REAL ESTATE AGENT Strategies For Beginners

Every time I speak to someone about my business and career, it always comes up that “they’ve thought about engaging in real estate” or know someone who has. With so many people thinking about getting into real estate, and getting into real estate – why aren’t there more successful Realtors on earth? Well, there’s only so much business to go around, so there can only just be so many Real Estate Agents in the world. Personally i think, however, that the inherent nature of the business, and how different it is from traditional careers, helps it be difficult for the average person to successfully make the transition into the Real Estate Business. As a Broker, I see many new agents make their way into my office – for an interview, and sometimes to begin their careers. New REALTORS bring a lot of great qualities to the table – plenty of energy and ambition – but they also make a large amount of common mistakes. Here are the 7 top mistakes rookie Real Estate Agents Make.

1) No Business Plan or Business Strategy

So many new agents put almost all their emphasis on which PROPERTY Brokerage they will join when their shiny new license comes in the mail. Why? Because most new REALTORS have never been in business for themselves – they’ve only worked as employees. They, mistakenly, believe that getting into the Real Estate business is “getting a new job.” What they’re missing is that they’re about to get into business for themselves. If you have ever opened the doors to ANY business, you know that one of the key ingredients is your business plan. Your organization plan helps you define where you’re going, how you’re getting there, and what it’s going to take for you yourself to make your real estate business a success. Here are the essentials of any good business plan:

A) Goals – What do you want? Make sure they are clear, concise, measurable, and achievable.

B) Services You Provide – you do not desire to be the “jack of all trades & master of none” – choose residential or commercial, buyers/sellers/renters, and what area(s) you need to specialize in. New residential real estate agents tend to have probably the most success with buyers/renters and move on to listing homes after they’ve completed a few transactions.

C) Market – who are you marketing yourself to?

D) Budget – consider yourself “new agent, inc.” and write down EVERY expense that you have – gas, groceries, cell phone, etc… Then write down the brand new expenses you’re taking on – board dues, increased gas, increased cell usage, marketing (essential), etc…

E) Funding – how are you going to pay for your allowance w/ no income for the first (at least) 60 days? With the goals you’ve set for yourself, when do you want to break even?

F) Marketing Plan – how will you obtain the word out about your services? The MOST effective way to market yourself would be to your own sphere of influence (people you know). Make sure you do so effectively and systematically.

2) Not Using the Best Possible Closing Team

They say the greatest businesspeople surround themselves with people who are smarter than themselves. It takes a fairly big team to close a transaction – Buyer’s Agent, Listing Agent, Lender, Insurance Agent, Title Officer, Inspector, Appraiser, and sometimes more! As an agent, you are in the positioning to refer your client to whoever you choose, and you should guarantee that anyone you refer in will undoubtedly be a secured asset to the transaction, not somebody who will bring you more headache. And the closing team you refer in, or “put your name to,” are there to make you shine! If they perform well, you get to take part of the credit as you referred them in to the transaction.

The deadliest duo on the market is the New AGENT & New LARGE FINANCIAL COMPANY. They gather and decide that, through their combined marketing efforts, they can take over the world! They’re both focusing on the right part of their business – marketing – but they’re doing each other no favors by choosing to give each other business. In the event that you refer in a bad insurance agent, it might result in a minor hiccup in the transaction – you make a simple phone call and a new agent can bind the house in less than one hour. estate agents However, because it normally takes at least two weeks to close a loan, if you are using an inexperienced lender, the result can be disastrous! You may find yourself ready of “begging for a contract extension,” or worse, being denied a contract extension.

An excellent closing team will typically learn than their role in the transaction. Due to this, you can turn in their mind with questions, and they will step in (quietly) if they visit a potential mistake – since they want to assist you to, and in exchange receive more of one’s business. Using good, experienced players for your closing team will assist you to infinitely in conducting business worthy of MORE business…and best of all, it’s free!

3) Not Arming Themselves with the required Tools

Getting started as a Real Estate Agent is expensive. In Texas, the license alone is an investment that will cost between $700 and $900 (not considering how much time you’ll invest.) However, you’ll come across even more expenses when you attend arm yourself with the necessary tools of the trade. And don’t fool yourself – they’re necessary – because your competitors are definitely using every tool to greatly help THEM.

Leave a Reply

Your email address will not be published. Required fields are marked *

';