Six Costly Mistakes Real Estate Agents Should Never Make !

1. Six Costly Mistakes Real Estate Agents Should Never Make COGNEESOL.COM

2. A successful real estate seller is not only the outcome of the right decisions he/she makes but also depends on their ability to avoid taking bad decisions. However in the practical scenario, some issues that arise are beyond control of real estate agents as they sometimes complicate things for themselves unknowingly.   So here is the list of some expensive & common mistakes commercial real estate agents make and how to avoid them:

3. 1. Not Saying “NO” Saying “YES” to everybody might be a heavy burden for your business to carry. A real estate business owner must learn to say “NO” to an overbearing client who they know can be a problem in future.

4. 2. Lack of Client Communication A general mistake real estate agents make is improper communication with their clients. A little effort in this area would help their business grow without any hassle. Pick a particular day to send a brief text/email to your clients for creating a loyal and lifelong client base.

5. 3. Unable to Manage Financial Records Real estate agents usually face difficulties while managing their financial records as they lack knowledge and it eventually impacts every property deal they finalize. Thus, taking care of the expenses and income properly by classifying them appropriately is important. Depreciate your tenant advances and capital expenses to make your tax preparation process simpler.  

6. 4. Keeping Genuine Property Prices Pricing properties genuinely is not a cup of tea because every property is unique. If you set a high asking price without taking all aspects in consideration, then you might lose a lead. Sellers get 98% of the listed price on average, so be smart while pricing. Inspect about the most demanded property in the marketplace and then increase 10% of its sale price and set it as yours.

7. 5. Not Hiring an Assistant If you are overwhelmed with your work and thinking of keeping everything on track without any help, then you might be doing it all wrong. It is essential to focus on what you do best and the rest leave it to your assistant to manage. Hiring an assistant will pay you back financially, mentally and physically.

8. 6. Keeping a Lot of Expectations from Buyers It is a very common and big mistake that sellers make. They advertise their services online and wait for the buyers to approach them. But this case is becoming less realistic with the passage of time. Why? Because buyers are already overwhelmed with the number of options! Instead of broadcasting your message, you should know your buyers who are willing to invest, contact them, and try to set a virtual image of your property in their mind. It enhances its perceived value in the buyer’s mind.

9. Selling real estate is a complicated business. There are a lot of hassles in accomplishing the business targets because of growing competition and lesser time to manage things. Hence, in order to attain success in this agile market, make sure you avoid unnecessary mistakes that could cost your business. All things said, keeping your financial tasks streamlined is another essential aspect that real estate businesses need to take care of in order to stay ahead of the curve. So, avoid making the costly real estate accounting mistakes. Take assistance of real estate accounting experts!

10. REACH OUT TO COGNEESOL Your One-stop Destination for All Accounting Needs Address: 30 Wall St, New York, NY 10005 Email : info@cogneesol.com Phone: (646) 688-2821 COGNEESOL.COM