The simple truth that keeps most real estate agents from success is this: They will do anything except what they need to do to build their business.
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Over the years, I have encountered agents willing to pay huge amounts of money for internet leads, custom websites, shopping cart ads, monogrammed golf balls and tees — but they will not build a sphere of influence, will not use a CRM, will not call their sphere.
They will do anything except build a network of effective relationships that will drive business to their doorstep. At the heart of this is real estate “call anxiety.”
In reality, if new agents began with a minimum of 200 in their database and, over the years, effectively stayed in contact with this group and grew that number over time, they would have all the business they could handle. So why, then, will agents do anything except this?
10 reasons real estate call anxiety takes over
Here are the top 10 call anxiety factors that keep real estate agents from success.
1. Fear of rejection
Truth is, most normal people have a deep-seated desire to be liked. As such, many of us will do anything to avoid confrontation or hear someone say, “No.” In fact, for many, the activity of contacting others produces a psychological barrier that induces fear which in turn generates anxiety leading to avoidance behaviors.
Although rejection can feel deeply personal, it is not. When calling through your database, you are actually looking to provide help and assistance. Some won’t want your help, but that’s not about you; it’s about them.
To overcome the fear, begin with small steps. Set a goal of calling a small number and then, as confidence grows, expand. Visualize what you are missing (success) by avoiding contact and in turn, actively pursue “Nos.” In fact, Chris Voss, in Never Split the Difference, states that the faster you can get to a “No,” the higher your chance of success.[2]
2. Lack of confidence
For those unaccustomed to reaching out to potential clients (calling, door knocking[3], mixer events and so on), feelings of inadequacy or a lack of preparedness can be very real and provide a significant barrier to engagement. Imagining that they are not fully prepared to answer questions or handle objections, they hang back, unwilling to engage.
The solution is actually simple: Plug into training, find a script partner to practice with, and, if the call anxiety persists, hire a coach. You also do not need to be able to answer every question you encounter. If you do not know an answer, simply tell the person you are talking to that you will find the answer and get back to them as quickly as possible.
3. Ineffective strategy`
A lack of a strategic plan results in directionless motion, inefficient time management and substandard performance. The consequence is blurred priorities, an erratic decision-making process, squandered opportunities and an inability to achieve stated goals. If there is no strategic plan, an agent will not know what to do first, waste precious resources (time and money) and drift aimlessly.
As an example, if an agent does not have a clearly defined strategy for their sphere of influence, they will hesitate to reach out to their sphere because they do not know what to say, how to say it or how to close effectively.
4. Disbelief in tried-and-true systems
Labeling calling as “old school,” many agents prefer texting[4], emailing[5] or using social media[6] instead. In fact, there is a growing trend amongst Gen Z and millennials to avoid talking on the phone at all costs — so much so they have been labeled Generation Mute.[7]
This leads to significant pushback when it comes to making calls. The problem is, many homeowners are in the older generations and prefer calls to texts, social media[8] and so on.
5. Task avoidance
Call it procrastination: Calls that make a difference require time blocking, focus and emotional presence. Since many agents feel negatively about making calls to begin with, they will often do anything instead of making calls.
6. Fear of selling
Strange but true: Real estate agents are responsible for selling real estate, but do not want to come across as “salesy.”[9] Some believe that making calls will make them look pushy or even desperate and, as a result, look for passive (think “ineffective”) ways to build relationships.
7. Lack of time management
Effective time management is the Achilles heel of many agents I know. It is even worse for those who are part-time. The fact is, the busier an agent gets, the harder it is to juggle all the details and time-block effectively.
The “tyranny of the urgent” frequently derails us, pushing the critical business-building tasks to the back burner while we put out fires. Without a disciplined schedule, calls get pushed down to the bottom of the list. [10]
8. Lack of immediate results
In the same manner as building wealth over time, creating an effective business is all about compounding. Warren Buffett describes the power of compounding[11] as building a little snowball and rolling it down a very long hill. Little by little, it grows larger and gains momentum.
Calls frequently do not produce positive results. The payoff may be weeks, months or even years later. Unfortunately, we live in an immediate society that places little or no value on long-term activities.
This can make calling feel ineffective or even a waste of time, prompting us to look for things that might have a quicker payout. This is one of the reasons people buy lottery tickets: They hope that by spending a little, they might instantly win big.
In reality, they would be much further ahead if they took their weekly spend on lotto tickets and invested it instead. Even at a low rate of return, they would be richer in the end.
9. Burnout
Let’s face it — making calls for hours on end can lead to exhaustion and a lack of motivation. If I leave my headset strapped on too long, I get a headache. Unfortunately, it is a core behavior, and even successful agents need to make the calls to stay in touch. Failure to effectively communicate with your sphere over time will result in a loss of business.
10. Lack of perceived need
Once agents get momentum and referrals start flowing in, there is a perception that they can stop the basic activities that got them there. This is akin to driving a car and thinking, while cruising down the highway, that since the car is working very well, you no longer need to add fuel.
Agents who have a full pipeline[12] may think they no longer need to prospect until they wake up one morning to discover that their pipeline has dried up.
While there are some out there who love the pain and agony of exercise, most do so because they know that it builds their health and longevity. Over the years, I have met very few who live to make dials, but those who push through the call anxiety are the ones who not only grow their businesses but also make money.
Do not be fooled by prominent, flashy agents — in many cases, they are spending so much to generate their business that, when the day is done, their profit is virtually nil. Those who have learned to overcome real estate call anxiety, however, have realized that it is a low-cost activity that, in the end, goes directly to the bottom line.
References
- ^ TAKE THE INMAN INTEL SURVEY FOR OCTOBER (www.research.net)
- ^ Never Split the Difference (www.amazon.com)
- ^ door knocking (www.inman.com)
- ^ texting (www.inman.com)
- ^ emailing (www.inman.com)
- ^ social media (www.inman.com)
- ^ Generation Mute (www.bankmycell.com)
- ^ social media (www.inman.com)
- ^ do not want to come across as “salesy.” (www.inman.com)
- ^ tyranny of the urgent (www.amazon.com)
- ^ power of compounding (www.inman.com)
- ^ who have a full pipeline (www.inman.com)