum amount of time possible on each activity.

Doing so will help you create an effective time management system to save you time, gain efficiency and close more deals. After all, having excellent time management skills will also leave you time to spend with friends and family, enjoying the life you have built for yourself.

Real estate is a dynamic and ever-changing business, and staying a top agent takes hard work, patience and creativity. However, the tips in this post will provide a solid foundation to improve your performance and ensure a smoother trading process.

Closing a deal can be tricky when you aren’t prepared, but when you are and you anticipate the problems that might pop up, you can masterfully sail through the issues, making your clients happy and earning their respect.