The freedom and potential for individual success that can make being an agent so rewarding also comes with its unique set of challenges. Here are a few solutions to help with some common pain points.
Non-stop stream of emails. Paper shuffling. Signature chasing. File cabinets full of dormant deals. We get it. In a digital age, it seems crazy that people are still using paper to complete a transaction. Not only can a digital transaction platform save trees, it also saves busy agents lots of time and, as a result, money.
Founded by an agent tired of driving across town to sign papers on the trunk of his car, dotloop’s paperless, end-to-end digital transaction management solution was created to help agents, admins, teams and brokers create, edit and eSign deals fast and efficiently either via a desktop or mobile device.
The platform automatically archives all transactions for easy recall in case of an audit, and an “act on behalf” feature allows admins to log in once, access and view multiple transactions simultaneously for fast, seamless review.
In addition, dotloop’s in-app Messenger increases response times by allowing agents to text instead of email every document and eSignature.
Maybe they’ve watched too much HGTV and think they know how real estate is supposed to work. Or maybe they have friends and relatives second-guessing your professional opinion. Even worse, they may have had a bad experience with another agent and so are naturally suspicious.
Tilton finds that greater availability of online information actually has made people less trustful. “Using social media, buyers and sellers can look up the background of an agent and think they know all about them,” he says. They may assume they know all about an agent’s recent sales history and competency.
Rather than assume they have a correct understanding of who you are and what you do, Tilton suggests addressing it directly when you first meet with them. An agent should listen carefully to learn what’s important to the client and how to earn their trust.
Dotloop’s customizable listing presentation offers listing clients a great introduction to your background while providing a useful consultation tool that validates your expertise in the field. The listing presentation is all about listening to sellers’ concerns and priorities and answering their questions. Leverage this tool to showcase how you’re the agent whom they can trust with the sale of their home.
Noemi Bitterman of Warburg Realty, New York City, conveyed to Business Insider that the worst part of her job is the lack of a consistent income. “Some months are great and some are not, and the volatility can be hard to budget around,” says Bitterman, who manages transactions for homes in Manhattan and Brooklyn between $500,000 and $1.75 million.
Chastin J. Miles, an eXp Realty agent in the Dallas area, also finds that it’s not just the financial ups and downs that are difficult to navigate but the accompanying emotional swings as well. An agent can finish a record month feeling great, but a few weeks later, when you’re not maintaining that success, it can be deeply discouraging.
Much of the key to making a consistent, steady income in real estate comes down to working your sphere of influence for referral business and generating new leads. Dotloop integrates with nearly 20 CRMs to help turn leads into transactions.
In addition, the transaction management platform will automatically request client reviews upon closings for Zillow Premier Agents who integrate their dotloop accounts. This helps build your online presence to lead to future referrals for a steadier supply of leads.
Brokers, too, may benefit from dotloop’s Trusted Service Providers section that helps put clients in touch with home inspectors, title companies, lenders and other providers who might help contribute to the brokerage’s bottom line. Once an admin adds brokerage-level Trusted Service Providers on the dotloop Business+ platform, the list will appear in all of the agents’ loops.
Many people think that buying a home is like buying a car. Just because a salesperson at a dealership takes you on a few test drives doesn’t mean you’re obligated to buy from them.
You may work with a client for weeks or even months and everything seems to be going well, and then they just stop taking your calls and answering your texts.
Or less drastic but still irritating: Someone schedules to see a listing but then “no-shows” after your sellers changed their plans, cleaned the house and left for several hours.
Some brokers have their agents use a buyer’s agreement to solve the problem of agent-hopping. You can also stay current and in virtual real-time with clients by using dotloop’s in-app text Messenger to check in throughout the transaction. Let’s face it, a text is harder for a client to ignore than an email or a missed phone call, and research shows response times dramatically differ in favor of texting. In fact, texts yield an average 98% open rate versus 20% with emails and a 90-second average response time versus 90 minutes on email, according to Mobile Marketing Watch and CTIA, respectively.
In a fast-breaking market where a bathroom break can mean a lost deal, it can be hard to completely disconnect as an agent. Real estate transactions can be complex and require regular monitoring of communication to stay responsive. For instance, Smitha Ramchandani, a broker-associate at SR Real Estate Group at Prominent Properties Sotheby’s International Realty, Summit, NJ, finds her job requires her to be on-call on weekends, holidays and even when she was on vacation in the middle of the Serengeti.
The dotloop app for iOS and Android allows clients to share and edit documents, get eSignatures and submit for review anywhere life takes you — from a car, a lake house or a kitchen of a property when client interest is high and the deal is hot. The mobile app empowers agents and admins to collaborate in real-time, manage tasks and track progress, while receiving instant notifications when any changes have been made to a deal.
While dodging escaped convicts probably will never happen to you, it is important to stay flexible, have a plan B in place and always persevere. After all, the agents who come out on top in the long run all have one thing in common: They never quit.