The biggest fear for a real estate agent, generally speaking, is not closing a real estate transaction. This situation results in lost revenue after investing considerable time in advising the client. But there are other nightmares as well, as revealed by Massimo Forte, consultant, coach, and trainer, in an article published by idealista/news Portugal.
“I thought it would be interesting to talk about the biggest fears and nightmares of real estate agents, which I personally experienced when I worked in this field and which I still experience today, when I train and support these fantastic professionals who often face emotional situations so typical of this business, and which often keep them up at night,” explains Forte.
Generally, an agent's biggest fear when representing clients with the sole purpose of helping them (like many other business owners) is not closing a deal. A sale is actually the consequence of negotiating and closing the transaction, and when you own your own business—that is, when you depend solely on merit and results—the possibility of not closing the deal and the much-desired revenue (agents only get paid if there's a transaction) after extensive work is undoubtedly a real estate agent's worst nightmare.
The worst thing that can happen to real estate agents
- There are no properties for sale
It seems strange, however, for someone who works as a fundraiser, that is, for an agent focused on getting sellers (clients who really want to sell), without having any kind of opportunity (product) to turn into a real estate contract, it can be a real nightmare, which can mean that in the coming months they may be without great possibilities of obtaining income.
- The Friday proposal syndrome
Every Friday can be like Friday the 13th for a real estate agency. When a client decides to postpone their decision from Friday to Monday, it's usually because they intend to explore better alternatives before making a final decision, and often the decision made on Monday doesn't work in their favor.
- We wanted a friend's opinion
Once again, whether buying or selling, the agent's client seeks a second opinion, usually from an acquaintance, or even a friend or family member. If the friend has a contrary opinion, simply because they have it or out of envy, the transaction may not go through.
- The contract is fine, let me send it to my lawyer
Without any negligence on the part of the lawyers, even though they are a key part of our activity due to the illegal procurator for real estate mediation, many times they are outside the emotional process or future vision of the purchase or sale, and as good oriented lawyers, in full legal defense of their client, they focus only on the cold analysis of numbers and facts and, often, even unintentionally, can prevent the transaction from going ahead.
- We'll keep the house, but now we have to sell ours
Even though it's often an agent's mistake, many times they start showing properties without knowing if the client actually needs to sell their home. Everything depends on how marketable the property is; that's what determines whether the transaction becomes a dream or a nightmare.
- The buyer sets the price
No matter how many studies and analyses are carried out, and no matter how much the market is going up or down, the value of the property must always be accepted by the buyer, and if the buyer does not have liquidity or financing available to do so, the value will have to be lowered, or the sale runs the risk of not being able to be carried out at that time.
- We all agree except my uncle
Inheritances and co-ownerships are other sometimes complex processes that can leave some agents with nightmares and sleepless nights. Imagine that everything goes smoothly: the nine heirs, now the rightful owners of the property in equal shares, agree to the sale and the conditions proposed by the interested party, except for the uncle, who, for some personal or emotional reason, decides not to budge in the negotiation. The sale to the eight interested parties will not take place until the uncle, the sole dissenter, is convinced to concede his share.
