Massive Agent Podcast: Episode 7 - HUGE Mistakes Most Agents Made in 2024
Release Date: December 5, 2024
Host: Dustin Brohm
Introduction
In Episode 7 of the Massive Agent Podcast, host Dustin Brohm delves into the seven critical mistakes that real estate agents commonly made in 2024. He not only identifies these pitfalls but also offers actionable strategies to overcome them as agents transition into 2025. The episode is tailored for real estate professionals aiming to elevate their business practices and adapt to the ever-evolving market landscape.
1. Failing to Adapt to Market Changes
Key Points:
- Dynamic Interest Rates: Agents struggled with fluctuating interest rates, causing challenges in buyer affordability.
- Supply and Demand Shifts: Changes in inventory levels affected traditional selling strategies.
- Outdated Strategies: Reliance on past methods without incorporating new market realities hindered success.
Notable Quote:
"If you can learn how to adapt and how to change and how to pivot and adjust, you're going to thrive."
— Dustin Brohm [03:45]
Solutions:
- Continuous Education: Attend trainings, take courses, and participate in events to stay informed.
- Targeted Marketing: Focus on motivated buyers and sellers undergoing significant life changes.
- Creative Financing Expertise: Equip yourself with knowledge about creative financing to assist clients effectively.
2. Cutting Back on Marketing
Key Points:
- Cost-Cutting Pitfalls: While reducing expenses is understandable during lean years, indiscriminate cuts can decrease market visibility.
- Competitive Advantage: Doubling down on marketing when competitors pull back can significantly increase exposure.
Notable Quote:
"Those that are also spending money, they're also marketing. They're also competing for awareness and mind share in your area."
— Dustin Brohm [15:30]
Solutions:
- Intentional Marketing: Allocate budget to strategies that yield measurable results, such as targeted ads and branding efforts.
- Increase Visibility: Amplify your marketing presence to stay top-of-mind, especially when competitors reduce their efforts.
- Diversify Lead Sources: Invest in multiple marketing channels to ensure a steady flow of leads beyond referrals.
3. Overreacting to Market Headlines
Key Points:
- Distraction from Core Business: Excessive focus on industry news can divert attention from essential business activities.
- Procrastination through Information: Consuming too much news can create a false sense of productivity without tangible results.
Notable Quote:
"Most of the industry news, you can just tune the hell out."
— Dustin Brohm [22:10]
Solutions:
- Selective Information Consumption: Focus on news that directly impacts your business and ignore sensational headlines.
- Maintain Focus: Prioritize activities that drive business growth over staying engrossed in every industry update.
- Leverage Trusted Sources: Use reliable platforms like KCM.com to receive curated, actionable market insights.
4. Staying with the Wrong Team or Brokerage
Key Points:
- Cost vs. Value: Paying high fees to brokerages without receiving proportional value can hinder profitability.
- Comfort Zone Trap: Fear of change and attachment to mentors may cause agents to stay in unproductive environments.
- Missed Opportunities: Staying with an unsuitable brokerage can limit access to advanced business models and support systems.
Notable Quote:
"The biggest mistake that most agents are making, I believe, is staying with the wrong brokerage for too long."
— Dustin Brohm [30:50]
Solutions:
- Evaluate Brokerage Value: Assess whether your current brokerage provides the tools, support, and revenue sharing that align with your business goals.
- Be Open to Change: Don’t let comfort prevent you from seeking environments that better support your growth.
- Negotiate or Transition: If dissatisfied, consider negotiating terms or transitioning to a brokerage that offers greater value and support.
5. Ignoring or Underutilizing AI Tools
Key Points:
- Technological Lag: Agents not embracing AI tools risk being outpaced by more tech-savvy competitors.
- Productivity Gains: AI can streamline operations, enhance marketing efforts, and provide valuable insights.
- Future-Proofing: Incorporating AI ensures adaptability in a rapidly advancing technological landscape.
Notable Quote:
"AI is not going to replace you. AI is not going to replace agents. However, agents that refuse to adapt... you're just going to be beat by agents who are embracing that stuff."
— Dustin Brohm [38:25]
Solutions:
- Adopt AI Tools: Utilize platforms like ChatGPT, Perplexity, and emerging AI technologies to enhance business operations.
- Continuous Learning: Stay updated on AI advancements and integrate relevant tools into your workflow.
- Leverage AI for Marketing: Use AI to create dynamic marketing content, automate client communications, and analyze market trends.
6. Relying Solely on Referrals
Key Points:
- Diminishing Returns: Dependence on referrals can lead to a stagnant lead pipeline as referral sources dwindle over time.
- Market Saturation: Without proactive lead generation, agents risk being overshadowed by more visible competitors.
- Generational Shifts: Traditional referral-based strategies may not resonate with newer, digitally-savvy clients.
Notable Quote:
"If you're waiting for business to come to you, you have to be proactive in a 2025 world."
— Dustin Brohm [43:50]
Solutions:
- Diversify Lead Generation: Implement multiple strategies such as digital marketing, social media engagement, and direct outreach.
- Build a Brand: Develop a strong personal brand to increase visibility and attract leads beyond your immediate network.
- Consistent Marketing Efforts: Maintain regular marketing activities to ensure a steady influx of new clients rather than relying solely on referrals.
7. Skipping Personal Branding
Key Points:
- Recognition and Recall: Without a personal brand, agents risk being forgotten in a crowded market.
- Credibility and Trust: A strong personal brand builds trust and positions agents as experts in their field.
- Competitive Edge: Personal branding differentiates agents, making them more attractive to potential clients.
Notable Quote:
"If you're not building a recognizable personal brand, then you will not be recognized at some point."
— Dustin Brohm [51:20]
Solutions:
- Content Creation: Regularly produce valuable content through blogs, videos, podcasts, and social media to establish authority.
- Consistent Messaging: Ensure your brand message is clear and consistent across all platforms and interactions.
- Engage with Audience: Build relationships by interacting with your audience, responding to inquiries, and showcasing client successes.
Bonus Tips
Stay Informed with KCM.com:
Use KCM to access a team of economists and housing experts who provide market insights, marketing materials, and actionable content to keep you informed without the overwhelm.
Join the BAMX Community:
Engage with a nationwide community of entrepreneurial agents through BAMX. Access events, masterminds, and free courses to expand your knowledge and network.
Notable Quote:
"If you can't keep up, you're going to be beat."
— Dustin Brohm [1:05:30]
Conclusion
Dustin Brohm emphasizes the importance of adaptability, proactive marketing, leveraging technology, and building a personal brand to thrive in the competitive real estate market. By addressing these seven critical mistakes, agents can position themselves for greater success in 2025 and beyond.
Call to Action:
- Join the Waiting List: Visit massiveagentsociety.com to join the waiting list for the upcoming Massive Agent Business Accelerator program.
- Engage and Share: Share the podcast with colleagues and fellow agents to help elevate the entire real estate community.
Closing Remark:
"Help us help more agents out. Share this episode and make a positive impact on someone's career."
— Dustin Brohm [1:10:15]
Stay tuned for more insights and strategies in next week’s episode of the Massive Agent Podcast. Take care and continue striving for excellence in your real estate endeavors!