Last week, I wrote about how real estate agents can overcome their fear of rejection. But just because you’re no longer afraid of rejection doesn’t mean it won’t happen to you. It happens to everyone, even the very best agents. You’re going to lose clients and miss out on prospects throughout your career.
The good news? Rejection can actually make you a better real estate agent. Here’s how:
1) It reveals your weaknesses.
Rejection doesn’t feel good, but it can be a signal that you have a weak spot. When a client says that they’re no longer interested in working with you, ask them what led to their decision.
You might learn that it had nothing to do with you—maybe the homebuyer was suddenly laid off and could no longer afford such a large purchase.
Or you might learn that the client found an agent who had a better knowledge of a particular zip code. In this case, you’ve identified a knowledge gap that you can now take steps to fill.
2) It helps you define your niche.
There’s another way to approach the above scenario—you may decide that people interested in that specific zip code aren’t really part of your niche target audience. Maybe it’s 40 miles from your office and just not worth your time to be an expert on that area.
One of the most important questions you can ask yourself is What should I NOT be doing? By identifying who is not the right fit for you, you can avoid wasting your most precious resource—your time—in the future.
3) It tells you which tactics are not working.
In addition to identifying who you should not be targeting, rejection can also help you figure out which prospecting tactics you should not be implementing.
If no one is answering your phone calls, maybe that’s just not your prospects’ preferred method of communication. Try sending emails instead. And if everyone’s unsubscribing from your email, try inviting them to follow your Facebook page.
Be sure to track your prospecting activities so you can measure your success rate. Part of growing a business is testing different strategies to see what works best.
4) It toughens you up.
Because rejection is such a common occurrence in real estate, agents need to develop a thick skin. Every rejection adds a new layer.
While rejection isn’t ideal, there is a silver lining. There are lessons to be learned from every failure. So the next time you’re faced with rejection, take the time to identify whether a weakness of yours was revealed; consider whether that prospect fit within your niche target audience; contemplate the effectiveness of the prospecting tactic you were using; and remember that every rejection makes you stronger.