Real estate agents and brokers often struggle in different areas — from maintaining a consistent stream of prospects and clients and navigating ongoing market fluctuations to embracing technology and handling competition. Adapting to changes in the industry is important too, as is building a strong network. Whether you’re just getting started or have been in the industry for decades, these can be big challenges for anyone.

Here, I’ll focus on six key problems realtors face and ways to solve each appropriately.

1. Finding new clients

Real estate agents often struggle with finding new people to work with, or getting “new deals.” Consistent clientele is the key to their success. This can be especially challenging for new agents who are just learning the business, as they’re operating in competitive markets.  

To solve this issue, new realtors can attend networking functions regularly (2-3 times per week, preferably in person). They can also align themselves with mortgage specialists and other professionals who are key players in the real estate process. This is a long-term, relationship-building solution that should be implemented right away.

In the short term, agents can develop strong cold calling lists that are outside the DNCL (Do Not Call List). They can make 30 cold calls a day to start. Then, once comfortable, they can increase the number of calls made each day.

Agents can also speak at local chambers of commerce and boards of trade events. Getting their faces in front of others is super important.

2. Market knowledge

Staying on top of market trends, property values and regulations can be overwhelming. Continuous education is the answer. Real estate agents need to continuously inform themselves so they can do the same with their prospects and clients. This requires being curious and open to always learning. If the passion for the industry is there, this shouldn’t be a big issue to overcome. 

In commercial real estate, for example, many brokers and realtors attend weekly or biweekly meetings to do just that — provide their teams with updates on current industry trends, such as who is moving and when. Focusing on different areas of real estate is helpful to gain a big picture of what’s going on, both in residential and commercial. New agents should be asking a lot of questions and often.

3. Embracing technology

We are no longer in the age of fax machines, realtors! It’s time to get up-to-date with technology.

It’s amazing how many real estate agents are still operating the “old school way.” Effectively using technology tools and platforms for marketing, communication and property management can seem scary to some agents. But it doesn’t have to be. Becoming tech-savvy can take a bit of time, but it’s well worth it.

For example, adapting technology to track leads when cold calling is powerful. Maintaining a strong follow-up system means that leads will NOT fall through the cracks! There are many easy-to-use software tools available. Realtors can also hire a tech expert to assist with this setup if the process seems too daunting.

4. Good time management

Client meetings, paperwork (contracts), property showings and marketing properties are a lot to handle as a realtor — there’s no doubt about that. There are many tasks to balance in the industry, so realtors need to learn the art of time management sooner rather than later. 

This problem can be solved by prioritizing tasks. Realtors can identify the most important tasks each day based on urgency and importance. Next, they can block specific time slots for regular activities such as cold calling, client meetings, marketing, showings and so forth. 

Finally, realtors can benefit from delegating tasks. For example, administrative tasks can be handled by assistants. This frees up their schedule to handle what’s most important.

5. Relationships with prospects and clients

Long-term success depends on building solid relationships with prospects and clients. This means that strong social skills are required in this industry. The ability to network, follow up and maintain good connections will serve agents well.

New agents or those with language barriers may struggle with understanding client needs and providing exceptional customer service. This is where asking for help and working in teams to start is great. Speaking with their broker of record will likely be required.

6. Competition

Standing out from the competition and differentiating oneself can be a struggle for new real estate agents. The industry is highly competitive with many realtors vying for the same clients and properties. 

Some solutions? Specialize in a specific niche. This could be first-time home buying, luxury properties, office leasing or industrial properties. Then, learn from peers and, once again, ask a ton of questions.

Realtors can also offer unique services that go hand-in-hand with the trade. They can provide additional services such as home staging, property management, or construction or mortgage advice. Doing so will position them as more valuable as an all-encompassing resource, or a one-stop shop. 

Finally, realtors can build their personal brand by showcasing their unique strengths on a solid website. They can also be active consistently on all social media platforms.

There are many hurdles both new and seasoned agents will face. Staying present on industry trends is an ongoing process, and enjoying what they do is what will keep that going. No matter the obstacle, love and passion for the industry will be any successful agent’s driving force.