What Issues do Realtors Face? -- "I need more customers!"

What are some of the common problems that real estate agents face in growing their business?

As a Realtor for almost 20 years, I can attest to having several real estate problems or issues that many others also seem to have.  For instance,

#1  Inconsistent referrals or lack of customers. 

Past clients working hand in hand with you on new referrals

Sometimes we get so busy working with current clients that we don’t spend enough time developing relationships that will produce future referrals and new customers.

Real estate in large part is driven by referrals.  The agents in the office with the largest production seem to have the biggest circles of influence.  While that may be part of it, reality is that those who spend time developing relationships produce more referrals.

From experience, I know that most Realtors are VERY good at their job.  They know how to stage a home, they know how to market their listings and they know how to write acceptable contracts, but they don't always focus on pursuing new clients.

If you, or some agents in your office, are having difficulty receiving consistent referrals, what difficulties does this present?  Please reply and let us know.

For me, inconsistent referrals and lack of new customers means unstable/inconsistent income.  

Please comment with some issues that you have dealt with in growing your real estate business--if we can get a discussion going on this maybe we can all benefit from it.

Please comment on what you have done to overcome the lack of consistent referrals and what this has meant to your business

# 2  High Advertising Costs

What can we do to combat the cost of advertising?

As real estate agents, we like to get the word out for all listings.  Where do you spend money for advertising?   Signs, farming postcards, “Just Listed” or “Just Sold” postcards, real estate magazines, newspapers, websites, E Flyer Marketing, TV, other?

Please comment on "what difficulty does the high cost of advertising present?"

For me, it makes it more difficult to get the word about listings or services out as efficiently, 

Please comment on "How does the high cost of advertising affect your business?"

For instance, for me I must spend more on advertising, shrinking the profit margins, and causing me to work harder for less income

Please comment on "What are some ways to solve the high cost of advertising?"

Blogging,  social marketing, low cost ads

Please comment on  "What would solving the high cost of advertising mean to you?"

# 3  Poor Client Loyalty 

Niche Marketing and Sphere of Influence Marketing help maintain loyalty.

How have you used these marketing techniques to assure client loyalty? 

Realtors have changed over the years.  Many years ago they would find a potential buyer at an open house or from a call from advertising, such as newspaper or real estate magazine, set an appointment to show a couple of homes in the customers desired price--and then get them pre-approved with a quality lender.  

The problem with that strategy was that the buyers would often display poor or no loyalty to the Realtor.

Loyalty issues also arise when agents don't farm a geographical location or regularly market to their databases.

Please comment on techniques that you have used to maintain client loyalty.

Please comment on what solving client loyalty issues would mean to your business

For most of it simply helps to have a friend in the business.